The Minister of Finance, Fernando Haddad (PT), confused the Securities Commission (CVM) with the National Monetary Council (CMN), when asked about the role of the “sheriff” of the financial market.
“The CVM will go back to being what it always was: Planning, Treasury and Central Bank. This model will return, so we will have me, Simone Tebet and Roberto Campos in the seat. This will be the CVM that defines everything: the credit policy, the inflation target, everything that its statute foresees”, said the minister.
Haddad’s statement was made in an interview with the left-wing vehicle TV 247, on Tuesday (3).
“What you have there is an executive secretary who organizes the meetings, but those three members are in charge of the CVM, who define the country’s monetary and credit policy,” he added.
The CVM is an autarchy linked to the Ministry of Finance, which has the objective of supervising, regulating, disciplining and developing the securities market in Brazil.
The CMN, the acronym that Haddad refers to, is a superior body of the National Financial System and is responsible for formulating the country’s currency and credit policy.
See the video:
Less than two days into office, Finance Minister Fernando Haddad (PT; photo) confused the Securities and Exchange Commission (CVM) with the National Monetary Council (CMN). https://t.co/v7NIAHDfki pic.twitter.com/JIae44TRMK
— Edgard LP NETO (@ElpNeto) January 5, 2023
(Posted by Fabricio Julião)
Source: CNN Brasil
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