June 18, 2020 / 3:35 PM / 24 days ago

Brazil spending cap rule crucial for fiscal, monetary policy - cenbank director

BRASILIA, June 18 (Reuters) - Brazil’s spending cap ceiling, which limits the growth in public spending and investment to the previous year’s rate of inflation, is critical to both fiscal and monetary policy, central bank director Bruno Serra said on Thursday.

Serra was speaking in an online event hosted by the federal audit court along with Economic Policy Secretary Adolfo Sachsida, who said Brazil must show markets that the country’s debt as a share of GDP is on a downward and sustainable path, and that a period of major reforms is coming up. (Reporting by Marcela Ayres and Jamie McGeever Editing by Chizu Nomiyama)

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