An analysis of the Brazilian Central Bank balance sheet and its main policy instruments

Sylvio Antonio Kappes

Chapter 3 in Central Banking and Monetary Policy Implementation, 2025, pp 65-77 from Edward Elgar Publishing

Abstract: This chapter aims to analyze the Brazilian Central Bank (BCB) balance sheet and its main policy instruments since the adoption of inflation targeting in 1999. This period was characterized by a process of international reserves accumulation, which led to many changes in the liabilities of the BCB. It increasingly relied upon repurchase agreements to drain the liquidity created, while the constant re-valuation of reserves led to an increase in the Treasury account due to the exchange rate volatility. When it comes to policy tools, the BCB has recently introduced remuneration of reserves and created two new lending facilities.

Keywords: Monetary policy; Central banks; Brazil; International reserves; Interest rates; Payment systems (search for similar items in EconPapers)
Date: 2025
ISBN: 9781035302796
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