Investor Presentaiton
Annual Report
AR
2022
SUMMARY
Stability of the Currency Purchasing Power
It is noteworthy the role that monetary policy played in
containing inflation. Monetary policy, which in 2021 had
already moved from highly stimulative to contractionary
territory, in 2002 moved substantially into the latter, with
the continuous increase in the basic interest rate until
August 2022. In this sense, the projections presented in the
December 2022 Inflation Report point to a scenario of
inflation convergence to the targets defined by the CMN
over the relevant horizon.
WHO WE
ARE
OUR
STRENGTH
AND
OUR
RESOURCES
TRANSMISSION CHANNEL FROM BASIC
INTEREST RATE TO INFLATION
Consumers and companies 3
react to changes in the cost of
credit (consumption and
investment decisions)
OUR
RESULTS
Copom sets the 1
target for the basic
interest Selic rate
INFLATON
UNDER
CONTROL
The effects of changes in
the Selic rate take on
average 6 to 9 months*
4
Consumers and companies'
reaction influences the prices of
products and services
2 Alignment of expectations:
the Selic rate moves the
country's overall cost of
credit
*Average time calculated
according to economic models
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