Investor Presentaiton
Annual Report
AR
2022
SUMMARY
WHO WE
ARE
OUR
STRENGTH
AND
OUR
RESOURCES
OUR
RESULTS
Report by the Governor
Throughout 2022, economic activity in Brazil carried on
its recovery. The international scenario, however, was
characterized by global growth deceleration, driven by the
tightening of financial conditions in the major economies,
the difficulties in the energy supply to Europe, as well as
the challenging environment for growth in China, partially
reflecting policies to face Covid-19.
In the domestic scenario, the Banco Central do Brasil (BCB)
was able to quickly identify the persistent nature of inflation
and timely started the monetary tightening cycle in March
2021. As a result, a process of inflation reduction is underway.
It is important to emphasize that the monetary tightening
process should ensure the convergence of inflation to the
limits established by the inflation target framework.
It is also the BCB's role to safeguard financial stability with
a close eye on the key risks and on the resilience of the
National Financial System (SFN). Analyses conducted by the
BCB indicate an increased confidence degree of market
participants in the SFN resilience.
Looking at the relevant challenges for the Brazilian economy,
it is clear the importance of promoting a sustainable and
inclusive economic growth. For this purpose, the BCB
has undertaken several initiatives within the scope of its
strategic agenda, the Agenda BC#, which is organized in
five dimensions: inclusion, competitiveness, transparency,
education, and sustainability.
In 2022, it is worth mentioning the performance of the
Brazilian instant payment system (Pix) and its new facilities
"Payments Starter", the "Pix Saque" (Withdrawal using
Pix), and the "Pix Troco" (Change in cash paying by Pix). Pix
transactions exceeded more than 30 billion transactions,
involving more than 141 million users, in only two years
of existence. Pix plays an important role in enabling new
business models and fast payments as well as promoting
people's financial inclusion. The BCB considers that this
financial inclusion will be effective only if associated with
financial education. One initiative that illustrates this belief
was the Aprender Valor program, whose expansion at the
national level has the potential to provide financial education
to more than 20 million students from public elementary
schools.
The progress in the implementation of the Open Financial
System (Open Finance) is also noteworthy. It enables
consumers of financial services to use their financial
information to their benefit. Open Finance has contributed
to increasing the quality and quantity of services provided
by financial intermediaries, while favoring the reduction of
prices charged for these services. In fact, the continuous
evolution of Pix and Open Finance are the foundations of
a new financial services ecosystem in Brazil. In this regard,
studies and discussions for the creation of the Digital BRL
illustrate the natural evolution of the Agenda BC#.
This Report is part of the BCB's accountability in 2022
and is structured in three chapters. The chapter "Who we
are" presents a description of the BCB organization, its
governance and strategy. The chapter "Our Strength and Our
Resources" deals with the evolution of the BCB's capacities
and resources devoted to the development of its activities.
The most valuable resources are not only the strong sense
of commitment and duty of our workforce, the knowledge
they have and the network of relationships they maintain,
but also technological, financial, infrastructural, and natural
resources. The chapter "Our Results" presents the main
achievements and benefits these results produced for the
Brazilian society.
Finally, I assure the integrity of this Annual Report, prepared
with the participation of the various areas of the BCB. The
Portuguese version was approved by the Governance, Risks
and Controls Committee of the BCB, pursuant to Vote
16/2023-BCB, of March 16, 2023, and was made available
to society and to the Federal Court of Accounts (TCU), as
required by law. Unless otherwise stated, if any discrepancy
arises due to translation, the Portuguese version shall prevail.
Enjoy the reading.
Roberto Campos Neto
Governor
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