Banco Central do Brasil (BACEN)

In 1964, the Banking Law (No. 4,595) created the National Monetary Council (CMN) — as the highest macroeconomic and financial regulatory authority — and the Banco Central do Brasil (BCB). Under this institutional framework, BCB performs its functions as monetary, regulatory and supervisory authority in accordance to guidelines issued by the CMN. It is worthy to highlight that the BCB’s Governor has one of three votes in every deliberation of the CMN. Its purpose is to to ensure the stability of the currency purchasing power, to foster a sound, efficient and competitive financial system, and to promote the economic well-being of society.