São Paulo – The Brazilian Central Bank governor Alexandre Tombini announced this Friday (9th) in São Paulo that from October 1st onwards, the National Financial System will adopt the international rules of the Basel Convention 3. The agreement, which was outlined by the world’s leading economies three years ago, provides for reforms in the regulation of financial institutions, designed to curb the impact of banking crises.
Tombini said Brazil will implement the action unhurriedly, in order to ensure the supply of credit to consumption: “The macro-prudential measures have contributed to keeping our markets functioning well in an environment of growing international liquidity and intense capital flows, especially for emerging economies.”
The Central Bank governor warned that as the United States resumes its economic growth, the global credit supply will tend to decline, hence the greater caution must be exercised on the domestic financial market front. Tombini spoke during the 8th Seminar on Risks, Financial Stability and Banking Economy, alongside the chairman of the Basel Committee and governor of the Swiss Central Bank, Stefan Ingves.
*Translated by Gabriel Pomerancblum
