The Central Bank of Brazil has postponed a key economic report due to protests.

The Central Bank of Brazil has postponed a key economic report due to protests.

The workers are demanding salary increases, productivity bonuses, and a general restructuring.

The Central Bank of Brazil has postponed, for the second time, the release of a highly followed economists’ survey, as employees protest to demand a wage increase. The employees plan to strike until Thursday, escalating a months-long labor dispute with President Luiz Inácio Lula da Silva’s government.

As a result, the institution’s Focus survey, which incorporates estimates from over 100 analysts on data such as inflation and the benchmark interest rate, will now be published on Thursday instead of Monday, its normal release date.

The dispute at the Central Bank of Brazil has intensified in recent weeks, also delaying other reports containing data on foreign direct investment, domestic loans, and fiscal accounts. The central bank staff was excluded from the salary increases granted by Lula’s government to other officials, and in May, they began a strike demanding a 36% salary increase and other benefits.

Some employees warned of “greater risks” to the bank’s mission in a letter sent to the board on Monday. “It is essential that the board reinforce its actions,” wrote over 40 department heads of the central bank.

Department heads have expressed their support for the union’s demands in events with local media in recent months. Previously, employees staged a 24-hour strike in January.

The head of the central bank, Roberto Campos Neto, has also shown his support for the workers, posing for photographs with union delegates in November and calling for a quick resolution to the conflict at a press conference in December.

The current protests at the central bank come after a four-month strike in 2022, which also delayed the publication of economic reports and ended with a commitment to renew the career paths of the workers.

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ABOUT THE AUTHOR See More
Gabriel Micillo
Gabriel is a certified public accountant graduated from UNNE (National University of the Northeast, Argentina) and a software developer, currently pursuing a Master's degree in Finance and Economics. With nearly 8 years of experience working for accounting firms and brokerage firms. Concurrently, he has produced economic and financial reports on the current state of regional economies for the clients of the establishments where he has worked. Additionally, he assisted colleagues like Ignacio Teson in the drafting and editing of articles on similar topics in English language.
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