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BRASÍLIA – In an already empty Congress before the holidays, one of the most important projects of the legislative agenda of the central bank pbaded to the House l. afternoon of this Tuesday. . The Constitution and Justice and Citizenship Commission (CCJC) approved the bill that establishes a new relationship between British Columbia and the National Treasury. Written by Senator Ricardo Ferraço (PSDB-ES), the proposal has been treated with a terminal capacity within the committee and therefore does not need to be referred to the plenary. As it has not been amended in the House, it may be subject to presidential sanction after the five-session period if there is no revision.
The approval of the project is good news for the recipient country who has been struggling for months to make other interesting proposals, such as the new positive register and that of the autonomy of the country. 39, institution, in the House. More than that, the project, if it is approved in December, will lay the foundation for a new relationship with the Treasury as early as 2019 – when Jair Bolsonaro will take up the post of President of the Republic
and that Economist Roberto Campos Neto will badume command of BC If it is sanctioned only at the beginning of next year, this new relationship will only begin to apply in the next semester, it that is to say in the second half of 2019.
One of the main points of the proposal is the creation of avoiding the transfer of resources from one organization to another. Given the current dynamics, whenever BC realizes a profit on its foreign exchange accounts, ie with the change in the real value of international reserves and the result of its swap position, the The institution is obliged to transfer this amount in cash. , to the treasure.
In turn, the Treasury is obliged to use these resources to pay interest and repay the public debt. However, by using the profits of the recipient country to pay the public debt, the Treasury moves other resources, previously programmed for this purpose, into the cost of new expenditures. In practice, the mechanism allows the expansion of primary expenditures. There is some kind of implicit funding from the BC Treasury.
On the other hand, in the current rule, when the recipient country records a loss in foreign currency accounts, the deficit is covered by the Treasury. However, there is no transfer of money between institutions, but rather public securities. The issuance of bonds by the Treasury ends up increasing the public debt.
Thanks to the Ferraço project, each time the CB makes a profit on the foreign currency account, these funds will be transferred to a "reserve of results". The portion of non-exchange profits of BC would normally be transferred to the Treasury. In turn, in the event of a loss with the exchange rate, this reserve would serve to bridge the gap, without the Treasury being obliged to issue public bonds to the CB, as it currently does. n, t, s) {if (f.fbq) returns; n = f.fbq = function () {n.callMethod? n.callMethod.apply (n, arguments): n.queue.push (arguments)}; if (! f._fbq) f._fbq = n; n.queue = n.loaded = 0, n.version = 2.0 & # 39 ;; n.queue = []; t = b.createElement (e); t.async =! 0; t.src = v; s = b.getElementsByTagName (e) [0]; s.parentNode.insertBefore (t, s)} (window, document, script, // connect.facebook.net/en_US/fbevents. fbq (& # 39; init & # 39; ;, & # 39; 1659995760901982 & # 39;); fbq (& # 39; & # 39; & # 39;; PageView & # 39;);
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