The Democratic Labor Party (PDT) has filed an action with the Supreme Federal Court (STF) to suspend the effects of the last meeting of the Monetary Policy Committee of the Central Bank (Copom), which raised the interest rate by 1 percentage point, setting it at 12.25% per year.
The petition criticizes the Central Bank’s monetary policy and calls for the adoption of reasonable parameters that take into account social justice. It also highlights the absence of a clear methodology for defining the Selic rate.
The Central Bank cannot operate as a purely technical entity apart from the Constitution. Its decisions must reflect not only monetary stability, but also the realization of fundamental rights and republican objectives, such as inclusive and sustainable development.
The document states that the Copom has disregarded the impacts of raising interest rates on the average citizen. The party argues that maintaining high interest rates has damaging effects on economic growth as it privileges speculative interests.