BCB Analista Economia E Finanças Practice Questions - Banco Central Do Brasil Analista - Economia E Finanças Exam

The 12-month accumulated IPCA is compared with the target and its tolerance interval every month; the target is only considered missed once inflation has stayed outside the tolerance interval for six consecutive months, at which point the Governor must send an open letter (carta aberta) to the Minister of Fazenda and publish a note in the Relatório de Política Monetária. The target is verified only in December of each calendar year, and a single month of 12-month IPCA above the ceiling in December is enough to characterise a breach. Compliance is measured on core inflation (núcleo do IPCA) held strictly at the midpoint of the target, with no tolerance interval permitted. The Federal Senate evaluates whether the IGP-DI stays within a fixed ±3.0 percentage point band and applies a sanction to Banco Central do Brasil if it does not.