Closer cooperation planned with the central bank of Brazil

Photo: Andreas Dombret and Otávio Damaso

The Deutsche Bundesbank and Banco Central do Brasil intend to work more closely in future, with more intensive links planned within the framework of technical central bank cooperation. Bundesbank Executive Board member Andreas Dombret and his Brazilian counterpart Otávio Damaso signed a memorandum of understanding to this effect in Brasilia in October.

Photo: Andreas Dombret visited the Central Bank of Brazil

The Bundesbank has cooperated repeatedly with the Brazilian central bank in individual areas since the 1990s. The signed memorandum of understanding aims to place existing relations on a formal footing and further deepen cooperation between the two institutions.

Training and advice

The Bundesbank has maintained intensive cooperation with other central banks since it was founded in 1957. It is in close contact with the central banks of member states of the European Union, which since 1999 have formed the European System of Central Banks, and maintains broad contacts with other central banks and monetary authorities. The Bundesbank’s Centre for Technical Central Bank Cooperation offers these central banks an extensive range of training and advisory services.

Brazil is a member of the G20, the group of the 20 most important industrial nations and emerging market economies. Within this group, the Bundesbank has already stepped up cooperation with the central banks of Turkey and South Africa under corresponding memoranda of understanding. Other agreements of this type are also planned with the monetary authorities of other countries, such as the central bank of Indonesia.