Former governor of the Central Bank Hugo Guiliani Cury criticized that Congress has passed a Monetary and Financial Code that is obsolete. The bill was debated for six years in Congress and approved without modifications. He said that it does not reflect the evolution of the banking and financial systems throughout the recent years. He said it doesn’t even contemplate investment banking. Furthermore, he said it does not give sufficient autonomy to the governor of the Central Bank who continues to be dependent on the Executive Branch. Guiliani Cury said that it brings nothing new to the financial framework, and alerted because of its obsolescence, it could bring problems in the near future.
