Roberto Campos Neto

Roberto Campos Neto served as President of the Central Bank of Brazil (BCB) from February 2019 to December 2024. Educated at MIT, he brought a markets-oriented perspective shaped by years in investment banking at Santander and Bram (Bradesco Asset Management). Campos Neto's defining achievement was launching the most aggressive interest rate hiking cycle in the emerging-market world during 2021-2022, raising the Selic rate from 2% to 13.75% — months before the Federal Reserve and ECB began tightening. This preemptive move crushed inflation expectations, preserved the real's purchasing power, and attracted a flood of carry trade capital into Brazilian fixed income assets. The BCB under Campos Neto also advanced Brazil's institutional independence: in 2021 the central bank gained formal legal autonomy, insulating rate decisions from political pressure. This was tested repeatedly as President Lula publicly demanded rate cuts while inflation was still above target, yet the BCB held firm until data supported easing. His Selic rate decisions and the credibility framework he built directly influence Brazilian sovereign bond yields, real exchange rate dynamics, and the broader EM risk premium. Even after his departure, the institutional foundations he laid continue to anchor market expectations for Brazilian monetary policy.