IMF praises Pix and demands financial autonomy from the Central Bank

The conclusions are contained in the Financial System Stability Assessment (FSSA) report, released this Thursday (23).

The document, prepared in partnership with the World Bank after technical missions that took place in Brazil between December 2025 and March 2026, states that the national financial system is resilient, but faces challenges related to the lack of personnel in supervisory bodies, legal limitations and the need for institutional strengthening. The last report of its kind was prepared in 2018.

Pix

In the IMF's assessment, Pix has established itself as an important instrument for financial inclusion, increased competition and digitalization of the Brazilian banking market.

“Emerging digital banks have reduced banking sector concentration and continue to foster competition and efficiency, also resulting in lower credit rates.”

The report highlights that the instant payments system has accelerated the digital transformation of the financial sector and boosted the growth of digital banks.

At the same time, the Fund warns of the increase in cyber risks and digital fraud, advocating the strengthening of system governance.

Among the recommendations is the formalization of Pix's supervision policy and the separation between the operational and supervisory functions performed by the Central Bank.

Autonomy

In addition to praising Pix, the IMF states that it is urgent to strengthen the structure of the Central Bank to guarantee the stability of the financial system.

According to the report, Brazil must adopt "measures to overcome personnel restrictions in supervisory bodies, granting full budgetary autonomy to the Central Bank of Brazil", in addition to expanding the legal protection of civil servants and updating legislation on the resolution of financial institutions.

In the organization's assessment, the advances recorded since the last review, in 2018, were relevant, but obstacles persist that limit the monetary authority's actions.

“Authorities have demonstrated substantial progress, but still face challenges – primarily arising from staffing constraints, lack of legal protection and limitations of legal authority.”

The IMF states that these limitations reduce the intensity of banking supervision and may increase dependence on self-regulatory entities in the capital market.

PEC The recommendation occurs while the Senate analyzes the Proposed Amendment to the Constitution (PEC) 65/2023, which grants financial autonomy to the Central Bank.

The text was approved by the Constitution and Justice Commission (CCJ) in June and awaits a vote in the plenary. The proposal transforms the BC into a public entity of a special nature and is defended by the institution's president, Gabriel Galípolo.

The project, however, divides government and civil servants. Entities representing BC auditors and managers support the change. However, the National Union of Central Bank Employees (Sinal) defends an alternative presented by the government that expands budgetary autonomy, but maintains the current legal nature of the autarchy.

Solidity

Despite the recommendations, the IMF concludes that the Brazilian financial system remains solid and capable of absorbing economic shocks.

The report highlights the importance of maintaining the inflation targeting regime, robust institutions and continuing structural reforms to preserve the country's financial stability.

BC's response

In a statement, the Central Bank stated that it received the report with satisfaction and assessed that the document contributes to the improvement of economic and financial policies.

"The BC thanks the technical staff of the IMF and the World Bank for the quality of the work carried out, for the constructive dialogue maintained throughout the process and for the high technical level of the analyzes presented in the reports."

The authority also highlighted that the IMF recognized the evolution of the Brazilian financial system since 2018, the transformative role of Pix and the need to strengthen the institutional framework to guarantee resources, rebuild the staff and preserve supervisory capacity.

Ministry of Finance

The Ministry of Finance also issued a note to highlight that Brazil had the second largest positive growth review among the G20 economies. The IMF expects the Brazilian Gross Domestic Product (GDP) to grow 2.4% in 2026. For next year, the forecast has also been revised upwards, reaching 2.2%.

The Treasury also highlighted that the report recognizes that the fiscal consolidation path proposed in the Budget Guidelines Bill presented in April will lead to the stabilization of public debt.

The report released this Thursday repeated the IMF projections for the Brazilian economy presented at the beginning of July.

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