Bank of Brazil

Bank of Brazil

 

(Banco do Brasil), the largest commercial bank in Brazil. Prior to the organization of the Central Bank of Brazil (1965), this bank performed some of the functions of the nation’s central bank. A majority of the stock belongs to the government.

The Bank of Brazil was established in 1808 with the right to issue bank notes and functioned up until 1829. It was reestablished in 1851 and in 1853–54 underwent a fundamental reorganization. Since the proclamation of the republic (1889), the Bank of Brazil has played a leading role in the nation’s credit system. Special organs of the bank have supervised the credit and currency system of Brazil. During certain periods the bank has been entrusted with the issuing of import and export licenses. The Bank of Brazil had the right to issue bank notes until 1946; according to the Constitution of 1946, this right was given exclusively to the national treasury. The chairmen, directors, and certain other officials of the bank are appointed by the president of the republic. In 1968 the Bank of Brazil had 645 branches in Brazil and subsidiaries in Argentina, Bolivia, Paraguay, Uruguay, and Chile. Its stock capital at the beginning of 1968 was 60 billion cruzeiros, reserve capital was 496 billion cruzeiros, deposits were 11.9 trillion cruzeiros, and credits extended to the national economy were 14.9 trillion cruzeiros.

M. G. POLIAKOV

References in periodicals archive ?
Global Banking News-June 5, 2015--Central bank of Brazil hikes interest rates
M2 EQUITYBITES-April 21, 2015-Nomura names deputy governor to Central Bank of Brazil
BANKING AND CREDIT NEWS-April 21, 2015-Nomura names deputy governor to Central Bank of Brazil
Global Banking News-April 15, 2011--Central bank of Brazil said to be encouraging bigger banks to buy smaller banks(C)2011 ENPublishing - http://www.
International Resource News-8 December 2008-Central bank of Brazil may hold rates(C)2008 ENPublishing - http://www.
Sponsoring organizations are the following: Bank of Algeria, National Bank of Belgium, Central Bank of Brazil, Bank of Canada, People's Bank of China, Bank of England, European Central Bank, Bank of France, Deutsche Bundesbank, Bank of Greece, Hong Kong Monetary Authority, Central Bank of Iceland, Bank of Italy, Bank of Japan, Netherlands Bank, Norges Bank, Bank of Portugal, Central Bank of Russian Federation, Monetary Authority of Singapore, Bank of Spain, Sveriges Riksbank, Swiss National Bank, Central Bank of Turkey, Federal Reserve Board, and Bank for International Settlements.
The Central Bank of Brazil has issued new rules regarding bank check transactions by financial institutions.
NEW YORK -- Fortress Investment Group LLC (NYSE: FIG) received the highest ranking from the Central Bank of Brazil for the accuracy of its interest rate forecasts.
Global Banking News-September 30, 2014--Central bank of Brazil lowers inflation forecast
Swaziland has decided to coordinate with the Central Bank of Brazil to help inform the creation of the domestic Financial Inclusion Strategy.
Global Banking News-March 11, 2011--Central bank of Brazil may adopt more measures to cool economy(C)2011 ENPublishing - http://www.
We need a continuous shock to increase productivity," says Daniel Gleizer, director of the Central Bank of Brazil.

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