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BRASILIA (Reuters) - Brazil's central bank governor Gabriel Galipolo said on Wednesday that unblocking monetary policy transmission channels is a generational challenge in the country which will require a series of long reforms.
"There's no silver bullet," he said at an event to celebrate the bank's 60th anniversary.
Galipolo reiterated that Latin America's largest economy is showing greater dynamism than expected, despite the restrictive interest rate level, suggesting an obstruction in monetary policy transmission channels not seen in other countries.
According to Galipolo, subsidies remain a factor in Brazil's economy, with implications for monetary policy.
The central bank kicked off an aggressive tightening cycle in September, raising interest rates by 375 basis points to 14.25% in a bid to bring inflation back to its 3% target.
Annual inflation through mid-March hit 5.26%.
Last month, policymakers signaled another, albeit smaller, hike at the upcoming May policy meeting, emphasizing the need to cool the economy to curb inflation.
(Reporting by Marcela Ayres, Editing by Natalia Siniawski)
