With Galípolo at the Central Bank, the average real interest rate is 9.2%, the highest since Armínio Fraga
From January 2025 to September 2026, with Gabriel Galípolo as Central Bank governor, the real interest rate averaged 9.2% a year. It is the effective Selic rate minus 12-month inflation.
It is the highest average since Armínio Fraga (11.7%, from 1999 to 2002). Under Roberto Campos Neto, who had the Selic at 2% during the pandemic, it was 2.6%. Galípolo's term runs to 2028, and his average will still change.
Average real interest rate under each governor, % a year, from Mar 1999 to Sep 2026; Galípolo's is still in progress (21 months)
View as table
| Central Bank governor | From | To | Months | Average real rate (% a year) | Selic target: low (%) | Selic target: high (%) |
|---|---|---|---|---|---|---|
| Armínio Fraga | Mar 1999 | Dec 2002 | 46.0 | 11.7 | 15.3 | 42.0 |
| Henrique Meirelles | Jan 2003 | Dec 2010 | 96.0 | 7.8 | 8.8 | 26.5 |
| Alexandre Tombini | Jan 2011 | May 2016 | 65.0 | 3.6 | 7.3 | 14.3 |
| Ilan Goldfajn | Jun 2016 | Feb 2019 | 33.0 | 4.7 | 6.5 | 14.3 |
| Roberto Campos Neto | Mar 2019 | Dec 2024 | 70.0 | 2.6 | 2.0 | 13.8 |
| Gabriel Galípolo | Jan 2025 | Sep 2026 (in progress) | 21.0 | 9.2 | 13.3 | 15.0 |
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