Galípolo Against IOF Tax Hike: Brazil's Central Bank Chief Speaks Out

Brazil's Central Bank President Gabriel Galípolo voiced his opposition to the recent government decision to increase the IOF tax on certain financial transactions. The tax hike, impacting cash dollar purchases and international money transfers, is intended to bolster government revenue. "In previous discussions, when alternative solutions were debated, I personally never favored raising the IOF," Galípolo stated. This statement underscores the ongoing debate regarding the government's fiscal strategy and its potential economic repercussions. While the government aims for fiscal balance, the IOF increase has drawn criticism for its potential impact on individuals and businesses.