The Brazilian president has criticized the Central Bank and argued that the most important thing for the economy to grow is "the circulation of money."

Brazilian President Luiz Inácio Lula da Silva on Wednesday lamented that getting interest rate cuts is "an eternal fight" in the country, in a clear criticism of the Central Bank of Brazil's latest decision to keep the monetary policy rate at 10.5%.

The bank opted for this strategy on August 1, arguing that the uncertain global scenario and the domestic inflation scenario require "diligent monitoring and even greater caution."

Faced with this situation, Lula has criticized the fact that cutting rates is an eternal fight and has argued that the important thing for the economy to grow is "the circulation of money."

At its last meeting in August, the entity noted that the external environment remains adverse, due to uncertainty about the impact and scope of the easing of monetary policy in the United States and the dynamics of activity and inflation in several countries.

Domestically, while economic activity remains resilient, inflation projections are rising and expectations are unanchored.

For months, Brazil's president has been criticising the central bank and its president, Roberto Campos Neto, regarding the monetary policy position adopted. On numerous occasions he has accused the bank of acting in political interests and in favour of a few, as opposed to the poorest classes who need investments and an acceleration of consumption.

"Does the central bank need to keep the rate at 10.5% when inflation is at 4%? Does the bank take into account that people are having difficulty obtaining financing? I continue to criticize interest rates," the Brazilian president said in June, before the meeting held that month.