OREANDA-NEWS. The Brazilian authorities decided to abandon the privatization plans of the country's largest state bank, Banco do Brasil. This was speaking on Tuesday in parliament, said the head of the financial institution Rubem Novays. "President Jair Bolsonaru made it clear that there will be no privatization of Banco do Brasil", said the banker and said that he himself was in favor of transferring the state asset subordinate to him in private hands. “For this I even got from him”, Novice added.

According to the official, remaining in state ownership, the bank loses competitiveness compared to private financial institutions. In addition, this prevents the growth of its exchange value, the president of the financial institution believes.

Privatization of state-owned companies, along with pension and tax reform, is one of the most priority areas for the work of the new Brazilian authorities, led by ultra-right-wing president Jair Bolsonaru. According to the leadership of the economic bloc of the government, these measures will allow in the next two to three years to create up to 10 million new jobs and attract foreign investors.