page_title: Central bank
section_title: Policy instruments
hierarchical_section_title: Central bank / Policy instruments
caption_attribution_description: Edifício sede do Banco Central do Brasil. Foto: Jonas Pereira/Agência Senado
context_page_description: A central bank, reserve bank, or monetary authority is an institution that manages the currency and monetary policy of a state or formal monetary union,
  and oversees their commercial banking system. In contrast to a commercial bank, a central bank possesses a monopoly on increasing the monetary base in a financial crisis. Most central banks also have supervisory and regulatory powers to ensure the stability of member institutions, to prevent bank runs, and to discourage reckless or fraudulent behavior by member banks.
  Central banks in most developed nations are institutionally independent from political interference. Still, limited control by the executive and legislative bodies exists.
context_section_description: The main monetary policy instruments available to central banks are open market operation, bank reserve requirement, interest rate policy, re-lending and re-discount (including using the term repurchase market), and credit policy (often coordinated with trade policy). While capital adequacy is important, it is defined and regulated by the Bank for International Settlements, and central banks in practice generally do not apply stricter rules.
caption: The Central Bank of Brazil (established in 1964) in Brasília.
exif: {"Image ImageDescription": "Edif\u00edcio sede do Banco Central do Brasil.\n\nFoto: Jonas Pereira/Ag\u00eancia Senado", "Image Make": "NIKON CORPORATION", "Image Model": "NIKON D3", "Image XResolution": "300", "Image YResolution": "300", "Image ResolutionUnit": "Pixels/Inch", "Image Software": "PhotoScape", "Image DateTime": "2015:02:24 08:46:23", "Image Artist": "Jonas Pereira", "Image Copyright": "Senado Federal do Brasil", "Image ExifOffset": "342", "EXIF ExposureTime": "1/200", "EXIF FNumber": "71/10", "EXIF ExposureProgram": "Program Normal", "EXIF ISOSpeedRatings": "400", "EXIF ExifVersion": "0221", "EXIF DateTimeOriginal": "2015:02:23 18:01:21", "EXIF DateTimeDigitized": "2015:02:23 18:01:21", "EXIF ShutterSpeedValue": "477741/62500", "EXIF ApertureValue": "2827819/500000", "EXIF ExposureBiasValue": "0", "EXIF MaxApertureValue": "3", "EXIF SubjectDistance": "4294967295", "EXIF MeteringMode": "Pattern", "EXIF LightSource": "Unknown", "EXIF Flash": "Flash did not fire", "EXIF FocalLength": "26", "EXIF SubSecTime": "50", "EXIF SubSecTimeOriginal": "5", "EXIF SubSecTimeDigitized": "50", "EXIF ColorSpace": "Uncalibrated", "EXIF ExifImageWidth": "2051", "EXIF ExifImageLength": "3081", "EXIF SensingMethod": "One-chip color area", "EXIF FileSource": "Digital Camera", "EXIF SceneType": "Directly Photographed", "EXIF CVAPattern": "[2, 0, 2, 0, 0, 1, 1, 2]", "EXIF CustomRendered": "Normal", "EXIF ExposureMode": "Auto Exposure", "EXIF WhiteBalance": "Auto", "EXIF DigitalZoomRatio": "1", "EXIF FocalLengthIn35mmFilm": "26", "EXIF SceneCaptureType": "Standard", "EXIF GainControl": "Low gain up", "EXIF Contrast": "Normal", "EXIF Saturation": "Normal", "EXIF Sharpness": "Normal", "EXIF SubjectDistanceRange": "0", "EXIF BodySerialNumber": "2071815", "EXIF LensSpecification": "[24, 70, 14/5, 14/5]", "EXIF LensModel": "24.0-70.0 mm f/2.8"}