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Historical composition of the Board of Governors

The Central Bank of Brazil was established on December 31, 1964. Initially, Governors were chosen among appointed members of the National Monetary Council. This procedure changed in 1974. Additionally, there were important changes in organizational structure and composition of the Board of Governors throughout the institution's history. Some areas of the present structure have deep roots in Central Bank's history, while others existed only for a short time.

areas of activity of Deputy Governors changes in organizational structure Central Bank Governors’ administrations

Aware of the complexity, the following documents present Central Bank's historical composition of the Board of Governors organized in three overviews. Although the criterion used for aggregation is different, these documents contain the same data:

synthesis of organizational changes

Also, it is possible to view a synthesis of the organizational changes (PDF - 9KB) through which the Central Bank's Board of Governors has undergone.

The following are abstracts of the legislation on the composition of Central Bank's Board of Governors (links show texts in Portuguese only).


Article 14 of the Law 4,595 of December 31, 1964 Establishes the Central Bank of Brazil defining that it will be managed by a 4-member Board of Governors, and that one of them will be the Governor, chosen among the members mentioned in Article 6, IV. 4 members: 1 Governor and 3 members of the Board
Law 5,362 of November 30, 1967 Raises to 5 the number of members of the Board of Governors 5 members: 1 Governor and 4 members of the Board
Law 6,045 of May 15, 1974 Changes the composition of the Board of Governors to 6 members (1 Governor and 5 members), "appointed by the President of the Republic, chosen among Brazilians of impeccable reputation, and of recognized competence in economic-financial matters, and can be dismissed ad nutum". The Board Members are no longer members of the CMN, and participate in CMN meetings without the right to vote. 6 members: 1 Governor and 5 members of the Board
Decree-Law 1,795 of July 8, 1980 Changes the composition of the Board of Governors to 7 members (1 Governor and 6 members) 7 members: 1 Governor and 6 members of the Board
Decree 88,008 of December 29, 1982 (PDF - 107KB) Cuts one position of the Board, reducing to 6 members the composition of the Board of Governors 6 members: 1 Governor and 5 members of the Board
Decree 91,148 of March 15, 1985 (PDF - 205KB) Changes the composition of the Board of Governors to 8 members (1 Governor and 7 members) and gives to the Governor the responsibility to define the duties of the members of the Board of Governors. 8 members: 1 Governor and 7 members of the Board
Decree 91,961 of November 19, 1985 Raises to 9 the number of members of the Board of Governors (1 Governor and 8 members), keeping the Governor's responsibility to define the duties of the members of the Board of Governors. 9 members: 1 Governor and 8 members of the Board