A bill granting greater autonomy to Banco Central do Brasil will not be submitted this year, and instead will be delayed until 2018 or 2019 after Brazil's economy stabilizes, Reuters reported, citing a "senior member of the government's economic team" who asked not to be named.

The official reportedly said that the current legislative agenda is "already overloaded," as the administration of President Michel Temer has prioritized labor and pension reforms. "We can start discussing that (independence) when inflation stays on target for some years and interest rates find an equilibrium," the official was quoted as saying.

The proposed legislation had sought to give the central bank formal independence and set terms for its board members. While Banco Central do Brasil already has administrative autonomy, which allows it to make independent monetary policy decisions, Reuters noted that it is one of the world's few major central banks lacking complete independence.