Autonomy of Central Banks in BRICS Countries: An Empirical Study

Abstract: This study examines Central Bank Independence (CBIE) across BRICS countries (Brazil, Russia, India, China, and South Africa) from 2003 to 2023. It analyses the evolution of central bank autonomy through historical and recent reforms, focusing on legal frameworks and governance changes. By comparing CBIE indices and evaluating the impact of key legislative amendments, the research highlights how each country’s central bank has adapted its role in monetary policy and economic stability. The study employs qualitative and quantitative methods to assess the implications of these changes for central bank independence and overall economic performance. Keywords: Central Bank, BRICS, Central Bank Independence (CBIE)