Brazilian government appoints two new Central Bank directors

Finance Minister Fernando Haddad announced on Monday the names of two new directors of the Central Bank. 

Paulo Picchetti, an economist at the Fundação Getulio Vargas think tank, will oversee international affairs and corporate risk management, while Rodrigo Alves Teixeira, a career Central Bank employee, will be the new director of relationships, citizenship, and conduct supervision.

The two nominees will replace Fernanda Guardado and Maurício Moura, whose terms end in December. With the new names, President Luiz Inácio Lula da Silva will have appointed four of the nine members of the Central Bank board. 

The other nominees of the current government took office in July: Ailton Aquino took over the supervisory board, and former deputy finance minister Gabriel Galípolo took over monetary policy — a key position in the bank’s Monetary Policy Committee.

Both nominees must first be confirmed by the Senate.

At a press conference, Mr. Haddad said that Mr. Teixeira “is a person who helped me a lot at the São Paulo City Hall [Mr. Haddad served as mayor between 2013 and 2016] with career restructuring and will provide the necessary mediation between the Central Bank and the federal government.” 

Regarding Mr. Picchetti, the finance minister highlighted that he has been “responsible for many years” for evaluating the country’s main inflation indicators. Mr. Picchetti coordinates the weekly consumer price index (IPC-S) published by Fundação Getulio Vargas. 

Previously, he coordinated studies on price indexes at economic research institute Fipe.

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