Finance Minister Appoints Itaú Economist Ilan Goldfajn as Brazil's New Central Bank Head

05/17/2016 - 12h13

Finance minister Henrique Meirelles has appointed this Tuesday (17) economist Ilan Goldfajn (50) to head Brazil's Central Bank (BC).

The current president, Alexandre Tombini, should remain in his position until Goldfajn makes it through the Senate.

Goldfajn previously served on the BC's leadership team under Henrique Meirelles and most recently held the title of head economist at Itaú.

Goldfajn returns to the BC for the second time. Between 2000 and 2003, he presided over the powerful board of directors that oversees the political economy. First under Armínio Fraga and afterwards with Henrique Meirelles himself, who he spent 7 months with when the FHC administration was transitioning to Lula.

His speciality is monetary policy, but economists who know him say that his knowledge extends to fiscal policy, currently the Achilles heel of the economy. He is expected to arrive in Brasília this Tuesday to meet with Finance minister Henrique Meirelles, who has added three additional members to his team.

Another former director of the BC, Carlos Hamilton Araújo, will be Secretary of Political Economy.

Institute for Applied Economic Research (Ipea) economist Mansueto de Almeida, who worked on PSDB member Aécio Neves' presidential campaign, will serve as Secretary of Economic Monitoring. Meirelles says other names will be announced gradually. "We will continue to evaluate and make decisions over the next few days."

According to the minister, the next round of decisions will focus on the public banks -Banco do Brasil, Banco do Nordeste, Caixa Econômica Federal and Banco da Amazônia-.

In a statement, current BC president Alexandre Tombini said that Goldfajn is a recognized professional, with plentiful experience in the Brazilian finance sector, a broad view of the national and international economy, in addition to already having experience with the executive board of the institution.

"His qualities and training make him qualified to successfully preside over the Brazilian monetary authority".

Translated by SUGHEY RAMIREZ

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	Pedro Ladeira/Folhapress
	Henrique Meirelles speaks during a press conference to announce the names of the new members of the government's economic team