Joaquim Levy Resigns as President of BNDES

Levy's exit from development bank is another crisis for the Bolsonaro government

São Paulo and Brasília

Economist Joaquim Levy resigned as president of the National Bank of Economic and Social Development this Sunday (16) after president Jair Bolsonaro said that he was overly independent and "big-headed."

Levy's exit from the bank is the first loss for Minister of the Economy Paulo Guedes, but it's another government crisis.

Joaquim Levy. (Foto: Aloísio Mauricio /Fotoarena/Folhapress) - Fotoarena/Folhapress

"I sent in my resignation to the Minister of the Economy. I expect that he will accept it," said Levy, in a message to Guedes.

The economist thanked the loyalty, dedication, and determination of his board. "I thank the minister for his invitation to serve the country, and I wish for success in the reforms."

On Saturday (15), Bolsonaro said he was "here" with the economist. The cause of the crisis, according to the president, was the appointment of Marcos Barbosa Pinto to the bank's capital markets board. He was an advisor to BNDES in the PT government and would return to the bank for the post of director of Capital Markets.

Translated by Kiratiana Freelon

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