MercoPress. South Atlantic News Agency

Brazil: Lula picks Galípolo for BCB CEO post

The nominee still needs the Senate's nod

Brazilian President Luiz Inácio Lula da Silva picked Central Bank Monetary Policy Director Gabriel Galípolo to replace Roberto Campos Neto as CEO. The outgoing chief executive had been appointed by Lula's predecessor Jair Bolsonaro and it was no secret that he would not remain in office at the end of his term. To be confirmed for the post, Galípolo still needs the Senate's nod.

The leftwing leader said in a radio interview Friday that he trusted Galípolo and that taxes could be raised if necessary. He also noted that the future CEO would be granted full autonomy once Campos Neto's mandate ends on Dec. 31.

Galípolo -whose appointment, if confirmed, would span from 2025 through 2028- “has the profile of a very competent person and a Brazilian who likes Brazil,” Lula underlined. “I do not like to use the word 'genius' [but] he is very competent,” added the head of state.

Lula's choice had been announced earlier this week by Finance Minister Fernando Haddad at the Planalto Palace. “The President of the Republic instructed me to make a statement here, that today he is forwarding to the Federal Senate, to Speaker [Rodrigo] Pacheco and to Senator Vanderlan, chairman of the CAE [Committee on Economic Affairs], his nominee for the presidency of the Central Bank, who will be Gabriel Galípolo, who is currently in charge of the bank's Monetary Policy directorate,” Haddad said.

“In the same magnitude, it is an honor, a pleasure, and an immense responsibility to be nominated to the presidency of the Central Bank of Brazil by Minister Fernando Haddad and President Luiz Inácio Lula da Silva,” Galípolo admitted alongside Haddad after the announcement.

A former Secretary of Economy and Transport for the São Paulo government, Galípolo worked at the Federation of Industries of the State of São Paulo (Fiesp), the Brazilian Center for International Relations, and Banco Fator, the institution he founded. In 2023, he took up the post of executive secretary of the Finance Ministry until he was nominated and approved for the Central Bank's Monetary Policy board where he has been sitting since July last year, Agencia Brasil recalled.