Brazil's central bank reiterated Wednesday its clear commitment to raise interest rates soon, as the outlook for inflation has become “far less favorable” than it had previously thought.
Brazilian policy makers kept their benchmark overnight rate unchanged on Wednesday after curbs on credit allowed central bank President Henrique Meirelles to leave anticipated rate increases for his successor.
Brazilian president-elect Dilma Rousseff press office announced Thursday that economist Alexandre Tombini will be the next president of the central bank; economist Guido Mantega will continue as Finance minister and engineer Miriam Belchoir coordinator of PAC (program to bolster growth) will become Planning and Budget minister.
Brazil’s President-elect Dilma Rousseff plans to maintain the central bank’s operational autonomy and also will keep the position of central bank president as a Cabinet-level post, according to reliable sources close to the leader.