Bolsonaro chooses a Santander Brasil executive as president of the Central Bank | Markets

The elected president of Brazil, the far right Jair Bolsonaro, has chosen Roberto Campos Neto, director of Banco Santander Brasil, as the new president of the Central Bank of the country, as indicated by the future Economy Minister, Paulo Guedes. The name of Campos, who has accepted the position, will be transferred to the Senate for approval. Bolsonaro's team also announced that the economist Mansueto Almeida will remain in the position of Secretary of the National Treasury, which he has held since April.

The future president of the Brazilian Central Bank, which has been on Santander's board of directors for 18 years, has a degree in economics from the University of California at Los Angeles (UCLA) and is known above all for his technical profile. Campos Neto is also responsible for the Santander Treasury. From 1996 to 1999, he worked at Banco Bozano Simonsen, which was incorporated into the Spanish bank. Campos Neto had already been consulted in the last few days by the economic team of Bolsonaro and it was not accepted. He will assume the position of Ilan Goldfajn, who was also contacted to continue in his position.

In a statement, the president of Santander Brazil, Sérgio Rial, said that Campos Neto "is a professional with solid training and deep knowledge of the economic area" and wished the executive "much success in the performance of his new role, so important for the development of the country."

The current president of the Central Bank said that he will "adopt all measures to guarantee the best transition in the direction of the monetary authority" and that he will remain in office until the Senate considers the name of Campos Neto in the coming months. In addition, he supported the autonomy project of the agency and said that his departure is for personal reasons.

In addition to Guedes and those announced on Thursday, the economic team of Bolsonaro will also have former Finance Minister Joaquim Levy, who will assume the command of the National Bank for Economic and Social Development (BNDES).

Levy, a respected economist with a long career in multilateral organizations, was characterized by exercising a strict policy of fiscal adjustment to deal with the then serious fiscal crisis in the country during the Government of Dilma Rousseff, dismissed in 2016.

As Minister of Finance, a position he held between November 2014 and December 2015, he presented a set of reforms that included a sharp reduction in public spending and an increase in revenue through taxation, which aggravated the recession in which Brazil entered this year.

Both Guedes and Levy frequented the so-called Chicago School, while Campos Neto is the grandson of one of the highest expressions of liberal thinking in Brazil, the former Minister of Planning Roberto Campos and one of the mentors of the national development bank.


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