Brazil: Senate approves Galípolo as head of the Central Bank

(ANSA) – BRASILIA, 08 OCTOBER – Gabriel Galípolo will be approved in the next few hours by the Brazilian Senate as the new president of the Central Bank starting from 1 January 2025. The 42-year-old economist chosen by President Lula is the first to face this Senate vote since when, in 2021, the green-gold Central Bank Autonomy Law was passed. Yesterday evening, Galípolo met with the President of the Senate Rodrigo Pacheco, with the Minister of Economy Fernando Haddad and with the leader of the Lula government in the Senate, Jaques Wagner, after meeting Lula in the Alvorada Palace, the official residence of the President of the Brazilian Republic. Galípolo has been director of monetary policy at the Central Bank since July 2023. The Senate’s approval is only a pro forma, as confirmed by Plínio Valério of the Brazilian Social Democracy party (PSDB), leader of the group in the Senate and rapporteur of the independence proposal financial institution of the Central Bank: “I am from the opposition but he is nominated by President Lula who has the prerogative. I have already spoken with Galípolo who said he is in favor of the financial autonomy of the Central Bank. He will be approved without problems”. Galípolo is considered a coach with a great ability to dialogue with the opposition. His mandate will expire on January 1, 2029. (ANSA).