The president of the Central Bank (BC), Roberto Campos Neto, congratulated in a note the director of Monetary Policy of the organization, Gabriel Galípolo, for his appointment to lead the agency. This Wednesday (28), Galípolo had his name confirmed to command the BC from 2025.
In the statement, Campos Neto said that the transition will be carried out cautiously. “After the hearing and approval by the senators, the transition of mandates will be carried out as smoothly as possible, preserving the institution’s mission,” he highlighted in the text.
The Central Bank also reported that Campos Neto and Galípolo have been working in a “harmonious and constructive manner” since the current Director of Monetary Policy took office in July 2023. “Campos Neto wishes Galípolo much success in this new phase of his professional life,” the text concluded.
Earlier, Campos Neto had stated that he was available for a gradual transition in the leadership of the monetary authority, which would give the nominee time to prepare for the Senate hearing. He had defended the early announcement of the name, but stressed that this prerogative fell to the President of the Republic.
“I always said I wanted to make a smooth transition, just like Ilan [Goldfajn] did to me,” said Campos Neto, referring to his predecessor as president of the Central Bank. Goldfajn is currently president of the Inter-American Development Bank (IDB).
“I always said that it was perhaps important to announce someone a little earlier, so that we would have time to make the transition, to be able to hand over the work, things like that. And that I would do it in the most civilized and smooth way possible, regardless of what was happening,” said Campos Neto at a conference promoted by Banco Santander.
“I have been saying for some time that perhaps bringing forward the nomination would be a good idea, and there is also the screening process that needs to be done and sometimes takes a while. I understand that this is a government decision, the government’s prerogative. I respect that and I am available to make the transition as smooth as possible,” concluded Campos Neto.
End of term
At the end of this year, the terms of office of Campos Neto and the directors of Regulation, Otavio Damaso, and of Relations, Citizenship and Conduct Supervision, Carolina de Assis Barros, will end. Since Galípolo is also the director of Monetary Policy, the government will have to appoint a new director for the area.
So far, only Campos Neto’s replacement has been nominated. The other names may be defined in the coming months. All of them need to be questioned by the Senate Economic Affairs Committee and have their nominations approved by the committee and the plenary of the House.
