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Brazil: Lula nominates Gallipolo as Central Bank CEO
The nominee still needs Senate approval
Brazilian President Luiz Inácio Lula da Silva has chosen central bank monetary policy director Gabriel Galipolo to succeed Roberto Campos Neto as CEO. The outgoing CEO was appointed by Lula’s predecessor, Jair Bolsonaro, and it is known that he will not remain in office beyond the end of his term. To be confirmed to the position, Galipolo still needs Senate approval.
The leftist leader said in a radio interview on Friday that he trusted Gallipolo to raise taxes if necessary, and noted that the future chief executive would be given full autonomy once Campos Neto’s term ends on December 31.
Galipolo’s term, if confirmed, would run from 2025 to 2028. “Galipollo is a very capable person and a Brazilian who loves Brazil,” Lula stressed. “I don’t like to use the word ‘genius’ (but) he is very capable,” the head of state added.
Finance Minister Fernando Adad announced Lula’s choice at the Planalto Palace earlier this week. “The President of the Republic has instructed me to make a statement here that today he will transmit to the Federal Senate, President (Rodrigo) Pacheco and Senator Vanderlan, president of the Economic Affairs Committee, his nomination for the governor of the Central Bank, which will be Gabriel Galipolo, who is currently in charge of the bank’s monetary policy council,” Adad said.
“Similarly, being nominated by Minister Fernando Adad and President Luiz Inácio Lula da Silva to serve as President of the Central Bank of Brazil is an honor, a pleasure, and a great responsibility,” Galipolo acknowledged alongside Adad after the announcement.
Gallipolo was previously Minister of Economy and Transport of the Sao Paulo government and worked at the Sao Paulo State Federation of Industries (Fiesp), the Brazilian Center for International Relations and the bank he founded. According to the Brazilian news agency, in 2023 he held the position of Executive Secretary of the Ministry of Finance until he was nominated and admitted to the Monetary Policy Committee of the Central Bank, where he has been a member since July last year.
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