Brazil central bank chief Galípolo says he is not being considered for finance minister
Gabriel Galípolo says he is happy at the central bank, where his term runs through 2028. Reuters reports that Lula is weighing other figures for the finance post.
Gabriel Galípolo, president of Brazil’s central bank, said at a press conference in Brasília on October 27 that he was not being considered for finance minister. His remarks remove him from speculation over who will lead economic policy as President Luiz Inácio Lula da Silva weighs the post after his reelection. Lula had not announced a decision, The Rio Times reported.
Speaking during a press conference on the central bank’s Financial Stability Report, Galípolo told reporters: “There is no such thing as me being considered, none of that relating to the Finance Ministry,” according to The Rio Times. He said he was “very happy here” and added, “I love my job.” Galípolo also said his mandate at the bank runs to the end of 2028.
Who Lula is considering for finance minister
Reuters reported that three people familiar with the discussions identified Vice President Geraldo Alckmin and Rafael Fonteles, the reelected governor of Piauí, as names that had emerged for the job. Its sources, who spoke on condition of anonymity, said Lula was likely to take time over the decision. They also said he might keep the current finance minister, Dario Durigan, in place.
Alckmin, 73, was once Lula’s rival in the 2006 presidential election. A former two-term governor of São Paulo, he has also served as trade and development minister. Reuters reported earlier in October that Lula was weighing him for finance minister to strengthen the government’s fiscal credibility and appeal to centrist voters. One person familiar with the current discussions told Reuters that Lula wanted someone he trusted completely; another said the president trusted Alckmin “100%.”
Fonteles helped revive Lula’s campaign after the president trailed in the first round of voting, Reuters reported. Durigan lacks the political standing of some other possible candidates, but a fourth person told Reuters that Lula valued him as an “effective operator.” Those accounts describe deliberations, rather than an announced shortlist or a decision by the president.
Why the appointment matters for Brazil’s markets
The choice comes after a sharp selloff in Brazilian markets following Lula’s surprise reelection on October 26, Reuters reported. Investors are watching for a finance minister who can signal fiscal discipline. Reuters’ sources said the appointment was also tied to whether Lula would name former finance minister Fernando Haddad as his chief of staff, making the finance decision part of a wider set of personnel choices.
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Sources and context
- Brazil Central Banker Rules Out Finance JobThe Rio Times
- Who could Brazil's Lula pick for finance minister?Reuters, republished by The Straits Times
AI-assisted article checked against the listed sources. NewsJaws did not conduct interviews or attend the reported events.