Creating and distributing additional copies is prohibited without the permission of the publisher. Contact subscriptions@latinfinance.com.

People

Sep 1, 2004

Upheaval at Brazil's Central Bank
President Luiz Inácio Lula da Silva promoted Henrique Meirelles, president of Brazil's Central Bank, to the cabinet in August as the Brazilian media focused on Meirelles' personal finances and tax planning. Politicians and the media have called for an official inquiry into the former banker's financial affairs and demanded he be fired and sued for tax evasion; his new ministerial status means he can only go on trial before the Supreme Court. Millionaire Meirelles has won few friends in his unbending fight against inflation. He has held interest rates at a punishing 16% since April, and business leaders have accused him of slowing the country's recovery. Vice President José Alencar joined the fray, calling Brazil's interest rates "outlandish."

  Meirelles hired Rodrigo Azevedo, a US-educated economist at CSFB in São Paulo, as the Central Bank's new monetary policy...

To continue reading please take a free trial, subscribe or login below.


Already have an account?

Subscribe

Subscribe now for unlimited access to all current and archive news, data and market analysis. 

Subscribe

Free trial

Take a free two-week trial now for the latest news, data and market analysis.

Free Trial



LatinFinance Events

Poll

Are populist governments like Venezuela & Argentina turning pragmatic?

Vote    




“The crisis has been a setback for reserve diversification."

Jan Dehn, Ashmore Investment Management