A Departure, But a Steadfast Policy

Feb 1, 2002

Daniel Gleizer has left his post as international director of the Brazilian Central Bank. But the bank's integrated approach to monetary policy and debt management continues to secure the sovereign's financial future.

Daniel Gleizer

Brazil's Central Bank has transformed itself over the last few years. Not long ago, it was a secretive institution run by career bureaucrats suspicious of the international capital markets. Now the bank is known for its team of highly regarded former investment bankers, economists and financiers led by Arminio Fraga.

Fraga is losing one of the most visible members of his team with the departure of Daniel Gleizer, who has quit as international director. Gleizer, an earnest 41-year old, is the second central bank official to resign within the last year. Sérgio Werlang left last year as head of research.

Brazil's quasi-independent central bank is unusual in that it is responsible for both setting monetary policy and managing the public debt. And since Brazil has a major presence in the international capital markets, issuing billions of dollars in debt every year, a smoothly operating central...

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