Lula appoints new head of Brazil's Central Bank

Economist Gabriel Galípolo has been nominated by President Luiz Inácio Lula da Silva to lead the Central Bank, as announced by Finance Minister Fernando Haddad on Wednesday (Aug. 28) at the Planalto presidential palace.

"Brazil's president has instructed me to announce that today he is submitting to the Federal Senate, specifically to President [Rodrigo] Pacheco and Senator Vanderlan, head of the CAE [Economic Affairs Committee], his nominee for the presidency of the Central Bank—Gabriel Galípolo, who currently serves as the bank's Director of Monetary Policy," the minister revealed.

Galípolo and Finance Minister Fernando Haddad - Emar Nobre/Canal Gov

To assume the position, Galípolo must first be confirmed by the Senate, which will hold a hearing with the nominee. If approved, he will serve a four-year term as head of the Central Bank, from 2025 to 2028, replacing Roberto Campos Neto, whose term ends on December 31.

"It is an honor, a pleasure, and an immense responsibility to be nominated for the presidency of the Central Bank of Brazil by Minister Fernando Haddad and President Luiz Inácio Lula da Silva," said Galípolo, standing alongside Haddad after the announcement.

Gabriel Galípolo, a former Secretary of Economy and Transportation for the São Paulo government, has an extensive background, including roles at the Federation of Industries of the State of São Paulo (Fiesp), the Brazilian Center for International Relations, and Banco Fator, which he founded. In 2023, he served as the executive secretary of the Ministry of Finance before being nominated and approved for the Central Bank's Monetary Policy Board, a position he has held since July of last year.