Central Bank: Galípolo will be reviewed on June 27 – 06/07/2023 – Market

The executive secretary of the Ministry of Finance, Gabriel Galípolo, will be questioned by the CAE (Economic Affairs Commission) of the Senate on June 27 for the vacancy of the BC (Central Bank).

The secretary was chosen by the Lula government (PT) to assume the Monetary Policy directorate, one of the most important in the autarchy after the presidency — occupied today by Roberto Campos Neto, appointed by Jair Bolsonaro (PL).

The date of the sabbath was defined this Wednesday (7) by the president of CAE, senator Vanderlan Cardoso (PSD-GO). The vote on the Senate floor has not yet been announced, but it is expected to take place on the same day.

Central Bank employee Ailton de Aquino Santos, appointed to lead the Inspection area of ​​the autarchy, will be heard by the commission on the same day. The two sabbaths are scheduled to start at 9 am.

“CAE is committed to promoting a qualified and constructive debate during the sabbaths, aiming to guarantee the choice of the best representatives for the Central Bank boards, who will act in favor of price stability and the country’s development”, said Vanderlan in a note to press.

Lula’s trusted name, Galípolo will need to balance between the BC’s legal autonomy and the mission credited to him of paving the way for the cut of the Selic – an appeal by the president echoed by members of the government and by PT cadres since the beginning of the term .

The assessment is that the entry of Galípolo may contribute to open divergence or expand discussions at Copom (Monetary Policy Committee) meetings, initiating a convincing process within the institution to cut the basic rate.

In the future, the bet is that he will be chosen by Lula to succeed Campos Neto, whose term as president of the Central Bank ends in December 2024.

On the day he was announced for the vacancy, Galípolo drew praise even from the opposition, as Folha showed. The president of the Senate, Rodrigo Pacheco (PSD-MG), stated that the choice “certainly” pleases.

Former Minister of the Civil House of Bolsonaro, Ciro Nogueira (PP-PI) said that Galípolo “is the best name in the economy” and should be approved without major difficulties. “A great nomination, but it will leave a very large vacuum in the economy”, said the senator to the report at the time.