Brazil Finance Ministry Nominates Ilan Goldfajn as Central Bank Head

Luciana Magalhaes – The Wall Street Journal, 05/17/2016

MIT-trained economist Ilan Goldfajn was nominated to serve as the next president of Brazil’s central bank Tuesday, the latest move by acting President Michel Temer to shore up investor confidence in Latin America’s largest economy.

Mr. Goldfajn, currently chief economist for Itaú Unibanco, Brazil’s largest private-sector bank by assets, is also an experienced hand in Brasília. He was a director of the central bank from 2000 to 2003 during the presidency of Fernando Henrique Cardoso, the architect of Brazil’s famed Real Plan that tamed hyperinflation.

Mr. Goldfajn’s nomination must be confirmed by the Senate before he can take office, which is likely to happen. He will replace Alexandre Tombini, whose tenure was marked by nagging inflation that has weighed on Brazil’s economy and undercut the credibility of the monetary authority.

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