Lula indicates Gabriel Galípolo to Head the Central Bank

Gabriel Galípolo is the nominee by President Lula to assume the presidency of the Central Bank in 2025. He will succeed Roberto Campos Neto, who has led the institution since 2023, after being chosen by Jair Bolsonaro.

Lula sent the decision to the Senate, where Galípolo, the current director of Monetary Policy at the Central Bank, will be questioned. "It is a huge honor," said the nominee, stating that he would not respond to journalists out of "respect for the process."

The government expects the questioning to take place on September 10, but faces resistance in the Senate. In a statement, Campos Neto said that, after approval, the transition "will be done as smoothly as possible."

The name of Galípolo, considered technical by financial agents, was expected and was praised by entrepreneurs and bankers. Analysts say he will have to earn the trust of the market, which is wary of Lula's influence.

The institution has been independent since 2023, when the president's term was set to four years.

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