Mello Says He Has Not Been Formally Asked to Join Brazil's Central Bank Board

Overview

• Economic Policy Secretary Guilherme Mello said he is continuing his work at the Finance Ministry and has received no formal invitation for a Banco Central directorship.
• Finance Minister Fernando Haddad has put forward Mello’s name for the Monetary Policy directorate, with any nomination dependent on the president’s decision.
• Mello said he would discuss any future offer with the minister and emphasized respect for presidential prerogative over appointments.
• On interest rates, Mello noted that Copom has signaled cuts but said the committee will decide the magnitude at its March meeting, declining to endorse market bets on a 0.50 percentage point move.
• Mello described himself as honored by the consideration and available to serve, while G1 reported that some market analysts voiced concern about his perceived policy stance.