President Luiz Inácio Lula da Silva appointed economist Nilton David, head trader from Bradesco bank, to take over the Monetary Policy directorship from January, replacing Gabriel Galípolo, the municipality informed this Friday (29).
In a statement, Bradesco’s chief economist, Fernando Honorato, said that David “is an experienced market operator, having worked for several global and local institutions” and that he “has extensive experience in the interest, foreign exchange and capital markets. ”
“In addition to his technical training, Nilton David has always engaged and provoked debates on ways to improve Brazilian institutions and the capital market, with a view to promoting a more solid and sustainable expansion of the country’s economy.”
Fernando Honorato, chief economist at Bradesco
David’s name was already circulating on the market before the nomination was confirmed and was well received among professionals in the sector. For some, the rumor that a technical profile would take over as director of Monetary Policy helped to moderate the dollar’s rise this Friday. “It’s a much better name than the market expected,” said a market operator who preferred not to be identified.
David is 52 years old and has been at Bradesco for five years. He previously held the role of managing director at Morgan Stanley. And he had stints at large foreign institutions such as Citi and Barclays.
There was great concern in the market with the choice of the name that would replace Gabriel Galípolo as director of Monetary Policy. This is because it is this director who will be responsible for making decisions such as buying or selling public bonds for the bank, intervening or not in the exchange rate, ensuring monetary balance and the relationship with the National Treasury.
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For the other two vacancies on the board that will be open by the end of the year, BC career employees Gilneu Vivan (Regulation board) and Izabela Correa (Relationship, Citizenship and Conduct Supervision board) were nominated.
They will respectively replace Otavio Damaso and Carolina Barros, also career employees at the bank.
The names will still have to be submitted for consideration by the Senate after the hearing of the nominees in the Economic Affairs Committee (CAE).
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With the approval of the three, the BC board, which makes up the Monetary Policy Committee (Copom), responsible for defining the basic interest rate, will now have a majority of nominees by Lula, 7 out of 9 names. Directors Ailton de Aquino (Supervision), Paulo Picchetti (International Affairs) and Rodrigo Teixeira (Administration), who took over in January this year, were the other names chosen by the PT member.
Directors Diogo Guillen (Economic Policy) and Renato Gomes (Organization of the Financial System and Resolution), who continue in their positions, were appointed by former president Jair Bolsonaro.
