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New Brazil government names central bank head

May 17, 2016 10:48 AM ETEWZ, BRF, BZQ, UBR, BRAZ, BRAQ, EWZS, DBBR, FBZ, BRZUBy: Stephen Alpher, SA News Editor
  • New finance minister Henrique Meirelles nominated Itau Unibanco chief economist Ilan Goldfajn to replace Alexandre Tombini atop the country's central bank.
  • Alongside the nomination - which must be confirmed by the Senate - Meirelles is proposing a constitutional amendment to grant the central bank greater independence from the government.
  • Under Tombini (who took over in 2011), the bank has boosted interest rates to a nine-year high to help fight perky inflation. It's unclear who will be in charge at the next policy meeting set for June 7-8.
  • The Bovespa is lower by 1.1%. EWZ -1%
  • ETFs: EWZ, BRF, BRZU, EWZS, BZQ, BRAQ, BRAZ, UBR, DBBR, FBZ

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