Brazil Finance Minister Levy to Be Replaced by Barbosa

Brazil’s Planning Minister Nelson Barbosa will replace Joaquim Levy as finance minister, according to two people with knowledge of the decision.

President Dilma Rousseff’s press office is expected to make an official statement later Friday, said the people, who asked not to be named because the decision isn’t yet public.

Barbosa is considered less market-friendly and more open to ruling party demands. The real extended losses in late-afternoon trading amid speculation Levy would leave, as investors see his exit as a sign that the government will adopt looser fiscal policy.