Itau Economist Goldfajn Nominated as Brazil’s Central Bank Chief

Itau Unibanco Holding SA’s chief economist Ilan Goldfajn was nominated on Tuesday to head up Brazil’s central bank, as Acting President Michel Temer works quickly to put in place an economic team to renew investor confidence and revive growth.

Finance Minister Henrique Meirelles made the announcement, also appointing Mansueto de Almeida as secretary for economic monitoring and Carlos Hamilton as secretary for economic policy in the finance ministry. He did not provide details on the central bank board of directors. The Senate must still approve Goldfajn’s nomination.

Temer has said since taking the top job last week that his priority is to put the economy back on track, as above-target inflation, double-digit unemployment and a near-record budget deficit erode consumer and business confidence. Analysts surveyed by the central bank are optimistic he can succeed, and this week forecast inflation will slow this year and next even as the benchmark interest rate falls.

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