July 2, 2019 / 6:54 PM / 21 days ago

Brazil Senate approves nomination of Fed economist as new central bank director

BRASILIA, July 2 (Reuters) - Brazil’s Senate on Tuesday approved the nomination of U.S.-based economist Fernanda Nechio as director of international affairs at the central bank, a role that forms part of the bank’s monetary policy setting committee.

The Economic Affairs Committee confirmation was unanimous, and her nomination now goes to the plenary for final approval, which could take place later on Tuesday.

If approved, Nechio will become the fourth female director in the central bank’s history and will replace Tiago Berriel. She has spent the last 10 years as economist, senior economist and most recently research advisor at the San Francisco Federal Reserve Bank.

In her address to the Senate committee, Nechio echoed recent remarks by central bank president Roberto Campos Neto and other policymakers that risks of a global economic slowdown posed a threat to Brazil, but stressed that the country’s financial defenses were strong enough to withstand the pressures.

She also echoed policymakers’ views that fiscal and economic reforms were critical to securing sustainable economic growth and structurally lower interest rates. If her nomination is approved, she will work to keep inflation low and stable, and help the central bank ensure financial stability, she said. (Reporting by Isabel Versiani and Jamie McGeever, Editing by Rosalba O’Brien)

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