October 29, 2018 / 3:59 PM / 10 months ago

Brazil's Bolsonaro will not set FX target, chief of staff says

RIO DE JANEIRO (Reuters) - Brazilian President-elect Jair Bolsonaro will not set a target for the foreign exchange rate but will seek to make it more predictable, his proposed chief of staff said on Monday.

The remarks by Onyx Lorenzoni seemed to refer to a media interview given by Bolsonaro last week when he said that the central bank would have a target for the Brazilian currency. Under Bolsonaro, the bank will be independent and follow targets by proposed economy minister Paulo Guedes, Lorenzoni added.

Reporting by Rodrigo Viga Gaier and Ricardo Brito; Writing by Bruno Federowski; Editing by Alistair Bell

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