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BRAZIL: BCB's Galipolo Says Would Only Intervene in FX With Full Copom Support

BRAZIL
  • According to a Bloomberg report, Brazil’s likely next central bank governor signaled he wouldn’t pull the trigger on currency intervention without obtaining full support from the committee. 
  • Director Gabriel Galipolo apparently told investors in private meetings this month he would seek consensus from fellow bank directors before taking action in the foreign exchange market, according to four participants of those gatherings, according to Bloomberg.
  • The article is not particularly surprising, however, may indicate the high bar for currency intervention at this juncture, despite the real's sharp weakness this year.
  • As a reminder, it was announced yesterday, by O Globo, that President Lula is set to name BCB Director Gabriel Galipolo as the new central bank governor. The announcement will be made next month, according to the report. He had been the front-runner to get the role and will only takeover in 2025.
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