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Brazil central bank replaces monetary board member, but move may be temporary

Banco Central do Brasil tapped Carlos Viana de Carvalho, who currently leads economic policy corporate risk management, to serve as a member of the monetary policy board, Valor Econômico reported.

Meanwhile, the central bank's current director of international affairs, Tiago Couto Berriel, will take over as head economic policy and corporate risk management.

The monetary policy board appointment comes after Reinaldo Le Grazie left his post and could be temporary, the newspaper noted, as incoming Brazilian President Jair Bolsonaro has nominated Itaú Unibanco Holding SA executive Bruno Serra Fernandes to the board. The appointment of Serra Fernandes, who heads Itaú's fixed income trading desk, to the monetary board is pending confirmation by Brazil's senate.

The appointment of Roberto Campos Neto, who Bolsonaro selected to lead the central bank ahead of his Jan. 1, 2019, inauguration, must also get approval from the Brazilian upper house.