By Marcela Ayres
BRASILIA, May 27 (Reuters) – Brazil’s Central Bank Governor Gabriel Galipolo is considering recommending two female professionals to fill vacancies on the bank’s nine-member rate-setting committee, three people with direct knowledge of the matter told Reuters.
A name under consideration for the economic policy director role is Cecilia Machado, chief economist at BOCOM BBM bank with a doctorate in economics from Columbia University, the sources said on condition of anonymity as deliberations are private.
For a director role overseeing the financial system, Marina Copola, a specialist in economic and commercial law now on the board of Brazilian securities regulator CVM, has emerged as the leading contender, sources added.
Copola has been one of just two sitting directors on the CVM’s five-seat board, but the Senate last week approved two nominees, including a new chair, easing concerns that her departure could create a logjam for the regulator.
The central bank declined to comment. Machado and Copola could not be reached for comment.
The sources said no final decision has been made, noting that President Luiz Inacio Lula da Silva will have final say. Galipolo has repeatedly stressed that point in public remarks when asked about the vacancies.
Adding two female directors to the central bank’s rate-setting committee, called Copom, would put a record three women on the committee, including citizenship director Izabela Correa, whose term runs through 2028.
Of the 142 individuals who have served on the central bank’s board so far, only six have been women, underscoring the male-dominated history of the institution.
Lula’s delay in filling the Copom seats, vacant since January, contrasts with his frequent complaints that a 2021 central bank autonomy law left him with limited influence over a board appointed by his predecessor Jair Bolsonaro.
The central bank has so far taken an unprecedented three policy decisions this year with only seven of its nine seats filled.
The economic policy area, responsible for providing the projections and analysis underpinning interest rate decisions, has been handled on an interim basis by international affairs director Paulo Picchetti, while regulation director Gilneu Vivan has also overseen organization of the financial system.
Sources previously told Reuters the vacancies could persist for months amid tensions between the government and Senate leaders, whose approval is required for Lula’s nominees.
The legislative outlook is also expected to become more complicated as the window for confirming new names narrows ahead of October’s general elections, which often slow congressional activity.
(Reporting by Marcela AyresEditing by Brad Haynes and David Gregorio)
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