Brazil’s Michel Temer Will Replace Leadership Of Central Bank, State-Run Lenders If He Becomes President

Brazilian Vice President Michel Temer will replace the leadership of the central bank and state-run lenders if he takes over the presidency, one of his economic advisers told Reuters.

Wellington Moreira Franco, a Temer confidant and architect of his economic plan, said the leadership changes would be done carefully alongside the next finance minister, who has not yet been picked.

“The changes will be made, but they will be carefully studied,” Franco said. “The finance minister will have a lot of influence in picking the chief and directors of the central bank and state-run banks.”

Temer, 75, is poised to take over the presidency in mid-May if, as expected, the Senate suspends President Dilma Rousseff for allegedly breaking budget laws.

On Sunday, newspaper Folha de S. Paulo reported that if Temer takes power, Henrique Meirelles, the former president of the Central Bank of Brazil, would accept the position of finance minister under the condition he was given approval rights over members of the entire economic team.

Meirelles and Temer met in Brasilia on Saturday, Folha said without disclosing the source of its information. Meirelles told Folha in a separate interview he had agreed to advise Temer but had not been invited to join a potential cabinet.

A spokesman for Temer said the Folha story was speculative.

Data from Reuters were used to report this story.