Published Tuesday, 27 October, 11:55 am ET · Source: Banco Central do Brasil press conference
Key Facts
—The answer. Gabriel Galípolo, head of Brazil’s central bank, says he is not being considered for finance minister and loves his job.
—The term. He says his mandate at the central bank runs to the end of 2028.
—The race. President Lula has not decided; Piauí governor Rafael Fonteles and Vice President Geraldo Alckmin are top names.
—Markets. Brazil’s Ibovespa stock index fell 13.9% on Monday after Lula’s re-election, so the pick matters.
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Brazil’s most watched economist just told the country he does not want the second most watched job. Gabriel Galípolo, who runs the central bank, said on Tuesday that he is not a candidate for finance minister and that he is staying put.
“There is no such thing as me being considered, none of that relating to the Finance Ministry,” Galípolo told reporters in Brasília at a press conference on the bank’s Financial Stability Report, its twice-yearly check on banking risks. He added that his term runs to the end of 2028, two years into Lula’s new government.
Why Does a Central Banker Get Mentioned?
President Luiz Inácio Lula da Silva won the second-round vote on Sunday 25 October and a fourth term as president. He now has to pick a finance minister to steer Brazil’s economy, the largest in Latin America,.
Some market voices floated Galípolo’s name because investors trust him. He took over the central bank in January 2025, appointed by Lula, and Brazilian markets read him as a steady hand.
What He Said About the Job
“For an economist, there is no better job than the one I have,” Galípolo said. “I love my job.”
He said he is “very happy here” at the Banco Central do Brasil, the central bank’s official name.
Live Market IntelligenceBrazil — Live Market Board
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Brazil — Live Market Board
-0.37%
175,958.18
-0.37%
69,470.99
-0.58%
10,697.16
+1.15%
2,848,945
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2,506.20
+0.05%
| Instrument | Last | Change | YoY | Prev. | High | Low | Volume |
|---|---|---|---|---|---|---|---|
| IBOV | 175,958.18 | -0.37% | +19.85% | 176,608.23 | 178,526 | 175,157 | — |
| USD/BRL | 5.34 | -1.30% | -0.80% | 5.42 | 5.42 | 5.30 | — |
| SELIC | 13.75% | — | — | — | — | — | |
| PETR4 | 53.27 | -1.13% | +77.43% | 53.88 | 53.70 | 52.83 | 36,899,000 |
| VALE3 | 63.05 | -2.07% | +2.24% | 64.38 | 64.43 | 62.80 | 21,241,400 |
| ITUB4 | 41.50 | -0.48% | +11.27% | 41.70 | 42.60 | 41.15 | 25,549,200 |
| BBDC4 | 15.85 | -0.63% | -13.17% | 15.95 | 16.30 | 15.74 | 59,703,700 |
| BBAS3 | 17.73 | +1.49% | -15.30% | 17.47 | 18.31 | 17.51 | 62,345,600 |
| B3SA3 | 15.43 | +2.39% | +23.14% | 15.07 | 15.78 | 15.20 | 67,604,600 |
| ABEV3 | 15.45 | +0.52% | +27.00% | 15.37 | 15.68 | 15.31 | 24,075,100 |
| WEGE3 | 45.92 | +3.12% | +9.96% | 44.53 | 47.08 | 45.06 | 8,915,500 |
| PRIO3 | 69.61 | -2.15% | +87.73% | 71.14 | 70.98 | 69.15 | 5,934,500 |
| SUZB3 | 47.21 | -0.40% | -3.87% | 47.40 | 47.83 | 46.10 | 6,438,300 |
| RENT3 | 31.13 | -1.71% | -20.88% | 31.67 | 32.68 | 31.02 | 17,887,400 |
| AZZA3 | 17.11 | +3.51% | -40.40% | 16.53 | 17.42 | 16.72 | 4,268,700 |
| CSNA3 | 4.84 | -3.39% | -45.96% | 5.01 | 5.14 | 4.84 | 12,415,100 |
| GGBR4 | 24.82 | -2.48% | +36.22% | 25.45 | 26.20 | 24.81 | 6,606,400 |
| ENEV3 | 26.78 | +0.41% | +49.78% | 26.67 | 27.35 | 26.30 | 11,039,700 |
Who Is Actually in the Running?
Lula has made no decision. Lula is reported to see Rafael Fonteles, governor of the northeastern state of Piauí, as a leading choice for the post.
Vice President Geraldo Alckmin is also cited for the job. Two senators who served as Lula ministers, Camilo Santana (Workers’ Party, Ceará) and Renan Filho (MDB, Alagoas), are on the list too, and a name from the financial market has not been ruled out.
Why Markets Are Listening
Brazilian assets were hit hard by the election result. The Ibovespa, the main São Paulo stock index, fell 13.9% on Monday to 176,608 points from about 205,080 on Friday, according to RT market data.
The dollar jumped about 8% over the same stretch to roughly R$5.40, which values one real at about US$0.185. The finance minister’s identity is now one of the clearest signals investors will get about how Lula plans to handle the budget; see our Monday market report.
What It Means for US Readers
For investors in Brazilian stocks, ADRs (US-listed shares of foreign companies) and the real, the signal is mixed. Galípolo staying at the central bank keeps the people who set interest rates unchanged, which calms one worry.
The harder question, who writes the budget, stays open. Until Lula names someone, expect the dollar and the Ibovespa to react to each new name.
What Is Not Known
Lula has not said when he will announce the finance minister. It is also unclear whether any market-friendly outsider is under real consideration.
Sources
Banco Central do Brasil, Financial Stability Report · Banco Central do Brasil, press conference of 27 October 2026 · RT market data
This article was produced by The Rio Times’ automated newsroom system. How we use AI · Report an error · Editorial responsibility: Matthias Camenzind, Editor-in-Chief
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Frequently Asked Questions
Is Gabriel Galípolo leaving Brazil’s central bank?
He says no. Galípolo told reporters on 27 October that his term runs to the end of 2028 and that he is happy in the job.
Who could be Brazil’s next finance minister?
Lula has not decided. Names in play include Piauí governor Rafael Fonteles, Vice President Geraldo Alckmin and senators Camilo Santana and Renan Filho.