Brazil central bank chief to step down

The head of Brazil's central bank, Henrique Meirelles, said Wednesday he will step down as President-elect Dilma Rousseff takes office.

Meirelles, Brazil's longest-serving central bank president, told reporters he will leave the post on December 31, the last day of President Luiz Inacio Lula da Silva's administration.

Dilma Rousseff will be sworn in on January 1.

Meirelles did not say if he would serve in the next government in another capacity, nor did he speculate on who might replace him.

The 65-year-old economist has favoured orthodox monetary policies and high interest rates to keep a lid on inflation during his eight years leading the bank.

When Silva was elected in 2002, investors feared the former labour union leader would take the nation on a ruinous economic path.

But his appointment of the orthodox Meirelles signalled he would maintain austere economic policies.

"I believe a professional should begin and conclude his mission at the correct moment," Meirelles said, adding that a central bank president "should not remain in his post for more than two mandates."

Meirelles said Silva's adminis-tration "was a successful govern-ment that changed the face of the country".

- AP