Bloomberg News

Meirelles to Start Brazil Investment Project in January

December 28, 2011

Dec. 28 (Bloomberg) -- Former Brazilian central bank president Henrique Meirelles plans to return to the private sector next year in an investment project that will be announced in January.

“The idea is to contribute to the country’s expansion, investing and bringing national and foreign investments to some important areas in Brazil,” Meirelles, 66, said today in an interview at the Bloomberg office in Sao Paulo. “We’re studying several projects and may have the cooperation of some international groups.”

He declined to provide details on the project.

Meirelles, a former BankBoston Corp. executive, was Brazil’s longest serving central bank president, heading the authority from 2003 through the end of 2010, during the government of President Luiz Inacio Lula da Silva. Under Meirelles, annual inflation fell to 5.91 percent in 2010 from 12.5 in 2002 and the country’s benchmark lending rate dropped to an all time low of 8.75 percent, in 2009.

Meirelles said Brazil will grow at a rate “close to potential” in 2012 as domestic demand expands at a fast pace and the country still have room for monetary and fiscal stimulus if needed to face a worse global outlook. He declined to comment on Brazil’s current monetary policy.

--With assistance from Patricia Xavier in Sao Paulo and Sara Eisen in New York. Editors: Telma Marotto

To contact the reporter on this story: Helder Marinho in Sao Paulo at hmarinho@bloomberg.net

To contact the editor responsible for this story: Telma Marotto at tmarotto1@bloomberg.net


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