Brazil's Meirelles scotches resignation rumours

Rumours originating in New York this week suggested Brazilian central bank president Henrique Meirelles was about to resign.

Meirelles was displeased, according to these rumours, over an interview given on Tuesday 3 February by Finance Minister Antonio Palocci which sought to ease concerns about monetary policy. In particular Palocci said recent inflationary spikes were seasonal and that base rate will continue to fall.

These rumours were compounded when, soon after they were aired, President