Brazil appoints new central bank chief

Luiz Inacio Lula da Silva, Brazil's leftwing president-elect, who takes office on January 1, on Thursday nominated experienced Harvard-trained banker, Henrique Meirelles, to head the central bank.

Henrique Meirelles, former head of the US's FleetBoston Global Bank, said yesterday he accepted the offer by Mr Lula da Silva because "all the necessary guarantees were given [to me]". He said the Brazilian economy had strong fundamentals and was "entirely manageable".

Mr Meirelles resigned from the t