Brazil appoints new central bank chief

Brazil's President-elect Luiz Inacio Lula da Silva has appointed former FleetBoston executive Henrique Meirelles to head the nation's central bank, ending weeks of intense speculation.

Lula announced the name of the new central bank chief Thursday afternoon in Brasilia. Meirelles will replace respected president Arminio Fraga. His nomination needs to be approved by Congress.

Meirelles has accepted to the post of central bank chief, where he will be in charge of monetary and interest rate policy

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