Brazilian markets rose on Friday on reports that Brazil’s President Dilma Rousseff has appointed a former treasury secretary, Joaquim Levy, as finance minister.
The benchmark iBovespa stock index rose 5 per cent to 56,084 points on the reports while the Brazilian real strengthened 2.3 per cent to R$2.52 against the dollar.
Mr Levy, who won a reputation as fiscally responsible when he served under Ms Rousseff’s predecessor Luiz Inácio Lula da Silva as treasury secretary in 2003, will replace Guido Mantega, the embattled finance minister of her first term, according to local media, including business newspaper Valor Econômico, without naming sources.
The reports could not be immediately confirmed with the presidential palace in Brasília. Mr Levy did not return a call for comment>> Read More