David, look at this story from the guy that was leaving for family reasons yesterday...
Brazil cenbank director decides to stay on
Reuters, Friday, January 15, 1999 at 11:17
BRASILIA, Jan 15 (Reuters) - Brazilian Central Bank banking
supervision director Claudio Mauch has reconsidered his
decision to resign and will stay in his post following Brazil's
decision to let the currency trade freely Friday, a spokeswoman
said.
The spokeswoman said the decision to remain on the bank's
board was accepted by Central Bank President Francisco Lopes
and Finance Minister Pedro Malan.
On Thursday, Mauch announced he would step down for
entirely personal reasons and denied there were problems in the
banking sector.
His decision followed the shock departure of Central Bank
President Gustavo Franco and a more than 8 percent devaluation
of the real currency on Wednesday. Mauch originally said his
resignation decision was not related.
On Friday, facing unbearable pressure against its currency,
the real, the Central Bank said it would no longer step into
the market to defend it. The real plunged to a low of 1.58 per
dollar before settling back at around 1.50 reais per dollar, a
12 percent devaluation on the previous outer limit of 1.32.
Mauch was partly responsible for ensuring the banking
sector's health and restructuring over the past three years.
Copyright 1999, Reuters News Service
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