Brazil Cenbank director Mauch to resign
Reuters, Thursday, January 14, 1999 at 14:07
BRASILIA, Jan 14 (Reuters) - Brazilian Central Bank banking
supervision director Claudio Mauch said on Thursday he was
resigning for personal reasons, denying that his decision was
in any way related to President Gustavo Franco's departure.
"I have no disagreements with anybody nor with what was
done," Mauch said, referring to the move to a more flexible
currency trading band Wednesday, which prompted Franco's
resignation.
Mauch, who was responsible for ensuring the health and
restructuring of the banking sector, said he has already
discussed his departure with new acting President Francisco
Lopes.
Hours after taking over for Franco, Lopes announced the
Central Bank was scrapping the narrow fluctuation band for the
real, and allowing it to trade in the broad band.
The real slipped instantly in trading to the weakest point
of the band for a devaluation of more than 8 percent.
Copyright 1999, Reuters News Service
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