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UPDATE 1-Brazil replaces Finance Ministry officials

Wed Apr 4, 2007 12:49pm EDT

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BRASILIA, April 4 (Reuters) - Brazil's Finance Ministry on Wednesday named Bernard Appy as economic policy secretary, replacing Julio Sergio Gomes de Almeida, a critic of the central bank's conservative monetary policy.

Nelson Machado, who stepped down as social security minister last week, was named executive secretary at the ministry, taking over Appy's previous post.

Finance Minister Guido Mantega said in Brasilia the appointments were part of changes of his team and that Tarcisio Godoy will remain as treasury secretary for the time being.

Almeida stepped down after saying the country's currency is overvalued and hurting job growth. He blamed the central bank's high interest rates -- currently at 12.75 percent -- for lifting the real (BRBY) to a six-year high against the dollar.

Mantega has in the past suggested the central bank was too conservative, but has also said he agrees with its policies. He has said the real has rallied because of stronger economic fundamentals, like a current account surplus.

"I believe the central bank's monetary policy is adequate, correct for the country," Mantega told journalists. He said Almeida asked to resign on Monday for personal reasons.

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