BRASILIA, April 14 (Reuters) - Tony Volpon, nominee to Brazil’s central bank board, said on Tuesday that recent interest rate increases are not enough to bring inflation to the center of the official target.
Speaking to the Senate’s economic affairs committee, Volpon said the main objective of the bank is to battle inflation and warned of heightened market volatility stemming from the normalization of interest rates in the United States.
Volpon, who is nominated to be the bank’s international affairs director, needs to be confirmed by the Senate. Central bank nominee to the regulation directorship Otavio Damaso was also at the hearing. (Reporting by Alonso Soto and Silvio Cascione; Editing by Chizu Nomiyama)