Brazil's central bank econ director resigns

Bevilaqua's position will be taken up for an indefinite period by Central Bank Special Studies Director Mario Mesquita, the central bank said.

Bevilaqua had served as economic policy director for nearly four years.

Central bank president Henrique Meirelles tried to downplay speculation that Bevilaqua had been forced to step down from his post because of his policy positions.

"We've seen several substitutions at the central bank, which is absolutely normal," Meirelles said, noting that interest rate policy decisions are made by committee vote.

Meirelles said Bevilaqua would remain in his post until after the central bank's next two-day monetary policy committee meeting on March 6-7.

"As there are announcements of macroeconomic indicators nearly every day, there would be some kind of coincidence no matter what day I announced my leaving," he said.