Mario Torós, the head of the Central Bank of Brazil's department of monetary policy and one of eight rate-setters at the central bank, resigned on Monday after two years in the role. The central bank said Torós left the job for "personal reasons".

Henrique Meirelles, the central bank's governor, said in a statement that he had recommended Aldo Luiz Mendes, the president of Alianca do Brasil, an insurance company, as his replacement. The recommendation will be directed to Luiz Inacio Lula da