Henrique Meirelles, the governor of the Central Bank of Brazil, is set to announce whether or not he will remain at the helm of the institution on Wednesday afternoon.

Meirelles, who is well regarded for bringing an era of stability to the central bank, has been expected over the past few weeks to step down from his role as governor in order to pursue a political career.

In September, Meirelles joined the Brazilian Democratic Movement Party, part of the ruling coalition, and has more recently