The president of Brazil’s Central Bank resigned.

Fernao Bracher will be succeeded by Francisco Gros, a director of the National Bank of Economic and Social Development. Bracher, 51, had been president of the Central Bank since August, 1985. No official reason was given for Bracher’s resignation, but there had been widespread press speculation that his departure was imminent in the light of a recent dramatic rise in Brazil’s interest rates. In a related development, the government of Brazil approved food price hikes averaging 25%.