Brazilian President Luiz Inacio Lula da Silva has made changes to the central bank's board by appointing three new directors.

Nilton David, who previously worked as the head trader at Banco Bradesco SA’s treasury desk, has been named director of monetary policy.

Gilneu Vivan and Izabela Correa, both current employees of the central bank, will now serve as director of regulation and director of institutional relations, respectively.

These appointments come as the central bank faces pressure to implement measures aimed at cooling the economy.