(Bloomberg) -- Brazil President Luiz Inacio Lula da Silva nominated three new central bank board members on Friday as investors pressure for more aggressive interest rate hikes to cool the economy and tame inflation.

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The leftist head of state named Nilton David, the head trader on Banco Bradesco SA’s treasury desk, as director of monetary policy, according to a statement from the central bank. Gilneu Vivan was tapped as director of regulation and Izabela Correa as director of institutional relations. Vivan and Correa are current central bank employees.

Brazil’s Senate will have to confirm all of his nominees.

The central bank is facing intense pressure for steeper interest rate hikes after the government’s public spending cut plans dismayed investors. Inflation forecasts are running well above the 3% target through 2027 due to factors including firm demand, record-low unemployment and effects from a severe drought earlier this year. The institution’s incoming Governor Gabriel Galipolo said late Thursday that Brazil may need higher borrowing costs for longer.

The central bank has become a focal point of criticism from Lula, who has repeatedly slammed the institution’s outgoing chief Roberto Campos Neto for hurting the economy with high rates. As recently as Wednesday, the leftist leader said there’s no “explanation” for the current level of borrowing costs.

Investors have rushed to dump Brazil assets amid concern over the nation’s public spending levels and growing debt. The benchmark stock exchange is trailing most global gauges, while the real weakened to a fresh record, extending the biggest losses among any major currency this year.

Traders are pricing in odds of a jumbo, one percentage point hike at the bank’s December decision, and also an end-of-cycle Selic near 15% next year. Policymakers most recently lifted borrowing costs by a half-point to 11.25% in November.

(Updates with background on picks in second paragraph.)

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