Levy was also vice-president at the Inter-American Development Bank and Finance Secretary of the State of Rio de Janeiro, during the first administration of Governor Sérgio Cabral Filho.

He helped Brazil obtain its investment grade credit rating by checking spending and overhauling its debt structure.

On November 27, 2014, president Dilma Rousseff named Levy as the country's Finance Minister for her second term, replacing Guido Mantega.

In November 2018, it was announced that Levy was chosen by the team of President-elect Jair Bolsonaro to become the next president of the Brazilian Development Bank (BNDES).

[11] In June 2021, Levy was appointed to the World Bank–International Monetary Fund High-Level Advisory Group (HLAG) on Sustainable and Inclusive Recovery and Growth, co-chaired by Mari Pangestu, Ceyla Pazarbasioglu, and Nicholas Stern.