The president of the Central Bank of Argentina resigns


BUENOS AIRES (Sputnik) – The president of the Central Bank of the Argentine Republic (BCRA), Guido Sandleris, announced his resignation along with that of the entity's vice presidents, Gustavo Canonero and Veronica Rappoport, effective as of December 10, when assume the elected government.

"I wanted to inform you that today we are presenting the resignation of our positions, me and those who accompany me, which will be effective from December 10," the official said during a press conference.

The resignation of the BCRA authorities "paves the way for the president-elect to have absolute freedom to designate whomever he deems appropriate," said the head of the agency in reference to the next head of state who will swear his office on 10 this month, Alberto Fernandez

In most countries of the world, "the mandate of the central bank authorities does not coincide with the duration of the presidential mandates," which "allows for monetary policy continuity regardless of the election results," Sandleris said.

This design is what allows most nations to "live with low inflation," the official added.

But Argentine law and tradition stipulate that the new government elects the BCRA authorities, Sandleris acknowledged, leading the agency since September 2018.

One of the frustrations of the outgoing administration is that they have not made significant progress in building "a healthy currency," the economist admitted, wishing that the next government would thrive on this goal.

The replacement of Guido Sandleris will be Miguel Angel Pesce, who was vice president of the BCRA between 2004 and until December 2015.

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