In his first activity since his designation as the new chief of the Argentine Central Bank, Alejandro Vanoli met on Thursday President Cristina Fernandez and Economy Minister Axel Kicillof in Olivos.
The day after Argentina's central bank governor Juan Carlos Fabrega stepped down, investors expressed their pessimism as Buenos Aires City stock market, Merval, which plunged 7.2% to 10,703.32 points on Thursday.
Those baffled by the Argentine economy could do worse than listen to Puff Daddy. Ask what ails the country and the answer will echo the rapper’s ode to the 100-dollar bill, “It’s all about the Benjamins”.
Alejandro Vanoli, the designated new President of the Argentine Central Bank following Juan Carlos Fabrega’s resignation, is the current leader of the CNV securities regulator, in charge of that entity since 2009 after serving for three years as its deputy.
Buenos Aires shares plunged on Wednesday 8.2% to 11.516,28 units following the news that the Central Bank chief Juan Carlos Fabrega had resigned. The Merval benchmark stock index has risen 132% so far this year.
Argentine Central Bank President Juan Carlos Fabrega resigned Wednesday after an alleged disagreement with President Cristina Fernandez over how to keep a lid on the black market exchange rate ('blue' dollar) that hit a record 16 pesos per dollar last week.
The Argentine Central Bank foreign reserves would be bolstered this year with up to 800 million dollars in Yuans transferred by China due to the first tranche of the money of the swap agreement signed between both countries, according to banking sources in Buenos Aires.
Argentina's central bank chief, Juan Carlos Fabrega, met his Chinese counterpart Zhou Xiaochuan in Basilea, Switzerland on Sunday to discuss how a currency swap worth billions of dollars will be put into action, the Argentine monetary authority said.
Argentina's Cabinet Chief Jorge Capitanich confirmed that the country's Office of the Superintendent of Financial and Exchange Institutions has revoked the authorization for the bank of New York Mellon to operate in Argentina.
Despite appeals to national unity from president Cristina Fernandez, the US dollar, Argentina's best test for confidence, climbed 22 cents to a new record in the informal market at the end of Tuesday's trading: 14.20 Pesos.