[BREAKING NEWS] The president of the Central Bank of Argentina (BCRA), Juan Carlos Fabrega, abdicated from his throne post today.
In her Cadena Nacional last night President Cristina Kirchner harshly criticized the central bank. It looks like her words didn’t sit so well with Mr. Fabrega.
Cristina suggested that when earlier this year the BCRA announced the reduction of the amount of foreign currency (i.e. dollars) that individuals and banks could legally withdraw from banks, several actors with inside information seized upon this opportunity and “prematurely” bought dollars. They allegedly sold these dollar holdings as soon as the dollar gained relative to the peso, thus earning a tidy and perhaps questionable profit. So either Fabrega didn’t appreciate Cristina’s tone, or he realized that the president’s tirade insinuated that the BCRA – and therefore Fabrega personally – is to blame and was probably complicit in this supposed bout of insider trading.
Minister of Communications Alfredo Scoccimarro confirmed that the current head of the National Securities Commission, Alejandro Vanoli, will replace Fabrega at the BCRA’s helm.
Never a dull moment. This is a story in development.