After keeping us on the edge of our seats for a solid week (ok maybe not), Central Bank (BCRA) head Alejandro Vanoli stepped down from his post today after reaching an agreement with Cambiemos.
In a letter addressed to outgoing President Cristina Fernández de Kirchner, Vanoli wrote that he took his decision “after deep reflection, with the spiritual serenity that I feel for having shown and defended my commitment to our country and our people.”
Many expected Vanoli would resign last week when he called an impromptu press conference. In the end, though, he didn’t confirm anything and said he’d get back to us after presenting an evaluation of 2015.
Vanoli has been in hot water for allegedly selling future dollar contracts at a lower rate than the market price, for which he was indicted in November. For a full explanation of the case (and to stop awkwardly wondering what “future dollar contracts” are), check out this article by The Bubble.
If Vanoli had not resigned today, sources within Cambiemos suggested that Macri have done so for him via an Emergency Decree (DNU). He will be replaced by Cambiemos economist Federico Sturzenegger, with whom he held an extensive meeting to discuss the transition.