November 1, 2012
By Vinod Sreeharsha When Argentina’s president, Cristina Fernández de Kirchner, sacked central bank governor Martin Redrado more than two years ago for not following her orders to transfer reserves to the Treasury, she intended for his successor to take a more active, interventionist role.
Mercedes Marcó del Pont, Redrado’s replacement, had previously espoused a view of broadening the bank’s remit – one of the reasons she was picked for the job by Fernández de Kirchner. As she assumed her new role, she continued to say that in public.
A central bank official who joined around the same time said then that Marcó del Pont would “have a more active role than prior leaders did” and that durin
Argentine banks have so far shrugged off the ill effects of increasing government heavy-handedness. How they withstand a darkening economic climate remains to be seen