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Banking

Argentina: Inflation hits Marcó del Pont

New governor awaits senate approval; Government determined to settle with bond holdouts

 

Mercedes Marcó del Pont appears secure as Argentina’s new central bank governor even though she has yet to gain senate approval. The senate is expected to vote on whether she should retain the post early this month.

Mercedes Marcó del Pont has already approved the transfer of $6.4 billion of central bank reserves

Mercedes Marcó del Pont appears secure as Argentina’s new central bank governor even though she has yet to gain senate approval. The senate is expected to vote on whether she should retain the post early this month.

The senate had been scheduled to hold a debate on March 17 but opposition members, who realized they would lose their struggle to overthrow the new central governor, did not show up, rendering the session void. As key opposition members, such as senator Roxana Latorre, start to move to support Marcó del Pont it looks as if the senate will find a majority for the incumbent governor when it finally meets. "Senator Latorre publicly said that she felt the opposition were only rejecting Marcó del Pont as a stance against the president and that there weren’t any real reasons for rejecting her," says Francisco Velasco, Argentina analyst at Exotix.

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