Changes in the BCRA: Pesce resists in the middle of a castling

The mass arrival Lisandro Cleri at the Central Bank generated a series of castles within the list of the body that has yet to be formalized by the president, Alberto Fernández.

With Cleri, former president of the Anses Guarantee Fund for Sustainability, now the vice-presidency of the Monetary Authority, the Minister of Economy, Sergio Massa, adds two key chairs to his Board of Directors.

In the middle of last month, in the midst of the exchange rate rush and still in the very short time it was Batakis, the arrival of Pablo Carreras Mayer as director, replacing Guzmanista, Diego Bastourre The incorporation of Carreras Mayer, who, like Cleri, passed through the Anses FGS and responds to the Tigrese, was made official days later by decree of the Executive.

The appointment of Cleri, announced by Massa last week, has not yet been made official in the Official Gazette. Its incorporation creates a real reorganization within the Central.

In the corridors of Reconquista 266, they wonder if BCRA president Miguel Angel Pesce will be able to withstand the pressure, in the midst of a rapid and persistent decline in reserves. Many believe that, as happened to Juan Carlos Fabrega in 2014, You will not be able to leave your position without first validating a write-down.

Others observe that Pesce, with the direct support of President Alberto Fernández, was able to resist this reorganization, while remaining almost without men to answer directly to him. Only Claudio Golonbek, who in addition to the prime minister is head of the Superintendence of Financial and Exchange Entities and with whom Pesce cHe shared his studies and worked at the Tierra del Fuego Bank.

Close to Pesce, the economist Arnaldo Bocco has already resigned from the chair at the Centrale, but it has not yet been accepted. His departure is necessary to incorporate Cleri, who will take the place of the current vice president of the institution, Sergio Woyecheszen, who would remain at the BRA, but as director.

For now, how might you know Clarione, Last Thursday the table of the Central met to decide, among other things, the creation of a bill in dollars to pre-finance exports, without Bocco and without new entrants.

Meanwhile, the economist Zenón Biagosh, who according to his official profile on the Central website, is the one who determines the execution of the Bank’s monetary and financial policy, It will serve as a bridge for Cleri within the monetary authority. The BCRA board also has a “female share”, these are the lawyers Claudia Berger and Betina Stein, whose key roles are not in doubt.

Another big unknown is if The arrival of the former president of Banco Nación, Eduardo Hecker, will be formalized, at the table of the organism. Hecker was fired from his position at BNA just over 10 days ago and in return for at least a messy exit, he could join the board of directors.

In the political framework of the Centrale, Massa not only has someone to answer him in four of its ten key professorships. He also has allies in relevant positions, such as the case of María Daniela Bossio, sister of former deputy Diego Bossio, close to the current Minister of Economy.

The economist deals with the suggestion of the financial regulation, and is responsible for crucial regulations, such as those relating to foreign policy and the foreign exchange market.

All these changes should be made official as soon as possible, even if the delays in assembling the Massa team and the doubts about his deputy minister could cause delays in this type of decision as well.