In the end Sergio Massa was unable to oust Miguel Pesce from the Central Bank

Almost at the end of his term, Miguel Ángel Pesce was officially ratified as head of the Central Bank. The continuity of Pesce had been confirmed by president Alberto Fernández in journalistic statements and it will be confirmed in the Official Gazette in the next few hours in a decree signed by the president and the Minister of Economy Sergio Massa, in which his function is extended to the head of the Central until 2028.

Along with the continuity of the central banker, that of a large part of its board of directors will also be ratified. The vice president of the organization, Sergio Woyecheszen, and Zenón directors Alberto Biagosch, Claudio Golonbek and Betina Steinwho also had a mandate that expired next Friday, will maintain his positions for another six years.

Only one of the officials who had to renew their mandate will not continue in his position. This is Claudia Berger, whose exit from the monetary authority leaves a chair vacancy that could be filled by the former president of Banco Nación, Eduardo Hecker.

Pilot of the storm, Pesce resisted severe attacks in recent months, aggravated by the debt crisis in pesos which generated a rush to the exchange which deepens with the change of ministers at the helm of the Palacio de Hacienda. Close to Fernández, Pesce has suffered criticism from various sectors of the government and replacements in his list.

Although the president confirmed him in office a month ago, the tension between the central banker and Sergio Massa has continued in recent weeks. They accused him of the failure of the first program “soybean dollar” and the acceleration of the fall in reserveswhich reached worrying levels when it broke the $ 1,000 million floor in late August, accelerating the reissue of the differential exchange rate program for agriculture.

In the past week, spirits have come back to the surface as Pesce raised the interest rate for funding soybean producers. Massa arrived at the crossroads with the statements of the Undersecretary of Agriculture who rejected the provision.

Pesce remained stoic. as far as he could tell Clarionealthough its continuity was questioned at various times during the financial crisis, the Government decided to keep it in its position do not generate “noise” in a moment of relative stability, especially on the foreign exchange front. The replacement may have impacted the replenishment of reserves, at a time when the organization amasses $ 2,100 million in just nine wheels.

Although BCRA authorities have 6-year tenures and are appointed by the Executive, their specifications must be approved by the Senate to be confirmed in their position.

Until this happens, the Executive Power may grant commission appointments during the time necessary to grant the Senate agreement, as the BCRA Organic Charter allows it.

Pesce had arrived at the Central Bank in December 2019 and had been appointed “in commission”, like a good part of his directorate. The central banker was to complete the mandate initiated by one of his predecessors, Federico Sturzenegger, in 2016. With decree 650 of Saturday 17 September, this mandate was extended, even “in commission” until 23 September 2028.

With this confirmation At least for now, a series of replacements that took place in recent months in Reconquista 266 has ended. Upon arrival at the Ministry of Economy, Massa appointed one of his trusted men as vice president of the organization, the former head of the Anses Sustainability Guarantee Fund.

Cleri was ratified as second vice president of the BCRA 25 days after his appointment. He has been appointed, also to the commission, for a term that will expire in two years, and his role is manage the agency’s operational desk and act as a direct bridge with the Ministry of Economy.

The only unknown now is how the chair vacated by the outgoing Claudia Berger is occupied. From the end of July, when his hasty departure from Banco Nación took place, it is assumed that this place will remain for the former head of the public body, Eduardo Hecker, as Alberto Fernández promised him. after having replaced him, without warning, by Silvina Batakis.