New Argentine finance minister begins outlining priorities
Alfonso Prat-Gay, named this week by president-elect Mauricio Macri as finance minister under the incoming government, said that the economic legacy to be received by from the outgoing administration is "negative" and that he did not know the precise magnitude of the problems.
"The current government of Cristina Fernández de Kirchner has not provided access to public accounts," Prat-Gay was reported as saying by media outlet Infolatam, adding that he expected to find a very low level of reserves in the central bank: "The amount of reserves is very low. It could be around US$6-7bn."
Among the first tasks expected to be tackled by the new finance minister is the unification of the current multiple exchange rates into a single rate, which could be midway between the official rate (9.6 pesos per dollar) and the lowest price in the market (unofficial) exchange rate (15 pesos per dollar).
In 2002 Prat-Gay - then only 37 years of age - was named as president of the central bank and successfully battled high inflation, reducing it to 5% from 40%.
After naming Prat-Gay and saying Federico Sturzenegger would be the new president of the central bank, on Wednesday Macri confirmed most of the rest of his cabinet, which in the economic area includes Francisco Cabrera (Production), Ricardo Buryaile (Agriculture), Juan José Aranguren (Energy) and Guillermo Dietrich (Transport). Still pending is the appointment of the labor minister.
(Pictured: Alfonso Prat-Gay in 2004 as president of the central bank)
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