Argentine central bank President Mercedes Marco del Pont, who backed the government’s use of international reserves to pay debt, was nominated to remain in her post.
Argentine President Cristina Fernandez de Kirchner designated the Yale-trained economist to keep running the bank until a Senate vote on her nomination, according to a statement on the presidential website. Marco del Pont, 51, took office in February to finish the mandate of Martin Redrado, whom Fernandez fired for opposing her plan to pay creditors with reserves, currently at a record $51.2 billion.
Marco del Pont’s first action as central banker was to transfer more than $6.6 billion to the Treasury to pay debt due this year, $4.7 billion of which has been spent, according to Economy Minister Amado Boudou. The former lawmaker with the ruling Victory Front coalition was named to the post after running state-owned Banco de la Nacion Argentina.
“Marco del Pont has shown sufficient submission to the executive branch to continue in her post,” said Aldo Abram, head of research company Exante SA, in a Sept. 21 telephone interview. “She doesn’t follow the bank’s charter but she acts in line with what she believes.”
In a March 4 televised speech, Fernandez described Marco del Pont as “a respected economist with personal, academic, political and professional aptitudes.”