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April 17, 2014
Wednesday, December 4, 2013

Senate approves Fabrega for Central Bank; Luxury good tax postponed

The Argentine Senate has approved by a comfortable margin the appointment of Juan Carlos Fábrega as head of the Central Bank. A proposal to introduce heavier taxation on luxury cars and other goods, however, was pushed back by the Upper House.

Fábrega was confirmed as the new chief of the financial entity with 56 votes in his favour and one abstention, from Catamarca senator Oscar Castillo.

The politician praised Fábrega's professional record, but stated that "the person who handles monetary policy should be independent."

The government decided against proposing today former Economy Minister Hernán Lorenzino as EU ambassador, and also postponed an expected vote on a tax which covers high-value vehicles, yachts and aircraft.

Senators from the Radical Civil Union (UCR), whose support would be necessary in order to gain approval in the Upper House, refused to back the two proposals, which means that a vote will have to be taken after December 10 in an extraordinary session.
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Tags:  Fabrega  Lorenzino  Luxury tax  Senate  


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