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October 22, 2017
Friday, July 28, 2017

Biscay ejected as Central Bank director

Official named by Fernández de Kirchner removed by decree

Citing “misconduct and malfeasance” the government has removed Pedro Biscay as a director of the Central Bank.

Biscay was appointed in 2014 by former president Cristina Fernández de Kirchner and is said to be close to Axel Kicillof, ex Economy minister.

In a decree published yesterday in the Official Gazette signed off on by President Mauricio Macri, Cabinet Chief Marcos Peña and Treasury Ministry Nicolás Dujovne, Biscay was removed as a director based with the argument that “there was misconduct and failure to uphold the guidelines contained in the Central Bank’s charter with regard to one of its directors making statements that put the established objectives of the bank at risk, particularly with regard to financial stability in a banking system that uses fractional reserves, and in the framework of a country that has been through multiple exchange and banking crises in the last few decades.”

 

Report

The government leaned on a report by a Congressional Committee that support Biscay’s removal for clashing with the Charter. Biscay has been very critical of the Macri government’s policies, with a particular emphasis on debt and foreign exchange matters.

“There is no factual evidence of misconduct. Because of that this is a clear attack on the freedom of though and expression” said Biscay after his removal had been confirmed. “The government has let me go because I have a different opinion, it’s dangerous and it interferes with the autonomy of the Central Bank.”

 

Right to fight

In a parting shot, the director reserved the right to file a lawsuit against his removal, accused Central Bank Governor of exercising a “totalitarian” administration of the Central Bank that “the only misconduct is by those who do not defend the destiny of the country. Those who came to power government defending the flags of the Republic trample on it every day.”

Peña said in response that “every institutional process” was respected in the dismissal and that “there’s nothing strange going on, and as such there’s no reason for any of the victimisation that they like so much.”

The Cabinet chief announced that a replacement for Biscay ‘s seat will be announced imminently.

Herald with Télam

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