Executive Resignation of the Central Bank of Bolivia After GDP Slump

AFP / Aizar Raldes

The board of directors of the Central Bank of Bolivia (BCB) submitted its resignation in full on October 16, along with a day after a drop of 11,1% in Gross Domestic Product (GDP) was revealed in the first half of the year. The announcement of the figure coincided with the change of the president of that entity.

"Let us hope for the good of the country that there are no episodes of uncertainty and financial volatility that could affect economic stability, generating negative expectations and losses of international reserves," said the director of the BCB, Roger Banegas, in his resignation sent to the president Jeanine Áñez.

In the resignation letter, cited by the newspaper Página Siete, it was also revealed "the lack of coordination with the Minister of Economy and Public Finance, Branko Marinkovic," who does not have been in office for a month in front of the institution.

As revealed by the media, the other three members of the BCB board also resigned, which had been completely rebuilt last December after the installation of the transitional government of Áñez.

The fall of the Bolivian economy occurs after two decades of sustained growth, which during the past 14 years of the Government of Evo Morales (2006-2019) averaged close to 5,0% per year.

The collective resignation of the BCB board of directors was presented 24 hours after the Government appointed former Foreign Minister Agustín Saavedra as the new president of that entity, due to the resignation of the previous head, Guillermo Aponte, who is infected with COVID-19.

Saavedra is better known as a diplomat and university professor of international politics than as an expert in banking, although he has held senior positions in private banks.

Sputnik

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