Nicaraguan Central Bank chiefs quit in wake of scandal
Several senior executives of the Nicaraguan Central Bank are resigning as a result of accusations of corruption by their predecessors.
Friday, May 9, 2008
As the government renegotiates its domestic debt, senior economic officials say the crisis has eroded confidence in one of the nation's few credible institutions.
Nicaragua's central bank is going to pay Banco de la Producción the US$157 million it owes over the Cenis scandal, in which millions of dollars of private debt were turned into government obligations.
Armando Juárez, the prosecutor in Nicaragua's biggest-ever financial scandal, the Cenis affair, said he has completed his inquiries and will present his case next month.
The resignation of three of the Nicaraguan central bank's five-person board could prove an obstacle to a new agreement with the International Monetary Fund, said leading economist Néstor Avendaño.
The directors of the Banco de la Producción (Banpro) delivered to Judge Julio César Arias yesterday and to Special Prosecutor Armando Juárez two Negotiable Investment Certificates (Cenis) worth 16 million dollars, and a zero-coupon bond worth more than seven million dollars. They were to receive these securities between April and October of this year.
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