Change of Chairman at Central Bank of Nicaragua

A week after Antenor Rosales declared that international reserves "are not to be managed according to someone’s whims and preferences", he has been dismissed by President Ortega.

Wednesday, February 15, 2012

Alberto Guevara, hitherto the Minister of Finance, is the new Chairman of the Board of the Central Bank of Nicaragua. Guevara said that the economic policy of Daniel Ortega’s government will not change.

Nicaragua's accession to the Banco de la Alianza Bolivariana para los Pueblos de América (BALBA) was the trigger for the situation in which the Nicaraguan president promised to join the new bank with a capital equal to 1% of its international reserves, approximately $17.5 million, which would add another $4 million to state budget funds.

The business community criticized the replacement of the Central Bank president, lamenting the departure of Rosales for his professional qualities which "have allowed our country to comply with agreements with international financial institutions and we have macroeconomic stability."

Jose Adan Aguerri, President of the Superior Council of Private Enterprise (COSEP), was emphatic in declaring that "the private sector has been clear that it is to the country’s advantage that Rosales remains in charge."

More on this topic

President of Nicaraguan Central Bank Replaced

January 2014

Although the dismissal of Alberto Guevara took the business sector by surprise, the interim assumption by the general manager Ovidio Reyes has raised no objections. reports that "The President, Daniel Ortega, appointed on Monday Ovidio Reyes as acting president of the Central Bank of Nicaragua, BCN, replacing Alberto Guevara, who will be transferred to other missions, according to an announcement by the government spokesperson Rosario Murillo".

Businessmen Hope for Continuity at Central Bank

February 2012

Business leaders are hoping that the Central Bank of Nicaragua will continue to maintain its independence from the central government after the departure of Antenor Rosales.

COSEP president, Jose Adan Aguerri regretted the resignation of Antenor Rosales as head of the Central Bank and hopes that the Government aspires to appoint officials who are not "puppets".

Banking Legal Reserve Requirements Reduced in Nicaragua

February 2011

The Central Bank announced that the daily legal reserve requirement will now be 12%, while it now stands at 16.25% weekly.

According to Antenor Rosales, president of the Bank, financial institutions must maintain a minimum reserve of 15% biweekly and a daily minimum reserve of 12%.

Nicaragua Concludes IMF Negotiation

September 2010

The country expects to signs a Letter of Intent related to the technical extension of the IMF's Extended Credit Facility.

Antenor Rosales, President of Nicaragua's Central Bank, added that in this week's negotiations they have discussed two letters of intent.

"The first is related to the fourth and fifth revision of the economic program and its enlargement for 2011, while the other is about a discussed two-month extension, which could be signed today", reported El Nuevo Diario on its website.

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