Businessmen Hope for Continuity at Central Bank

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.

Thursday, February 16, 2012

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". Aguerri, hopes the new president of this organization, Alberto Guevara, will maintain independence of criteria.

"The challenge is for the Bank to remain a bank that is dedicated first to the country, after that the institution and lastly to the party," said the representative of COSEP, cited by Canal 15 website.

"One person does not represent the economic cabinet and I think the departure of Antenor Rosales will not affect the good progress of the country's macroeconomic policies," said Alberto Atta, chairman of the Chamber of Urban Planning.

More on this topic

New Constitutional Law for Nicaraguan Central Bank

July 2010

The new law gives BCN greater powers to issue securities as it deems necessary.

The new legislation, approved by the Nicaragua’s National Assembly, will mean the government must include an item in its budget to account for debts accumulated by the central bank (BCN).

Antenor Rosales Bolaños, president of BCN, stated that, “negotiable investment certificates (Cenis) will no longer be issued, with the aim of preventing any future debt accumulation,” reports The Cenis were used by the Arnoldo Alemán government to conceal institutional bankruptcy.

Nicaragua Ensures Liquidity of National Banks

March 2009

With the creation of a Special Assistance Line (Lafex), the Central Bank could rescue domestic financial institutions that are having liquidity problems.

Antenor Rosales told "It is one of the efforts of the Government, particularly the Nicaraguan Central Bank, to ensure all measures that guarantee a financial system that has solvency and liquidity.

Nicaraguan Central Bank chiefs quit in wake of scandal

May 2008

Several senior executives of the Nicaraguan Central Bank are resigning as a result of accusations of corruption by their predecessors.

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.

Resignations leave major gaps in Nicaragua's central bank

May 2008

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.

Without a full board, the bank will be unable to issue debt that would help it to meet its obligations, Avendaño added.

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