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Financial News: ARGENTINA: Macri Makes Changes In Production And Energy

ARGENTINA: Macri Makes Changes In Production And Energy Ministries

06/18/2018 - 13:59:00 (RTTNews)

(RTTNews) - Argentina's President Mauricio Macri decided to make changes in his cabinet amid the depreciation of the local currency against the U.S. dollar, which triggered the resignation of Federico Sturzenegger as governor of the country's central bank and his replacement by Luis Caputo. Now, Javier Iguacel is the new Minister of Energy, in place of Juan Jose Aranguren, and Dante Sica holds the post of Minister of Production, in the place of Francisco Cabrera.

The president's decision was announced over the weekend after an economic cabinet's meeting, which included the former minister Cabrera, and a meeting with the representative Elisa Carria, who had no good relationship with the former minister Aranguren due to increases in energy rates.

Among the changes, Francisco Cabrera was appointed to occupy the presidency of the Bank of Investment and Foreign Trade (BICE) and should remain as an advisor to Macri. The financial entity responds to the Minister of Production, which will be under the command of Sica, who served as secretary of Industry, Commerce, and Mining in 2002, during the presidency of Eduardo Duhalde.

The new Ministry of Production will absorb the Ministry of Mining, which was previously integrated into the Ministry of Energy and Mining. The new Energy portfolio should be led by Iguacel, who was the head of the National Road Directorate, an agency that reports to the Ministry of Transport.

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