The Nicaraguan president, Daniel Ortega, removed Sandinista businessman Leonardo Manuel Torres Céspedes as a proprietary member of the Board of Directors of the Central Bank of Nicaragua, the official newspaper La Gaceta reported on Wednesday.
Torres presided over the Nicaraguan Association of Small and Medium Tourism Industry (Cantur), the private Universidad Hispanoamericana (Uhispam) and the Nicaraguan Council of Micro, Small and Medium Enterprises (Conimipyme), which were outlawed by the Sandinista-controlled National Assembly at the request of the Ortega Executive.
Until the outlawing of these three organizations last December, the Sandinista businessman was an ally of the Ortega regime.
Through presidential agreement number 54-2022, the president agreed to appoint “comrade Germán Manolo Miranda as owner of the Board of Directors of the Central Bank of Nicaragua, as of June 1, 2022, for a period of 5 years, replacing comrade Leonardo Manuel Torres Céspedes, whose term of appointment will expire on May 31, 2022″, according to the Official Gazette.
The Executive brought this appointment to the attention of the National Assembly for due ratification.
Ortega also agreed to appoint Francisco Jose Quiñonez Murphy as the proprietary member of the Board of Directors of the Central Bank, for a period of 5 years.
The Board of Directors is composed of the President of the Central Bank, who presides over it, and four members of the private sector, appointed by the President of the Republic and ratified by the National Assembly for a period of five years.
The Minister of Finance and Public Credit is also part of the Board of Directors and the Deputy Minister of Finance and Public Credit as an alternate member.
The Board of Directors is the highest management body of the Central Bank and is responsible for approving monetary and exchange rate policy, as well as directing the implementation of such policy, according to the Organic Law of that monetary entity.
(With information from EFE)
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