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Spanish government to pick central bank's economy department head to take helm

The Spanish government will propose Pablo Hernández de Cos to replace Luis Linde as the central bank's governor after the latter's six-year term ends next month, Reuters reported, citing a statement from the economy ministry.

Hernández de Cos currently heads Banco de España's economy and statistics department and will serve as a member of the European Central Bank's governing council when he succeeds Linde.

The economy ministry needs to formally propose the candidate to Spain's parliament.