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Argentina's Macri removes central bank director linked to previous government

ArgentinePresident Mauricio Macri has forced Juan Miguel Cuattromo to step down as a directorof Banco Central de la República Argentina,according to the Sept. 23 edition of the country's official gazette, Boletín Oficial de la República Argentina.

A replacementhas not yet been named.

Cuattromowas appointed by the previousgovernment in September 2015 to replace Waldo José Farías. His initial appointmentwas for six years, until September 2021, but Macri said the decision was "illegal"since by law the director should only have been appointed to complete Farías' term,which would have ended in September 2016.

"JuanMiguel Cuattromo assumed the position that was left vacant by the resignation of[Farías] and as a result his appointment should have been to complete the legalterm of the outgoing director," a presidential decree said.

Cuattromowas reportedly close to former Argentine Economy Minister Axel Kicillof.

Faríasand another central bank director, Santiago Carnero, were reportedly forced to resignfor not supporting the central bank's controversial decision in 2015 to remove HSBC Bank Argentina SA President Gabriel Martino and VicePresident Miguel Angel Estevez, who were linked to a tax-evasion scandal involvingparent HSBC Holdings Plc.

Macriappointed Federico Sturzeneggeras president of the central bank in December 2015, replacing Alejandro Vanoli. Severalother directors, including Carnero's replacement, Flavia Marrodán, also resignedat the time as the Macri administration sought to remove top central bank officialsloyal to Kicillof.