(Bloomberg) -- Economist Miguel Pesce will lead Argentina's central bank in the administration of President-elect Alberto Fernandez, according to a person familiar with the decision.
Pesce, who was vice president of the central bank for over a decade until 2015, was picked for the position, the person said, declining to be named ahead of an official announcement later Friday. A spokesperson for the president-elect declined to comment.
Argentina has the highest interest rates in the world as central bank officials unsuccessfully tried to bring down inflation hovering above 50%. The bank's benchmark rates is currently 63%. Current Central Bank President Guido Sandleris will step down the day Fernandez takes office. The president-elect will announce his cabinet at 6 p.m. local time in Buenos Aires.
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Pesce, 57, is currently the president of the Tierra del Fuego Province bank.
To contact the reporters on this story: Jorgelina do Rosario in Buenos Aires at jdorosario@bloomberg.net;Patrick Gillespie in Buenos Aires at pgillespie29@bloomberg.net
To contact the editor responsible for this story: Juan Pablo Spinetto at jspinetto@bloomberg.net
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