Alejandro Vanoli

Alejandro Vanoli
President of the Central Bank of Argentina
In office 1 October 2014 – 10 December 2015
President	Cristina Fernández de Kirchner
Preceded by	Juan Carlos Fábrega
Succeeded by	Federico Sturzenegger
President of the National Securities Commission
In office 19 November 2009 – 1 October 2014
Preceded by	Eduardo Hecker
Succeeded by	Cristian Girard
Personal details
Born	(1961-04-10) April 10, 1961 Buenos Aires
Nationality	Argentina
Alma mater	University of Buenos Aires
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Alejandro Vanoli (born April 10, 1961) is an Argentine economist and public official, He was the former President of the Central Bank of Argentina.

Biography

Vanoli was born in Buenos Aires in 1961. He was raised in the city's Palermo district and attended high school in the Colegio Nacional de Buenos Aires. He later enrolled at the University of Buenos Aires and earned a degree in Economics in 1987, following which he spent a year as a teaching assistant in the School of Economics' Department of Economic Development under Professor Pedro Paz. Vanoli and his wife are separated; the couple has three children.

His work experience in the public sector began in July 1988 as Assistant Division Head in the Central Bank's Office of Management of External Debt, where he also served as a senior analyst. He joined the Ministry of Economics' National Bureau of Public Credit in 1992, and remained there until 2000. Vanoli began a long career at the National Securities Commission (CNV) in 2000 as chief adviser to the head of the agency at the time, Carlos Weitz. He returned to the Central Bank in 2002 as adviser to the Board of Governors member Arturo O'Connell, and in October 2006, when Eduardo Hecker was named president of the CNV, Vanoli was appointed as its vice president. Hecker ultimately resigned in November 2009 over differences with the powerful Commerce Secretary at the time, Guillermo Moreno, and Vanoli thus became President of the CNV.

Vanoli's tenure at the National Securities Commission was marked by a sustained growth in Buenos Aires Stock Exchange prices, as well as by numerous regulatory reforms. The most meaningful of these was the Capital Markets Reform Law of 2012, which sought to strengthen the CNV's watchdog role over rating agencies, IPOs, and mutualization (formerly left to private sector operators). The computer systems among the nation's several stock and commodity exchanges were integrated during Vanoli's tenure, with monitoring efforts shared with state-funded public universities and results made freely available to investors. The exchange of information between the CNV, Economy Ministry, Central Bank, AFIP tax agency, and the Superintendent of Insurance was likewise mandated as a deterrent against money laundering and other illicit financial activities. Following these reforms the Financial Action Task Force removed Argentina from its “gray list” in October 2014, noting significant progress in these areas.

Juan Carlos Fábrega, who had been appointed Central Bank President in November 2013 amid a sharp decline in foreign exchange reserves, had managed to stanch the reserve losses; but his soft-touch regulatory approach towards the "blue" dollar market and numerous news leaks from the Central Bank led to Fábrega's resignation on 1 October and his replacement with the CNV director. Fábrega's anti-inflationary monetary policy, which raised the benchmark 3-month note interest rate to over 28% during 2014 and thereby helped absorb around US$5 billion in liquidity from an overheated economy, was, however, largely maintained by Vanoli.