BUENOS AIRES, Jan 18 (Reuters) - Argentina’s named economist Javier Gonzalez Fraga as president of Banco de la Nacion, the country’s biggest financial institution, on Wednesday as President Mauricio Macri looks to jumpstart an economy mired in recession.
Fraga was president of Argentina’s central bank in 1989 and 1990 and played a role in pulling the country out of the hyperinflation of that period. He replaces Carlos Melconian at the helm of Banco de la Nacion, which is controlled by the state.
Macri took office 13 months ago promising to attract a wave of foreign investment that has been slow to manifest itself. At the end of 2016, when he fired Finance Minister Alfonso Prat-Gay, he said more personnel changes might be on the way.
In a statement, Macri thanked Melconian for the “success and professionalism” he brought to Banco de la Nacion, which in December approved a record-high $70 million in mortgage loans.
Macri won the 2015 election on a platform of change after eight years of free-spending populism under his predecessorCristina Fernandez, which he said distorted Latin America’s third-largest economy. (Reporting by Hugh Bronstein and Eliana Raszewski; Editing by Alan Crosby)