Costa Rican President Elect completes the economic cabinet

CENTRAL AMERICA - In Brief 02 May 2022 by Fernando Naranjo
Fernando Naranjo and Félix DelgadoPresident Elect appointed key members of the economic cabinetOn April 30th, President Elect Rodrigo Chaves informed about three important posts in his government: Minister of Finance and Economy and Central Bank President.The Minister of Finance will by Nogui Acosta. He is and economist from the University of Costa Rica and was Deputy Minister in charge of revenues, from May 2018 to September 2019. He supported the fiscal reform approved in December 2018 and has reinforced the importance of the fiscal rule. The Minister of Economy, Industry and Commerce will be Francisco Gamboa, also an economist from the University of Costa Rica. He was the executive director of the Chamber of Industry for five years and had an elevated position in Banco Nacional since January 2020. He is fully aware of Chaves campaign promising to fight monopolies created by state regulation, as well as to tackle the high regulated prices in some sectors compared to international standards.The President of the Central Bank will be Roger Madrigal, economist from the University of Costa Rica with a PhD from the Ohio State University. He has been in the Central Bank staff for many years and since 2008 has been the Chief Economist. He was a key promoter of the inflation targets scheme for monetary policy, of which the most major decision occurred in October 2006. Therefore, we anticipate continuity of the ongoing monetary policy.On April 29th, the salient President of the Bank Rodrigo Cubero announced the reduction of growth projections for 2022 from 3.9% y/y to 3.4%, and from 4% y/y to 3.9% in 2023. The Bank is considering the impact of recent international events affec...

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