El Salvador extends executive control over central bank
Changes exclude employers’ association from nominations and expand grounds for dismissal
The Salvadorian congress on June 3 passed legislation changing the way in which two members of the central bank’s seven-member board are nominated.
The new measure takes away the power previously held by El Salvador’s leading private-sector lobby to propose central bank board members. The law, proposed by president Nayib Bukele, also expands the grounds for dismissing members of the central bank’s board.
Bukele’s party, New Ideas, and its allies won a sweeping majority in the legislature
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