El Salvador extends executive control over central bank

National Palace of El Salvador, San Salvador
National Palace of El Salvador, San Salvador

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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