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Nicaragua central bank president Rosales quits after Ortega pledges $17 million to Alba

Wednesday, February 15, 2012

Nicaragua's central bank president, Antenor Rosales, quit after a disagreement with President Daniel Ortega over the use of foreign currency reserves to fund an Alba regional bank.

In a meeting in Caracas, Ortega agreed with other Alba leaders to put 1 percent of their reserves, or about $17 million in the case of Nicaragua, toward the bank.

Ortega proposed that Finance Minister Alberto Guevara replace Rosales as head of the bank, according to lawmakers of the ruling Sandinista party.

Source: Bloomberg