Luis Caputo
Luis Caputo | |
|---|---|
 Caputo in 2024 | |
| Minister of Economy | |
| Assumed office 10 December 2023 | |
| President | Javier Milei |
| Preceded by | Sergio Massa |
| President of the Central Bank of Argentina In commission[a] | |
| In office 14 June 2018 – 25 September 2018 | |
| Preceded by | Federico Sturzenegger |
| Succeeded by | Guido Sandleris |
| Minister of Finance | |
| In office 10 January 2017 – 14 June 2018[1] | |
| President | Mauricio Macri |
| Preceded by | Alfonso Prat-Gay |
| Personal details | |
| Born | 21 April 1965 Buenos Aires,Argentina |
| Political party | Republican Proposal |
| Other political affiliations | Juntos por el Cambio |
| Alma mater | University of Buenos Aires |
Luis Andrés Caputo(born 21 April 1965) is anArgentineeconomistwho is the currentMinister of EconomyunderJavier Milei's presidency, having assumed office on December 10, 2023.[2]He previously served asMinister of Public Financesfrom 2017 to 2018 andPresident of the Central Bank of Argentinain 2018.[3][4]
Early life and education
[edit]Caputo completed his primary and secondary studies at the catholic and bilingualLa Salle College.He graduated with a degree inEconomicsfrom theUniversity of Buenos Aires.
His cousin,Nicolás Caputo,is a construction industry entrepreneur close toMauricio Macri.[5]
Academics
[edit]Caputo was a professor ofeconomicsandfinancein the postgraduate course of thePontifical Catholic University of Argentina.
Finances
[edit]Caputo served as Chief of Trading forLatin AmericaatJP Morganbetween 1994 and 1998, and he held the same position forEastern EuropeandLatin AmericaatDeutsche Bankbetween 1998 and 2003. From then until 2008 he was chairman of the Argentine branch ofDeutsche Bank.
Secretary and Minister of Finances
[edit]In December 2015 Caputo assumed the position ofSecretary of Financesof theMacri's administration.
During his tenure he played a key role together withAlfonso Prat Gayin thenegotiationwith thehedge funds,where the country agreed to pay 9.352 million US dollars and Argentina returned tointernational capital marketsand guaranteedexternal financingin a difficult context as a result of thedefaultinherited fromCristina Fernández de Kirchner.[5]
On 26 December 2016, after the dismissal ofAlfonso Prat-Gayby President Macri, the Ministry of Treasury and Public Finance was split in two, with Caputo being appointedMinister of Financein January 2017.[6]
He continued to take on the task of ensuring the arrival of the necessaryfundsto face thefiscal deficit.His deep knowledge ofinternational financeand direct contact with interlocutors onWall Streetare highlighted.[7]
President of Central Bank
[edit]On 14 June, Caputo became President of the BCRA. His main challenge was to containinflation,results thatSturzenegger's administrationdid not achieve in 2018.[8]
Caputo was in the midst of acontext of mistrustin the economic program. He increased theinterest ratefrom 20% andArgentine pesowas devalued 40% in three months during its administration.[9]
He oversaw a dramatic reduction in BRCA debt in the form of LEBAC bills, a move considered to be an important achievement.[9]
Meanwhile, the BCRA's reserves in June were $45 billion and, upon announcing its resignation, it reached $49 billion (considering here theIMF's money inflow).[9]
He resigned on 25 September 2018 "for personal reasons", during a negotiation with theInternational Monetary Fundand internal policies, and was replaced by the Secretary of Economic Policy of the Ministry of Treasury,Guido Sandleris.[10][11]
Argentinestocksandbondsfell after his departure from the Central Bank.[12]
Controversies
[edit]On 2017, a government branch of the Fiscal Ministry opened a judicial case accusing Caputo of embezzling money from a Social Security fund by paying fees of at least 540,000 AR$ to a company he had owned and directed until 2015, in lieu of services that were unnecessary.[13][14][15]
On 5 November 2017, theParadise Papers,a set of confidentialelectronic documentsrelating tooffshore investment,revealed that Caputo had managed at least twooffshorewealth funds.[16]Neither theCayman Islands–based Alto Global Fund nor itsMiami-based parent company, Noctua Partners LLC, were listed in Caputo's financial disclosure statement, a statement that all public officials and candidates for office are required to make.[16]He told Argentine members of the ICIJ team that "it was an investment fund for friends and family."[16]
The funds, opened in 2009 and with over $100 million under management, remained under Caputo's management until December 2015, when Macri named him Finance Secretary, a post upgraded to Finance Minister in January 2017.[16]
Other activities
[edit]- Central American Bank for Economic Integration(CABEI), Ex-Officio Member of the Board of Governors[17]
- Multilateral Investment Guarantee Agency(MIGA),World Bank Group,Ex-Officio Member of the Board of Governors[18]
Notes
[edit]- ^His appointment never passed in the Senate.
References
[edit]- ^Editorial, Reuters (14 June 2018)."UPDATE 1-Argentina's finance minister named head of central bank".Reuters.
{{cite news}}:|first=has generic name (help) - ^"Boletín Oficial República Argentina - Ministerio de Economía - Decreto 5/2023".boletinoficial.gob.ar.2023-12-11.Retrieved2023-12-12.
- ^"Le pidieron la renuncia a Alfonso Prat-Gay: dividen el ministerio y asumen Nicolás Dujovne y Luis Caputo".Clarín.December 26, 2016.
- ^"Argentina's Central Bank President Resigns".Wall Street Journal.Lewis Jeffrey T. and Dube Ryan. 2018-09-25.
- ^abClarín(26 December 2016)."Quién es Luis Caputo, el hombre que arregló con los buitres".
- ^"Luis Caputo juró como Ministro de Finanzas".10 January 2017.
- ^"Luis Caputo, el millonario amigo de los buitres - Un hombre del JP Morgan".Página 12.26 December 2016.
- ^Patrick Gillespie and Carolina Millan (14 June 2018)."Luis Caputo Replaces Sturzenegger as Argentina Cenbank President".Bloomberg.Bloomberg. Archived fromthe originalon 2 July 2018.Retrieved11 March2019.
- ^abc"Así fueron los 103 días de Luis Caputo en el Banco Central - LA NACION".La Nación.
- ^"El acuerdo con el FMI precipitó la renuncia de Luis Caputo en el BCRA - LA NACION".La Nación.
- ^"Argentina names Sandleris as new central bank chief".Reuters.25 September 2018. Archived fromthe originalon 13 October 2018.Retrieved11 March2019.
- ^"Caen las acciones y los bonos argentinos tras la salida de Luis Caputo - LA NACION".La Nación.
- ^"Denuncian a Caputo por presuntas irregularidades con fondos de la ANSES - el Cronista".
- ^"Denuncian que ANSES pagó comisiones por $540.000 al exfondo del ministro Luis Caputo".5 January 2018.
- ^"La UFISES denunció al ministro Luis Caputo por presuntas operaciones irregulares en el Fondo de Garantía de Sustentabilidad".
- ^abcd"Paradise Papers salpicó al Gobierno de Macri: el ministro Luis Caputo manejó inversiones en Islas Caimán".Peril.5 November 2017.
- ^Board of GovernorsCentral American Bank for Economic Integration(CABEI).
- ^Board of GovernorsMultilateral Investment Guarantee Agency(MIGA),World Bank Group.
External links
[edit]Cabinet ofPresidentJavier Milei(2023–present) | ||
|---|---|---|
| President | Javier Milei(2023–present) |  |
| Vice President | Victoria Villarruel(2023–present) | |
| General Secretary | Karina Milei(2023–present) | |
| Chief of the Cabinet of Ministers |
| |
| Ministry of the Interior | Guillermo Francos(2023–2024) | |
| Ministry of Foreign Affairs | Diana Mondino(2023–present) | |
| Ministry of Defense | Luis Petri(2023–present) | |
| Ministry of Economy | Luis Caputo(2023–present) | |
| Ministry of Health | Mario Russo(2023–present) | |
| Ministry of Human Capital | Sandra Pettovello(2023–present) | |
| Ministry of Justice | Mariano Cúneo Libarona(2023–present) | |
| Ministry of Security | Patricia Bullrich(2023–present) | |
| Ministry of Infrastructure | Guillermo Ferraro(2023–2024) | |
