Argentina Taps Former Central Banker to Manage Response to Crisis

Bloomberg — Argentine Economy Minister Sergio Massa tapped veteran economist Gabriel Rubinstein as secretary of economic planning, to help craft the policy response to a currency slump and the fastest inflation in three decades.

Rubinstein, who has long run his own consulting firm, served on the central bank’s board during the government of late President Nestor Kirchner in 2005, among other government roles. Massa, a career politician, was sworn in earlier this month.

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Argentina’s Inflation Seen Surging Past 70% Amid Political Turmoil

Consumer prices rose 71% in July from a year ago, according to a Bloomberg survey, signaling the fastest inflation in the country since 1992

As a widely-respected economist, Rubinstein will play a key role in Argentina’s talks with staff from the International Monetary Fund over the government’s $44 billion program. The government expects the second review of the program to conclude this month.

Rubinstein fills the last major role left after Massa announced the majority of his new economic team earlier this month. He joins a cast of officials, such as debt adviser Daniel Marx and Production Secretary Jose de Mendiguren, who first held policy roles roughly 20 years ago.

Argentina’s annual inflation surged past 70% last month after renewed political turmoil fueled price spikes and a currency rout.