Argentina's Macri Names New Finance Minister and Central-Bank Chief

BUENOS AIRES—President-elect Mauricio Macri on Wednesday selected a team of veteran policy experts to overhaul Argentina's economy, a day after Mr. Macri said departing President Cristina Kirchner declined to help with a cabinet transition.

Mr. Macri tapped former central-bank President Alfonso Prat-Gay as his finance minister. Mr. Prat-Gay, who once ran the currency research unit at J.P. Morgan Chase & Co. in London, said earlier Wednesday that the new administration will move "as soon as possible" to unravel a complex system of currency controls.

Mr. Macri's team "represents a new period for Argentina and its government," cabinet chief Marcos Peñ a said at a news conference.

Mr. Prat-Gay, 50 years old, will steer a stagnant economy amid depleted foreign-currency reserves and a shortage of dollars. Earlier this week, American Airlines Group Inc. stopped accepting Argentine pesos for tickets, as currency controls were affecting its ability to repatriate earnings.

But dismantling currency controls could stoke inflation—already running at around 25% annually—and stymie economic growth. "This is a tall task," Mr. Prat-Gay said in a radio interview earlier Wednesday. "But we're convinced that we've got the support of the people."

Mr. Macri also plans to replace central-bank President Alejandro Vanoli and appoint Federico Sturzenegger, a U.S.-trained economist and former president of Banco Ciudad, this capital city's state-run bank and one of Argentina's leading mortgage lenders.

Currently a member of Congress, Mr. Sturzenegger was also chief economist at YPF, Argentina's state-run oil and gas company.

Mr. Macri has "prioritized technical capacity over political aptitude," said Eduardo Levy Yeyati, head of Elypsis, an economic research firm. "Considering the challenges that he faces, focusing on the suitability and the technical capacity of his cabinet seems to be the right decision."

Mr. Prat-Gay said Argentina's economic data is so unreliable that some decisions may have to wait until after Mr. Macri takes office on Dec. 10.

His comments come after Mr. Macri met late Tuesday with departing President Kirchner. He said Mrs. Kirchner doesn't plan to help him with the transition until Dec. 9. That gives Mr. Macri's team virtually just 24 hours to see the government's economic data before taking office Dec. 10.

The meeting "was not worth it," Mr. Macri said after leaving the presidential residence on the outskirts of this capital.

Santiago Pé rez contributed to this article.

Write to Taos Turner at [e-mail]

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November 25, 2015 16:25 ET (21:25 GMT)

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