SANTIAGO – President Michelle Bachelet on Tuesday named economist Mario Marcel to be the new chairman of the Chilean Central Bank, replacing Rodrigo Vergara.
Marcel has served as an adviser to the central bank since October 2015 and will take up his new post on Dec. 31, when Vergara’s term ends.
“I’m certain that Mario Marcel will continue the tradition of technical excellence at the Chilean Central Bank along with the institution’s council in carrying out monetary policy,” Bachelet said during a ceremony at the La Moneda presidential palace.
Marcel, for his part, said he looked forward to leading “one of Chile’s most solid institutions.”
The incoming central bank chief acknowledged that the economy was growing slower than he hoped, but the macroeconomic conditions were in place for higher growth.
“We have a stable economy that has the capacity to avoid and absorb some of the serious blows from the global economy, that continues growing, where the labor market continues to have a certain strength,” Marcel said.
The 57-year-old Marcel holds a degree in business administration from the University of Chile and a doctorate in economics from the University of Cambridge.
Marcel previously held posts at the World Bank, the Organization for Economic Cooperation and Development, or OECD, the Inter-American Development Bank, or IDB, and the Chilean government.