Chile’s president appoints first woman as Central Bank president

RIO DE JANEIRO, BRAZIL – Chilean President Sebastián Piñera appointed Rosanna Costa as the new president of the Central Bank, according to a government communiqué released on Thursday afternoon.

Costa will replace Mario Marcel, who resigned from the organization’s presidency to take over as Finance Minister in the future government of leftist Gabriel Boric starting in March.

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“Rosanna Costa thus becomes the first woman to head the Central Bank,” said the official note.

An economist from the Catholic University of Chile, Costa has been an advisor to the Central since 2017. Between 2010 and 2014, she was director of Budgets at the Ministry of Finance.

The organic law of the Central Bank establishes that in the appointment of the president of the agency, the Legislative also intervenes. Still, February is a month of recess due to summer vacations in Chile.

The president’s term in the entity is five years or the time remaining as a director, a position that lasts ten years.

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