Board of Directors

The Board of Directors formulates the BCRA’s monetary and financial policy; takes part in any decision affecting the monetary and foreign exchange markets; sets general policies related to the economic order and expansion of the financial system; establishes the denominations and characteristics of banknotes and coins; authorizes the opening of new financial or foreign exchange institutions and revokes their licenses; and lays down rules for organizing and managing the BCRA.

It also performs such other duties as are assigned under Sections 14 and 15 of the Charter of the BCRA.

Members of the Board

Santiago Bausili | Governor – Member of the Board (presidential appointment subject to Senate confirmation)

Juan Ernesto Curutchet | Superintendent of Financial and Foreign Exchange Institutions – Member of the Board (presidential appointment subject to Senate confirmation)

Nicolás Marcelo Ferro | Deputy Superintendent of Financial and Foreign Exchange Institutions – Member of the Board (presidential appointment subject to Senate confirmation)

Marcelo Eugenio Griffi | Member of the Board (presidential appointment subject to Senate confirmation)

Pedro Juan Inchauspe | Member of the Board (presidential appointment subject to Senate confirmation)

Silvina Rivarola | Member of the Board (presidential appointment subject to Senate confirmation)

Baltasar Felipe Romero Krause | Alternate Deputy Governor – Member of the Board (presidential appointment subject to Senate confirmation)

Sebastián Sánchez Sarmiento | Member of the Board (presidential appointment subject to Senate confirmation)

Martín Vauthier | Member of the Board (presidential appointment subject to Senate confirmation)

Vladimir Werning | Deputy Governor – Member of the Board (presidential appointment subject to Senate confirmation)

Board Committees

The Board conducts a preliminary review of the matters within its purview through committees composed of its members.

Learn about the Board Committees

Santiago Bausili | Governor – Member of the Board

(presidential appointment subject to Senate confirmation)

Bachelor of Economics
Universidad de San Andrés

As regards his professional background, Santiago Bausili worked for J.P. Morgan (11 years) and for the Deutsche Bank (9 years). He lived in New York for 17 years while working for these institutions. He was responsible for financing in international capital markets for private sector companies and governments in Latin America, the design of hedging strategies for financial risks through derivative instruments, and the structuring of private financing. He participated in negotiations with customers from most Latin American countries, especially from the Andean countries of the region and the Southern Cone.

Before taking up his current position at the BCRA, he held several positions in the public sector, such as Secretary of Finance of the Ministry of Finance/Ministry of the Treasury of Argentina (2017-2019), and Undersecretary of Financing at the Ministry of the Treasury and Public Finance (2016).

He also worked as a consultant on macroeconomic and financial issues particularly focusing on the Argentine context (2020-2023).

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Juan Curutchet | Superintendent of Financial and Foreign Exchange Institutions – Member of the Board

(presidential appointment subject to Senate confirmation)

Lawyer
Universidad de Buenos Aires

Master of Laws (LL.M.)
New York University

Prior to his current position at the BCRA, he served as President of Banco de la Provincia de Buenos Aires, Director of Prisma SA, President of Provincia Microcréditos SA, Vice President of Banco de la Ciudad de Buenos Aires, Director of Red Link SA, President of Ciudad Microempresas SA and President of the Latin American Association of Development Financing Institutions (Asociación Latinoamericana de Instituciones Financieras para el Desarrollo, ALIDE).

He was a partner in the law firm Curutchet – Odriozola; foreign associate at Vinson & Elkins in Houston and at Howrey & Simon in Washington (United States).

He was a director and is currently a member of the Association of Lawyers of the City of Buenos Aires (Colegio de Abogados de la Ciudad de Buenos Aires). He is currently a member of the Bar Association of the City of Buenos Aires (Colegio Público de la Abogacía de la Capital Federal, CPACF), the Bar Association of San Isidro (Colegio de Abogados de San Isidro), and the American Bar Association. He had previously worked as General Secretary of the Assembly of Representatives of the Lawyers’ Social Security Fund (Asamblea de Representantes de la Caja de Seguridad Social de Abogados de Buenos Aires, CASSABA), representative of the General Assembly of CPACF, academic advisor for the graduate senate at the Board of Directors of the Law School at Universidad de Buenos Aires and General Secretary of the University Federation of Buenos Aires (Federación Universitaria de Buenos Aires, FUBA).

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Nicolás Marcelo Ferro | Deputy Superintendent of Financial and Foreign Exchange Institutions – Member of the Board

(presidential appointment subject to Senate confirmation)

Bachelor of Economics
Universidad Católica Argentina

Prior to taking up his current position at the BCRA, Nicolás Ferro served as Director of Finance in the project Special Purpose Acquisition Company (SPAC), and advisor on funding rounds to Fintech companies.

In the course of his career, he held several positions at JP Morgan, where he led Transaction Banking for Latin America, which includes Foreign Trade, Treasury and Acquiring Services. He also led Investment Banking for Argentina and Corporate Banking for Argentina, Peru and Chile. Moreover, he was part of the Risks department for Latin America in Buenos Aires. In New York, he was credit advisor for Latin America and for the transport industry in the United States of America.

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Marcelo Eugenio Griffi | Member of the Board

(presidential appointment subject to Senate confirmation)

Lawyer
Universidad de Buenos Aires

In the public service, prior to his current position at the BCRA, he served as Legal and Administrative Secretary at the Ministry of the Treasury and Public Finance. He was Supervisory Auditor at Banco de la Ciudad de Buenos Aires and the BCRA, where he also served at the Financial System Restructuring Unit. He represented the BCRA at the Central Bank Governance Network from the Bank for International Settlements. Moreover, he worked as Legal Undersecretary at the Secretariat of Coordination for the Ministry of Economy, and Advisor at the Ministry of Defense and the Argentine Social Security Administration (Administración Nacional de la Seguridad Social, ANSES). He had previously worked as Legal Affairs Manager at the BCRA.

In the private sector, he was Co-administrator, Comptroller and Reporting Overseer at Organización Coordinadora Argentina (OCA), and before that, Legal Advisor to the Board of Directors of Seguro de Depósitos. He had previously worked in different law firms. He was Labor Advisor at the Daily Paid Workers and Labor Relations Management Office in Ford Argentina.

In the academic field, he was a Professor of Procedural, Banking, Financial and Corporate Law in undergraduate and graduate courses at different universities, such as Universidad de Buenos Aires (UBA), Universidad Católica Argentina (UCA) and Universidad del Museo Social Argentino (UMSA). He has given lectures at different courses, seminars and conferences, and has written papers and articles related to his area of expertise.

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Pedro Juan Inchauspe | Member of the Board

(presidential appointment subject to Senate confirmation)

Bachelor of Business Administration
Universidad del Salvador

He attended the Family Business Management program at IAE Business School, Universidad Austral, and is currently participating in the Comprehensive Management of Digital Businesses program at Universidad de San Andrés.

Before taking up his current position at the BCRA, he worked at Finova SA.

In the public sector, he served as Secretary of Productive Simplification at the Argentine Ministry of Production and Labor and, previously, as Deputy Chief of Staff at the Argentine Ministry of Production.

In the private sector, he worked at Agropecuaria Jujuy SA, Consulterra SA, Los Cebiles SA and Il Catenaccio Resto & Dubai Café.

He does volunteer work at San José home, managed by Providencia Asociación Civil (PAC).

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Silvina Rivarola | Member of the Board

(presidential appointment subject to Senate confirmation)

Expert in Evaluation of Anti-Money Laundering and Counter-Terrorist Financing Systems
Financial Action Task Force of Latin America (GAFILAT)

Lawyer specializing in Criminal Law (money laundering, terrorist financing, and regulatory compliance, focusing on international relations)
Universidad de Buenos Aires

Master of International Relations
Universidad de Belgrano

Master of Law and Judicial Magistracy
Universidad Austral

Prior to taking up her current position at the BCRA, Silvina Rivarola served as Director of the Egmont Centre of FIU Excellence and Leadership (ECOFEL) of the Egmont Group, Canada. Moreover, she was Director of International Affairs at the Argentine Financial Intelligence Unit (FIU) and representative of Argentina before the Financial Action Task Force (FATF), GAFILAT and the Egmont Group of Financial Intelligence Units.

She also served as Prosecutor for crimes, contraventions, and misdemeanors at the Judicial Branch of the Autonomous City of Buenos Aires; Judge at the Oral Criminal Court; and Legal Secretary at the National Supreme Court of Justice, and at the Federal Court of Appeals on Criminal Matters

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Baltasar Felipe Romero Krause | Alternate Deputy Governor – Member of the Board

(presidential appointment subject to Senate confirmation)

Bachelor of Economics
Universidad de Buenos Aires

Prior to taking up his current position at the BCRA, Romero Krause worked for more than 20 years at Credit Suisse, where he was appointed CEO for Argentina (2021-2023). His responsibilities included originating, negotiating and executing financing in Argentina, Bolivia, Chile, Ecuador, Paraguay and Uruguay, as well as originating and executing derivative transactions in the Southern Cone, including currency, interest rate and credit derivatives. Previously, he served as Vice President of Emerging Markets Structuring in New York, United States, where he was responsible for executing interest rate, currency and credit derivatives in Latin America, and originating structured loans for clients in Central America and the Southern Cone.

He was also an Investment Banking Associate in Buenos Aires, where he worked on capital markets transactions for clients located in Argentina, Chile and Uruguay, as well as for Credit Suisse clients of the region (2001-2005). Before that, he worked as an Analyst at the risk team at ING Bank NV.

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Sebastián Sánchez Sarmiento | Member of the Board

(presidential appointment subject to Senate confirmation)

Bachelor of Business Administration
Universidad Católica de Córdoba

Master of Business and Management (major in Corporate Finance and Accounting)
William E. Simon Business School, University of Rochester, New York

Prior to taking up his current position at the BCRA, he was the founder and Executive Director of Equitum S.A., a company that provides financial consultancy services to MSMEs. Before that, he was the Executive Director of Compo Bay Capital Ltd., where he worked in the structuring of corporate investments in Latin America, focused on Argentina and Mexico.

He also held the position of Vice President of Fixed-Income Capital Markets for Latin America at JPMorgan Securities Inc., working in the structuring and issuance of corporate debt including bonds, syndicated loans, trusts and structured products. Moreover, he was an associate in Mergers & Acquisitions for Latin America at Chase Manhattan Bank, NA, in the telecommunications and energy sector.

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Martín Vauthier | Member of the Board

(presidential appointment subject to Senate confirmation)

Bachelor of Economics
Universidad de Buenos Aires

Prior to assuming his current position at the BCRA, he served as a Member of the Board of Banco de Inversión y Comercio Exterior (BICE). Previously, he was an advisor to the Ministry of Economy.

In the private sector, he held senior executive positions at Anker Latinoamérica and Eco Go Consultores. Earlier in his career, he worked as a Senior Economist at Estudio Bein & Asociados.

He is a Full Professor in graduate programs at Universidad Torcuato Di Tella, where he teaches courses related to macroeconomic theory and applied macroeconomics, and international finance, among other academic activities.

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Vladimir Werning | Deputy Governor – Member of the Board

(presidential appointment subject to Senate confirmation)

Bachelor of Economics
Universidad Torcuato Di Tella

Prior to taking up his current position at the BCRA, he was Executive Director at Latin Securities SA, in Buenos Aires, where he dealt with fixed-income markets and credits.

In the public sector, he held several positions, such as Undersecretary of Economic Analysis and Coordination reporting to the Office of the Chief of the Ministerial Cabinet of the Argentine Presidency, where he coordinated the economic, macroeconomic and productive cabinets, and the drafting of laws and executive orders together with the Ministry of the Treasury and Public Finance, the Federal Administration of Public Revenue (Administración Federal de Ingresos Públicos, AFIP), the National Securities Commission (Comisión Nacional de Valores, CNV) and the Superintendence of Insurance (Superintendencia de Seguros de la Nación, SSN). He further served as representative of the Chief of the Ministerial Cabinet before the Committee of Investments of the Sustainability Guarantee Fund at the Argentine Social Security Administration (Administración Nacional de la Seguridad Social, ANSES). He also worked as the Head of the Advisors Unit of the Economic Policy Secretariat at the Ministry of the Treasury and Finance, and as representative of the Ministry of the Treasury and Public Finance before the Board of the BCRA, and before ANSES’ Council for the Procrear Program.

In the private sector, he worked at JPMorgan Securities in New York, as Executive Director, and as Chief Economist for Latin America, further advising the Executive Board of the International Monetary Fund, the U.S. Treasury Department, the New York Federal Reserve, and the Inter-American Development Bank. He had previously held the position of Vice President at JPMorgan Bank and Chief Economist for the Southern Cone in Buenos Aires.

He is a participating member of the Committee of Sovereign Risk Management of the Institute of International Finance in Washington DC. He was guest lecturer at the Council of Foreign Relations, the Council of the Americas, the Center for Strategic and International Studies, the Emerging Markets Traders Association, the U.S. Chamber of Commerce, the Latin America Banking Federation, and the Argentine Institute of Finance Executives. He was Assistant Professor in International Trade and Finance at Universidad Torcuato Di Tella, and guest lecturer at New York University, Columbia University, Duke University and Petersen Institute for International Economics.

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