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LatinNews Regional Monitor: Caribbean & Central America - 16 January 2019

In brief: Nicaragua

* The head of Nicaragua’s banking superintendence (Siboif), Víctor Urcuyo, has resigned. While officially for health reasons, the departure of Urcuyo, who had been in the post since 2004, is the latest high-level resignation to hit the Frente Sandinista de Liberación Nacional (FSLN) government led by President Daniel Ortega, stemming from the crisis which began mid-April caused by Ortega’s crackdown on anti-government protesters. Urcuyo’s departure follows that of Rafael Solís, a supreme court (CSJ) magistrate and formerly close Ortega ally, who resigned last week, both from the court and the FSLN. With Nicaragua’s economy already tanking as a result of the crisis (the latest December 2018 figures from the United Nations Economic Commission for Latin America [Eclac] forecast -4.1% GDP growth for Nicaragua in 2018), representatives from the leading private sector lobby Cosep and think-tank Funides warn that Urcuyo’s resignation sends a further “bad signal” to financial markets.

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