Martín Redrado

Hernán Martín Pérez Redrado
Born	(1961-09-10) September 10, 1961 Buenos Aires, Argentina
Occupation(s)	Economist, banker
Known for	President of the Central Bank of Argentina (2004–2010)

Hernán Martín Pérez Redrado (born September 10, 1961) is an Argentine economist who held the position of President of the Central Bank from 2004 until 2010.

Early life and career

Redrado was born in Buenos Aires in 1961 and obtained a Bachelor of Arts degree in Economics from the University of Buenos Aires. Early in his professional journey, he collaborated with U.S. economist Jeffrey Sachs as a member of his advisory team, contributing to Bolivia’s economic stabilization efforts in 1985.

He pursued a master's degree in public administration at Harvard University and subsequently joined the Wall Street firm Salomon Brothers, where he provided counsel on privatization projects such as British Airways, British Gas, and Compagnie Financière de Suez during the late 1980s. Between 1989 and 1991, he served as Vice President for Latin America at Security Pacific Bank, managing profit-sharing arrangements for Enersis employees and advising on the privatization of Telmex.

Upon returning to Argentina in 1991, Redrado was appointed by President Carlos Menem as President of the National Securities Commission (CNV) amidst significant economic reforms including the Convertibility Plan and deregulation initiatives. He spearheaded modernization efforts within Argentina’s capital markets by introducing innovative financing instruments and fostering integration with international markets. In 1992, he was elected Chairman of the Emerging Markets Committee at the International Organization of Securities Commissions.

In 1994, Redrado established Fundación Capital, a think tank dedicated to economic research. That same year, he was recognized by Time Magazine International Edition as one of the "100 Leaders for the Next Millennium." He later held the position of Secretary of Technological Education from 1996 to 1998 before leading Trident Investment Group, a venture capital firm specializing in healthcare investments.

During the dot-com era, Redrado launched InvertirOnline.com in 2000, which became Argentina’s third electronic trading platform. Despite facing challenges from the country’s financial crisis, it expanded to over 20,000 accounts by 2003. After Argentina’s debt crisis in 2001, he was appointed Secretary of Trade and International Economics in 2002 and subsequently served as Secretary of Foreign Affairs under Presidents Eduardo Duhalde and Néstor Kirchner.

Redrado has authored six books addressing economics and current issues, including Tiempos de desafíos (1995), Cómo sobrevivir a la globalización (1999), Exportar para crecer (2003), Sin Reservas: Un límite al poder absoluto (2010)—which was translated by Amazon Crossing with an introduction by Alan Greenspan—Las Cuentas Pendientes (2015), featuring a foreword by former Economy Minister Roberto Lavagna, and Argentina Primero: Poner en marcha el país tras la pandemia (2021).

Central Bank presidency

On September 24, 2004, Kirchner appointed Redrado as President of the Central Bank of Argentina, granting him a six-year term that received unanimous Senate approval. During his tenure, he pursued policies aimed at preserving currency competitiveness while foreign exchange reserves increased to nearly US$50 billion. In 2008, he was chosen as chairman of the Americas committee at the Bank for International Settlements (Basel).

The global financial turmoil in 2008 compelled Argentina to rely on domestic funding sources for public expenditures and servicing foreign debt. In December 2009, the president instructed that a US$6.7 billion account be established at the Central Bank to facilitate debt payments involving reserve funds—an order Redrado contested. Following a stalemate, he was removed by presidential decree on January 7, 2010, though a court later reinstated him. Ultimately, he resigned on January 29, 2010.

Resignation and controversy

Following Redrado's departure, Vice President Miguel Ángel Pesce assumed the role of interim president. The resignation ignited criticism from opposition parties regarding the autonomy of the Central Bank and raised doubts about the decree’s legal validity. Opponents contended that foreign reserves should be dedicated solely to maintaining currency stability rather than commercial purposes, emphasizing that only the legislative branch holds the authority to approve such measures. Additionally, the decree’s asserted "necessity" and "urgency" were contested in light of the Argentine Constitution.

After stepping down, Redrado was prosecuted for allegedly neglecting his duties as a public official but was ultimately acquitted. In 2011, he became a member of the WTO Dispute Settlement Body, contributing to cases such as the financial services dispute between China and the United States.

In 2012, Redrado established Apeiron Capital Markets, an investment banking firm focused on Latin American markets, while also resuming his leadership role at Fundación Capital. By 2016, he took on the position of Senior Economic Adviser within the World Bank’s Finance Department. The subsequent year saw his appointment by Bank Negara as director of its Central Banking master’s program at Asia Business School in Kuala Lumpur.

At the close of 2022, Redrado was appointed Secretary of Strategic Affairs for Buenos Aires City, where his priorities include: 1. Securing funding for infrastructure projects through multilateral institutions 2. Advancing electromobility initiatives within urban transportation 3. Promoting technological education aligned with the knowledge economy 4. Enhancing export activities for Buenos Aires-based industries

More recently, he accepted a role as Visiting Professor at Florida International University, where he lectures on Macroeconomics in emerging economies and conducts research on National Security and Economic issues across the Americas.