Venezuela's president, Nicolás Maduro, named his political ally, Ricardo Sanguino, the next president of the country's central bank on January 22, effectively sacking the incumbent, Nelson Merentes.

Maduro's statement, published in Spanish on the presidential website, said Sanguino would take office within the next few hours, once the necessary paperwork had been completed.

Sanguino is a parliamentary deputy from Maduro's United Socialist Party, and has made public statements strongly supporting