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Argentina's Central Bank president resigns

Argentina's Central Bank president resigns

Argentina's Central Bank chief resigned Friday, saying he could do no more to protect the nominally independent institution from the president's efforts to control its dollar reserves.
Martin Redrado claimed credit for bringing Argentina monetary stability for the first time in 30 years, but said President Cristina Fernandez had disregarded this achievement while unconstitutionally ordering his removal.
"I went through all the institutional steps," he said. "Unfortunately, the government didn't do the same and disregarded the independence of the Central Bank."
The president ordered Redrado fired this month after he refused her decree to make the bank's reserves available for paying off $6.6 billion in national debt and also for spending of undefined "excess reserves" for other purposes.
A judge blocked Fernandez's decree and a congressional panel had been considering whether to approve or reject the decree.


Updated : 2021-08-04 19:35 GMT+08:00