BUENOS AIRES, Jan. 7 (Xinhua) -- Argentine President Cristina Fernandez deposed on Thursday the president of the Central Bank of Argentina, Martin Redrado, with a decree signed by Chief of the Ministers' Cabinet Anibal Fernandez and all the Ministries of the National Executive Power.

    The removal of Redrado was done in order to end the grave situation arising from the banker's refusal to transfer 6.569 billion U.S. dollars from the international reserves to the Bicentenary Fund, which was created on Dec. 14 to pay the external debt of the country.

    Redrado was relieved of his charge for "bad behavior and for not fulfilling his duties as public officer," the decree said.

    On Wednesday, President Fernandez requested Redrado's resignation after he refused to proceed with the transfer.

    On Dec. 22, Fernandez signed and publicized the Necessity and Urgency Decree (DNU) to create the Fund of the Bicentenary for the un-indebtedness and Stability, aimed at guaranteeing the payment of the debt.

    At that time Fernandez and Argentine Economy Minister Amado Boudou said that the fund was necessary to give certainty to the international markets.

Special Report:  Global Financial Crisis