Argentine Central Bank chief resigns

 

President of Argentina's Central Bank Martin Redrado speaks during a press conference in Buenos Aires, capital of Argentina, Jan. 29, 2010. Martin Redrado resigned Friday, saying he could do no more to protect the nominally independent institution from the president's efforts to control its dollar reserves. (Xinhua/Juan Vittori)

BUENOS AIRES, Jan. 29 (Xinhua) -- Argentine Central Bank President Martin Redrado resigned on Friday amid a dispute with President Cristina Fernandez over the use of currency reserves to pay the country's external debt.

Redrado was fired by President Fernandez earlier this month after he refused to use 6.569 billion U.S. dollars from the Central Bank's reserves to pay national debts.

One day after he was sacked, Redrado was restored to office by an order of federal judge Maria Jose Sarmiento.

According to the Argentine authorities, the country has to pay 13 billion U.S. dollars in debt maturing this year while the Central Bank has 49 billion dollars in reserves.

President of Argentina's Central Bank Martin Redrado speaks during a press conference in Buenos Aires, capital of Argentina, Jan. 29, 2010. Martin Redrado resigned Friday, saying he could do no more to protect the nominally independent institution from the president's efforts to control its dollar reserves. (Xinhua/Juan Vittori)