Head of Argentina's central bank quits after three months in the job

Source: The Guardian

September 25, 2018 at 13:31

Luis Caputo has quit the central bank role, causing the value of the Argentinian peso to drop on foreign exchanges. Photograph: Victor R. Caivano/AP

Argentinian peso tumbles after Luis Caputo’s resignation, as talks for emergency IMF support continue

The head of the Argentinian central bank has resigned after just three months in charge and while the country is negotiating emergency financial support from the International Monetary Fund.

In the latest twist of an unfolding economic crisis, Luis Caputo unexpectedly resigned on Tuesday, sending the Argentine peso tumbling on the foreign exchanges. The local currency had already dropped by more than 50% this year amid fears over a recession and high levels of government debt, while the government is imposing fresh austerity measures in an attempt to stem the crisis.

The resignation comes as a nationwide strike called by unions closed public transport hubs and ports across the country, while thousands of people poured onto the streets of Buenos Aires to protest the policies of president Mauricio Macri.

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