Argentina: Bank chief quits after row with president

Argentina’s Central Bank chief has resigned, 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 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 Mr Redrado to be fired this month after he refused her decree to make the bank’s reserves available for paying off $6.6bn (€4.8bn) in national debt and also for spending of undefined “excess reserves” for other purposes.

The Central Bank has about $48bn (€34.6bn) in reserves, and some analysts said the decree’s wording would enable the president to unilaterally use more of it for other spending.

A judge blocked Ms Fernandez’s decree and a congressional panel was considering whether to approve or reject it.

Ms Fernandez urged the panel to rule quickly to resolve the crisis.

Her Cabinet chief refused to accept Mr Redrado’s resignation, in effect saying the bank president can’t quit because he has already been fired.

“For us, the resignation doesn’t exist,” Anibal Fernandez told the C5N news channel, adding that the government would wait for the congressional panel’s decision.