BUENOS AIRES, June 14 (Xinhua) -- Argentine Central Bank President Federico Sturzenegger resigned Thursday evening as Argentina's currency peso tumbled to a record low on the retail market.
"In the past few months, various factors have deteriorated my credibility as president of the Central Bank," Sturzenegger said in his resignation letter to Argentine President Mauricio Macri.
After the resignation, the Argentine government appointed Finance Minister Luis Caputo as president of the bank and announced a combination of finance ministry and treasury ministry, according to a government statement.
These changes were announced after a meeting between Macri and his economic team at the presidential residence in Buenos Aires amid a new steep decline of the peso against the U.S. dollar in the exchange market.
Argentina's peso took another hit to a record low Thursday, dropping 1.70 pesos to close trading at 28.20 to the dollar on the retail market, according to the state-run Banco de la Nacion Argentina (National Bank of Argentina).
Since the start of this year, Argentina's currency has experienced volatility and the peso had devaluated a total of 32.14 percent before the end of May, which led the government to seek a 50-billion-dollar loan from the International Monetary Fund to help stabilize the economy and restore investor confidence.
