The head of Argentina's cental bank has resigned after an ongoing conflict with President Cristina Fernández over using foreign reserves to pay off debt.

Earlier this month, Central Bank President Martín Redrado blocked a bid by President Fernández to use 6.6 billion dollars in central bank reserves to write off the country's debt. He was immediately fired by the president but reinstated a day later by a court. Mr Redrado's move comes a few days after the bank's board of directors installed Vice President Miguel Pesce as interim president.

Martín Redrado (Photo: Flickr/OECD development center)