Argentina's central bank chief Luis Caputo resigns amid economic crisis
Argentine coins of 1 and 2 pesos are pictured in Buenos Aires, Argentina.
As the Latin America's third-largest economy Argentina faces recession, the chief of the Central bank of the country Luis Caputo resigned from his post on Tuesday.
The resignation comes in the wake of the massive protests led by the people of the country against inflation and devaluation of the currency.
Argentina's currency peso slipped 0.13 per cent to close at 37.33 to the dollar on Monday.
The currency has lost around 50 per cent of its value against the dollar this year, amid wider jitters in emerging markets.
Thousands of people thronged the streets of Buenos Aires on Monday protesting Argentine President Mauricio Macri's policies, a day before a nationwide 24-hour strike called by unions, which have threatened to shut down all public transit in the city.
The central bank said it auctioned $112 million out of $250 million offered at an average price of 37.3172 per dollar.
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Argentina's central bank has hiked interest rates to 60 per cent. Fueled by the devaluation, inflation is forecast to end the year at over 40 per cent, pushing up poverty levels in Latin America's third-largest economy.
A drought this year weakened Argentina's grain exports and threw Latin America's third-largest economy into recession.
Meanwhile, Argentine President Mauricio Macri said on Monday his country was close to a deal with the International Monetary Fund to bolster a $50 billion credit line, while a government source said $3-$5 billion in additional funds could be announced this week.
Argentina would receive additional support from the IMF but he declined to provide further details as talks were still in progress.
Argentina approached the IMF last month to modify the details of the $50 billion standby agreement signed in June after concerns over its ability to pay its debts - most of which are in dollars - sparked a renewed run on the peso currency.
The extra funds would cover most of Argentina's financing needs through 2019, except for $2.5 billion that would need to be raised in domestic markets next year, according to a recent report from the Treasury Ministry.
(With inputs from agencies)