This article is more than 2 years old

This article is more than 2 years old

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

The resignation came as a nationwide strike called by unions closed public transport hubs and ports across the country, and thousands of people took to the streets of Buenos Aires to protest against the policies of President Mauricio Macri.

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The central bank said Caputo had resigned for personal reasons, and that a deal with the IMF would re-establish confidence in the country’s economic and financial policies.

The government said Caputo had been replaced by the former economic policy secretary Guido Sandleris.

Argentina raised interest rates to 60% under Caputo late last month in an attempt to restore confidence in the peso, but the currency continued to fall. The government is seeking $50bn (£38bn) from the IMF amid fears the nation may not be able to pay its foreign debts in 2019.

The IMF said it looked forward to working with Sandleris, adding: “Our staff and the Argentine authorities continue to work intensively with the objective of concluding the staff-level talks in very short order.”