Argentina's currency tumbles more than 5% after the head of its central bank unexpectedly quits

pulse

September 25, 2018 4:46 PM

The head of Argentina's central bank unexpectedly resigned Tuesday after three months on the job, delivering a blow to the worst-performing currency of 2018.

Argentina's new Finance Minister Luis Caputo arrives for a news conference at Casa Rosada presidential palace in Buenos Aires, Argentina, Friday, Dec. 30, 2016. Caputo and Argentina's new Treasury Minister Nicolas Dujovne replace outgoing Finance Minister Alfonso Prat-Gay who was fired by President Mauricio Macri on Monday, Dec. 26.

Luis Caputo, governor of Argentina's central bank, resigned Tuesday after three months on the job.
The

The head of Argentina's central bank unexpectedly resigned Tuesday after three months on the job, delivering a blow to the

The peso, which has lost more than half of its value this year, spiraled more than 5% to 39.2243 per dollar following the news.

Caputo's exit comes amid negotiations with the International Monetary Fund, which in June extended Argentina the largest credit line in its history.

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