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Nicolas Maduro Venezuela's President sacks the head of Central Bank

Speaking on his weekly television program, Maduro announced that Central Bank head Nelson Merentes, has resigned.

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Venezuela's Central Bank chief Nelson Merentes was fired on January 22, 2016, amid a deep economic crisis aggravated a botched attempt to replace the country's largest bank note play

Venezuela's Central Bank chief Nelson Merentes was fired on January 22, 2016, amid a deep economic crisis aggravated a botched attempt to replace the country's largest bank note

(AFP/File)

President Nicolas Maduro on Sunday announced the firing of Venezuela's Central Bank chief, amid a deep economic crisis worsened by the recent bungled release of bigger denomination banknotes.

Speaking on his weekly television program, Maduro announced that Central Bank head Nelson Merentes -- who has been under intense pressure after the banknote debacle -- has handed in his resignation.

The left-wing Venezuelan leader announced that he has tapped economist Ricardo Sanguino to succeed Merentes.

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