Argentina's president, Cristina Fernandez has removed Martin Redrado eight months before his term as governor of the central bank expired after his refusal to allow Buenos Aires to plunder reserves in aid of a debt repayment fund.

Redrado, who had endured calls from Fernandez to resign on Thursday, was removed by decree. He insisted that although he will step aside as of Friday, he had not resigned from his position and would formally challenge the decision in court.

His dismissal brings to a