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Argentine judge sends central bank case to higher court - South America - law - Argentina - Business

Argentine judge sends central bank case to higher court

An Argentine judge on Wednesday accepted a government appeal of an earlier ruling that blocked President Cristina Fernandez's plan to use central bank reserves to pay debts, sending the case to a higher court.

Reuters | Published: 01/13/2010 08:50

The appeal also is challenging the reinstatement of Argentina's ousted central bank president.

Fernandez used a presidential decree last week to fire Martin Redrado, the central bank chief, after he opposed her plan to use $6.6 billion in reserves to pay Argentina's debt coming due this year.

A judge later temporarily reinstated him and blocked the government plan to use billions of dollars in foreign currency reserves for debt repayments this year.

The decision allows Redrado to remain in the job and prohibits the use of the reserves until a higher court rules.

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