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. Last Updated: 07/27/2016

Ecuador Banker Quits

QUITO, Ecuador -- Central bank president Modesto Correa, one of the officials leading Ecuador's shift to the U.S. dollar as its official currency, said Thursday he was stepping down for personal reasons.

Correa, 54, said his move had nothing to do with Wednesday's announcement by the Banking Superintendency that it was opening an investigation into the central bank's boosting of its employees' salaries and pension benefits at a time when the nation was in severe economic crisis.

Once congress has accepted his resignation, his deputy, Mauricio Pareja, will automatically take over leadership of the central bank under Ecuadorean law.