Ecuador's central bank president, Pedro Delgado, resigned on Wednesday after admitting that he did not hold a university degree in economics.
Delgado faced accusations in recent weeks in local media that he lied when he said that he had obtained a degree in economics.
I submit my irrevocable resignation as head of the central bank ... and I do it because I made a grave mistake 22 years ago. I made the wrong choice and to achieve an academic objective I made a mistake that now is costing me dearly, he told reporters.
”I presented a document with no value that certified that I had a degree that I did not hold” in order to enter a business school to study for an MBA, Delgado said.
Delgado, the cousin of Ecuadorean President Rafael Correa, was appointed head of the Andean country's monetary authority in November 2011.
Correa is up for re-election in February 2013. The populist leader wants four more years in office so he can continue to expand state control over the Andean nation's economy