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Nicolas Dujovne´s replacement will be Hernan Lacunza, the economy minister for Buenos Aires province.AGUSTIN MARCARIAN/Reuters

Argentina´s Treasury Minister Nicolas Dujovne has resigned, saying in a letter seen by Reuters on Saturday he believed the government needed “significant renewal” in its economic team amid a crisis that saw the peso plunge this week.

Mr. Dujovne said in a letter to Argentine President Mauricio Macri that he had given his “all” to the job, helped tame a significant deficit and trim public spending.

“We have made mistakes as well, without a doubt, we never hesitate to recognise that and did all that was possible to correct them,” he added.

“I believe my resignation is in keeping with my place in a government … that listens to the people and acts accordingly,” he added.

Mr. Macri has appointed Hernan Lacunza, the current economy minister for Buenos Aires province, as Mr. Dujovne´s replacement, a government source told Reuters.

Argentina´s peso was in free-fall for most of this week after a shock primary election result on Sunday, when centre-left Peronist candidate Alberto Fernandez trounced centre-right Mr. Macri, in what was widely seen as a referendum on the government’s seeking of a loan from the International Monetary Fund and austerity measures it took as a condition for the loan.

The peso depreciated 21 per cent by the end of the week and on Friday, in a fresh blow to Mr. Macri, ratings agencies Fitch and S&P downgraded Argentina´s sovereign debt rating, raising the spectre of a default as the October election approaches.

Mr. Lacunza is the former general manager of Argentina´s Central Bank and also of the Buenos Aires City Bank.

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