Mexico's central bank chief to step down

The head of Mexico's central bank says he is resigning to become the new general manager of the Bank for International Settlements in Switzerland.

Banco de Mexico Gov. Agustin Carstens said in a statement Thursday that he has submitted his resignation to President Enrique Peña Nieto effective on July 1. He will assume his new position on October 1.

Carstens was scheduled to speak later Thursday.

The BIS is the bank for the world's central bankers. Carstens will be the first central banker from a developing country to hold the position.

Carstens leaves as Mexico's currency has been hammered this year and reacted with uncertainty to the presidential election of Donald Trump. But he was generally seen as a steady hand on the levers of Mexico's monetary policy.