( CNN ) -- Argentina 's central bank president was removed from his post by presidential decree , a possible final blow in a political standoff between the banker and the executive . Argentine President Cristina Fernandez de Kirchner 's decree on Thursday removed Central Bank President Martin Redrado from his post for `` misconduct and dereliction of duty by a public servant , '' the state-run Telam news agency reported . But Redrado may not go easily . Because of the decree , the central bank chief and his supporters were `` already analyzing all available legal measures '' to maintain his post , a central bank official familiar with the developments told CNN en Español . The source asked not to be identified because of the sensitivity of the issue . Earlier this week , the president announced she had accepted Redrado 's resignation after the bank chief declined to support a plan to use $ 6.5 billion in reserves to pay the country 's debt . Redrado retorted that he had not resigned , and that only the Congress , not the president , could remove him . Opposition politicians advised Redrado not to abide by the decree and to seek an injunction to protect his rights , the central bank source said . The dispute appeared to stem from a government plan to use $ 6.5 billion in reserves from the Central Bank to pay down debt , something that the central bank , as an independent body , declined to do . According to Redrado , the proposal should be studied to see if such a request should come from the congress , rather than the nation 's president . Redrado 's current term ends in September . Sergio Berensztein , a professor at Torcuato Di Tella University in Argentina , said the outcome of the power struggle between Redrado and Fernandez de Kirchner could set a precedent of how Argentina deals with increasing government expenditures in the face of low government revenue . Public spending is higher than government revenue in Argentina , creating the need to turn to the country 's central bank . However , Berensztein told CNN en Español that decisions to draw money from the central bank must come from congress , rather than presidential decree . `` The most important thing here is that there is a overstepping by the executive , in violation of central bank autonomy , '' he said .
NEW : This may not go easily . Redrado has said only Congress , not President , could remove him . Dispute appears to stem from government plans to use $ 6.5 billion to pay down debt . Redrado 's current term otherwise ends in September .