President Nicolas Maduro on Sunday announced the firing of Venezuela's Central Bank chief, amid a deep economic crisis worsened by the recent bungled release of bigger denomination banknotes.

Speaking on his weekly television program, Maduro announced that Central Bank head Nelson Merentes -- who has been under intense pressure after the banknote debacle -- has handed in his resignation. 

The left-wing Venezuelan leader announced that he has tapped economist Ricardo Sanguino to succeed Merentes.