Banco Central del Uruguay Chairman Mario Bergara will resign on Oct. 11 in order to announce his pre-candidacy for the Uruguayan presidency in general elections due next year, El Observador reported.

Bergara, who previously served as Uruguay's economy minister, is reportedly looking to showcase his candidacy beyond the traditional business circles his current role confines him to. He plans to run from within the Frente Amplio political coalition.

However, a recent poll by Equipos Consultores reportedly showed that Bergara would capture less than 3% of the votes, although elections are still a year away, scheduled for October 2019.

According to local media reports, economist Alberto Graña is considered to be the frontrunner to replace Bergara as central bank chief, a position he occupied between 2014 and 2015.