Confirming earlier reports, Mario Bergara on Oct. 11 resigned as head of Banco Central del Uruguay as he moves forward with plans to pursue the Uruguayan presidency ahead of general elections set for 2019, República reported.

Trained as an economist, Bergara, who has previously served as Uruguay's economy minister, will run with the Frente Amplio, or Broad Front, the left-wing coalition that has governed the South American country since 2005.

According to previous reports, the resignation comes as Bergara is reportedly looking to showcase his candidacy beyond the business circles to which his central bank role had confined him.

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 front-runner to replace Bergara as central bank chief, a position he had previously occupied between 2014 and 2015.