Argentine Finance Minister Nicolas Dujovne stepped down on Saturday after a week of economic turmoil.

Dujovne formally submitted his resignation letter to President Mauricio Macri, in which he said "under the present circumstances," the government "needs a significant renovation in the economic sphere."

Argentina went through a week of considerable economic turmoil in the financial field, including the devaluation of the peso, a national stock market crash, and a drop of Argentine companies' share prices on Wall Street.

On Wednesday, Argentina's international country risk index exceeded 1,900 basis points as announced by JP Morgan, a record in a decade.

During his tenure as finance minister, Dujovne was in charge of negotiating the 56.3 billion US dollars loan agreement with the International Monetary Fund.