* Delgado is President Correa's cousin
QUITO Dec 19 (Reuters) - Ecuador's central bank president, Pedro Delgado, resigned on Wednesday after admitting that he did not hold a university degree in economics.
Delgado faced accusations in recent weeks in local media that he lied when he said that he had obtained a degree in economics.
"I submit my irrevocable resignation as head of the central bank ... and I do it because I made a grave mistake 22 years ago. I made the wrong choice and to achieve an academic objective I made a mistake that now is costing me dearly," he told reporters.
"I presented a document with no value that certified that I had a degree that I did not hold, " in order to enter a business school to study for an MBA, Delgado said.
Delgado , the cousin of Ecuador ean President Rafael Correa, w as appointed head of the Andean country's monetary authority in November 2011.
Correa is up for re-election in February 2013. The leftist leader wants four more years in office so he can continue to expand state control over the Andean nation's economy. [ ID:nECUADOR]