Bundesbank president Karl Otto Poehl confirmed Thursday he would resign this year, four years before his second term as head of the German central bank is due to expire.

In a statement issued before a news conference in Frankfurt, Poehl said he planned to leave at the end of October for personal reasons. His departure should not be seen as a sign of frustration, he added.Poehl, 61, had dominated German financial affairs since 1980 with firm monetary policies aimed at holding down inflation and maintaining the strength of the mark.