Mr Hildebrand had led the Swiss National Bank for two yearsThe chairman of the Swiss National Bank (SNB), Philipp Hildebrand, has resigned with immediate effect.
Mr Hildebrand has faced allegations of wrongdoing after reports he made one large trade shortly before the central bank capped its exchange rate.
It was also confirmed that his wife Kashya bought $504,000 (£323,024) in August, three weeks before the bank intervened. Both deny wrongdoing.
Mr Hildebrand will make a statement shortly.
The SNB said last week that Mr Hildebrand's wife had broken no rules.
Mr Hildebrand himself spoke about the issue for the first time on Thursday, denying any legal breaches, but admitting that some of the transactions "could bring my integrity into doubt". He also said at the time that he would not resign.
Tony Nyman, an analyst at Informa Global Markets, said Mr Hildebrand's position was "almost untenable and so it has proved".
"The Swiss franc has actually gained on the news possibly due to hopes of increased integrity ahead, but also market positioning too," he said.
"Once the news gets digested, we do not expect a lasting impact on the franc from the news, however."
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