Mr Agustín Carstens, Chair of the International Monetary and Financial Committee (IMFC), has formally resigned, effective December 1, 2017.
Carstens, also steps down as Governor of the Banco de Mexico and assumes the position of General Manager of the Bank for International Settlements (BIS).
“I am grateful for Agustín’s service to the IMF and its membership, and commend him for his outstanding leadership and strong dedication to international cooperation,” IMF Managing Director Christine Lagarde said.
“Under his chairmanship, the IMFC played a key role in providing advice and guidance to the IMF and the international community to help secure global economic and financial stability, and promote strong, sustainable, and inclusive growth. During his tenure, the IMFC also reaffirmed the critical role the IMF plays at the center of the international monetary and financial system.”
The selection process for a new chair will begin shortly. IMFC members will consult until a consensus on a new IMFC Chair is reached.
The 24-member IMFC, comprising finance ministers and central bank governors, is the primary advisory body of the IMF Board of Governors and deliberates on the principal policy issues facing the IMF. The IMFC meets twice a year—in the spring and at the time of the IMF-World Bank Annual Meetings. The Board of Governors resolution on the IMFC stipulates that its Chair is selected by the Committee to serve for such period as the Committee determines.