Press Release No. 05/223

Press Release: IMF Managing Director Congratulates Ingves on His Appointment as Head of Sweden's Central Bank

October 11, 2005

Rodrigo de Rato, the Managing Director of the International Monetary Fund (IMF), today congratulated Stefan Ingves, currently Director of the IMF's Monetary and Financial Systems Department (MFD), for his appointment as Governor of Sveriges Riksbank, Sweden's central bank.

Mr. de Rato issued the following statement after the announcement of the appointment was made by the Riksbank:

"Stefan Ingves has informed me that he has been offered, and has decided to accept the Governorship of the Riksbank. I congratulate Stefan for being selected to this important position at the head as what is considered to be the world's oldest central bank, and I very much look forward to working with him in his new capacity. Stefan's work at the IMF, as Director of the Monetary and Financial Systems Department, and his extensive policymaking experience before he came to the Fund admirably qualify him for this new challenge.

"Stefan has led with great distinction a Department whose work fulfils a core mandate of the IMF by advising our member countries on issues related to central banking, monetary and exchange management, financial sector institutions and reforms, and financial system soundness. During his tenure as Director of MFD, the Fund introduced, in collaboration with the World Bank, the Financial Sector Assessment Program (FSAP) to close a gap in the international financial architecture. Against the background of the financial crises of the 1990s, this program was established to strengthen financial sector surveillance and help prevent crises. Under his leadership, MFD also played a key role in the Fund's program in support of anti-money laundering and the combating of the financing of terrorism (AML/CFT)."

Mr. de Rato said that the appointment of a successor to Mr. Ingves would be made in due course.

Mr. Ingves became Director of IMF's Monetary and Financial Systems Department (then called the Monetary and Exchange Affairs Department) on January 4, 1999 (see Press Release No. 98/50). He joined the IMF from the Riksbank, where he was First Deputy Governor and, in that capacity, a member of the G-10 Deputies, the BIS Eurocurrency Committee, the Banking Supervisory Committee of the ECB, and the EU Commission's Banking Advisory Committee.