Mexico's central bank chief Agustin Carstens pitched his bid to lead the International Monetary Fund on Tuesday to the IMF executive board, calling for increased resources.Carstens, the emerging-market candidate vying against European rival Christine Lagarde, told the board the 187-nation IMF needs more funds from its members."The IMF is not all it could be," Carstens told the 24-member board, which plans to choose between the two candidates by the end of June.
In one of the day's more puzzling developments, the Mexican peso tumbled on news that the head of the Mexican central bank, Augusten Carstens, who several years ago competed against Christine Lagarde for the top IMF post, announced he would unexpectedly stand down from his post next July. The term of the 58-year-old Carstens, who headed the central bank since 2010, was due to conclude at the end of 2021, which makes today's announcement particularly surprising.
Mexico's central bank head Agustin Carstens auditioned for the International Monetary Fund's top job at the organisation's Washington bureau on Tuesday. His chief rival, French Finance Minister Christine Lagarde, will make her case Wednesday.