Press Release No. <a name="P16_75"></a>03/59

Effective May 1, 2003, the International Monetary Fund (IMF) will create the Monetary and Financial Systems Department to reflect the reorganization of the existing Monetary and Exchange Affairs Department. This reorganization takes account of the expanded responsibilities of the department, such as in the development of the Financial Sector Assessment Program and in assessing anti-money laundering and combating the financing of terrorism.

The Department will continue to provide analytical, operational and technical support to IMF member countries and Fund area departments on issues related to central banking, monetary and foreign exchange operations, and banking supervision, noted Stefan Ingves, who will remain Director of the newly constituted department. "The Monetary and Financial Systems Department will be organized around four operational pillars - financial system surveillance, banking supervision and crisis resolution, monetary and exchange infrastructure and operations, and technical assistance," Mr. Ingves stated.