Christine Lagarde has said she will step down as managing director of the International Monetary Fund (IMF).

Axar.az reports citing BBC.

It comes hours before a vote on her nomination to become head of the European Central Bank (ECB).

Ms Lagarde said she would leave the IMF on 12 September.

"With greater clarity now on the process for my nomination as ECB president and the time it will take, I have made this decision in the best interest of the fund," she said.

"The executive board will now be taking the necessary steps to move forward with the process for selecting a new managing director."