WASHINGTON (AP) — Christine Lagarde is resigning as managing director of the International Monetary Fund in light of her nomination to be the next president of the European Central Bank.

Lagarde has already given up her day-to-day duties as head of the IMF, and the international lending agency has named a top deputy, David Lipton, as acting managing director.

Legarde said in a prepared statement Tuesday, "I have made this decision in the best interest of the Fund, as it will expedite the selection process for my successor."

Lagarde said her resignation will be effective on Sept. 12.

Lagarde took over the IMF after her predecessor, Dominique Strauss-Kahn, was ensared in sexual assault allegations. As managing director, she coordinated large bailout loans for Greece in concert with the ECB and European Union.