The International Monetary Fund said it will accept nominations to replace Dominique Strauss-Kahn as managing director as of Monday and hopes to select the next head of the global lender by June 30.

Shakour Shaalan, the dean of the IMF board who represents Egypt and a constituency of countries from the Middle East, said a selection process was broadly adopted by the 24-member board that ensures the selection will be conducted in an "open, merit-based, and transparent"  manner.

He said candidates will be short-listed and the next managing director selected by consensus. – Reuters