Ivar Rooth
Encyclopedia
Ivar Rooth was the International Monetary Fund
(IMF)'s second Managing Director and Chairman of the Executive Board, serving from 1951–1956. He was born on November 2, 1888, in Stockholm, Sweden. He graduated from Uppsala University
with a Law degree in 1911.
In his early career he was: Solicitor for the Handelsbank (Commercial Bank) of Stockholm (1914); head of Bank's Commercial Credit Department (1915); Assistant Manager and Solicitor of Stockholm Mortgage Bank for several years; Governor of the Central Bank of Sweden (Sveriges Riksbank
, 1929–1948); Director of Bank of International Settlements (1931–1933 and 1937–1949). In 1951 he headed a mission to Iraq for the International Bank for Reconstruction and Development
, and on April 10 of the same year he was appointed Managing Director and Chairman of the Executive Board of the IMF, assuming his duties on August 3, 1951.
Rooth, in his first address to member countries as Managing Director of the IMF on September 11, 1951, stated that the Fund "sought removal or modification of exchange restrictions and other discriminatory practices" aimed at a freer flow of international trade
and payments. Subsequently, general policy on use of IMF's resources was set forth. This initiated the IMF's policy of drawings in tranches. In 1952, in accordance with the Articles of Agreement, 5 years after the IMF began financial operations, annual consultations with members maintaining exchange restrictions under Article XIV were initiated. The IMF introduced a general framework for Stand-by Arrangements, and the criteria to be applied were standardized. Rooth's term as Managing Director of the IMF ended on April 27, 1956, but he accepted a request by the Executive Board to serve a further period ending on October 3, 1956.
Rooth was head of the Investment Committee of the United Nations
Pension Fund from 1947 to 1961, and he was also head of the Currency Board in Kuwait
from 1960 to 1962. After 1962 he stepped down and lived at Liding%C3%B6, Sweden
, and occasionally wrote and gave lectures on economic affairs.
Ivar Rooth died on February 27, 1972 in Sweden.
International Monetary Fund
The International Monetary Fund is an organization of 187 countries, working to foster global monetary cooperation, secure financial stability, facilitate international trade, promote high employment and sustainable economic growth, and reduce poverty around the world...
(IMF)'s second Managing Director and Chairman of the Executive Board, serving from 1951–1956. He was born on November 2, 1888, in Stockholm, Sweden. He graduated from Uppsala University
Uppsala University
Uppsala University is a research university in Uppsala, Sweden, and is the oldest university in Scandinavia, founded in 1477. It consistently ranks among the best universities in Northern Europe in international rankings and is generally considered one of the most prestigious institutions of...
with a Law degree in 1911.
In his early career he was: Solicitor for the Handelsbank (Commercial Bank) of Stockholm (1914); head of Bank's Commercial Credit Department (1915); Assistant Manager and Solicitor of Stockholm Mortgage Bank for several years; Governor of the Central Bank of Sweden (Sveriges Riksbank
Sveriges Riksbank
Sveriges Riksbank, or simply Riksbanken, is the central bank of Sweden and the world's oldest central bank. It is sometimes called the Swedish National Bank or the Bank of Sweden .-History:...
, 1929–1948); Director of Bank of International Settlements (1931–1933 and 1937–1949). In 1951 he headed a mission to Iraq for the International Bank for Reconstruction and Development
International Bank for Reconstruction and Development
The International Bank for Reconstruction and Development is one of five institutions that compose the World Bank Group. The IBRD is an international organization whose original mission was to finance the reconstruction of nations devastated by World War II. Now, its mission has expanded to fight...
, and on April 10 of the same year he was appointed Managing Director and Chairman of the Executive Board of the IMF, assuming his duties on August 3, 1951.
Rooth, in his first address to member countries as Managing Director of the IMF on September 11, 1951, stated that the Fund "sought removal or modification of exchange restrictions and other discriminatory practices" aimed at a freer flow of international trade
International trade
International trade is the exchange of capital, goods, and services across international borders or territories. In most countries, such trade represents a significant share of gross domestic product...
and payments. Subsequently, general policy on use of IMF's resources was set forth. This initiated the IMF's policy of drawings in tranches. In 1952, in accordance with the Articles of Agreement, 5 years after the IMF began financial operations, annual consultations with members maintaining exchange restrictions under Article XIV were initiated. The IMF introduced a general framework for Stand-by Arrangements, and the criteria to be applied were standardized. Rooth's term as Managing Director of the IMF ended on April 27, 1956, but he accepted a request by the Executive Board to serve a further period ending on October 3, 1956.
Rooth was head of the Investment Committee of the United Nations
United Nations
The United Nations is an international organization whose stated aims are facilitating cooperation in international law, international security, economic development, social progress, human rights, and achievement of world peace...
Pension Fund from 1947 to 1961, and he was also head of the Currency Board in Kuwait
Kuwait
The State of Kuwait is a sovereign Arab state situated in the north-east of the Arabian Peninsula in Western Asia. It is bordered by Saudi Arabia to the south at Khafji, and Iraq to the north at Basra. It lies on the north-western shore of the Persian Gulf. The name Kuwait is derived from the...
from 1960 to 1962. After 1962 he stepped down and lived at Liding%C3%B6, Sweden
Sweden
Sweden , officially the Kingdom of Sweden , is a Nordic country on the Scandinavian Peninsula in Northern Europe. Sweden borders with Norway and Finland and is connected to Denmark by a bridge-tunnel across the Öresund....
, and occasionally wrote and gave lectures on economic affairs.
Ivar Rooth died on February 27, 1972 in Sweden.