Dominique Strauss-Kahn has resigned as managing director of the IMF "with immediate effect", the Wall Street Journal reports.

In a letter to the IMF board, Strauss-Kahn wrote,

I deny with the greatest possible firmness all of the allegations that have been made against me.

I want to protect this institution which I have served with honor and devotion, and especially—especially—I want to devote all my strength.

Strauss-Kahn has been accused of sexually assaulting a maid at the Sofitel hotel in New York. He is currently being held at Rikers Island prison, without bail.