The announcement by the Finance Ministry appeared to indicate disagreement with the European Union, which has nominated France's Dominique Strauss-Kahn to the post. The Czech Republic is a member of the EU.
A ministry statement said Russia had "conducted wide consultations with colleagues from other countries and became convinced that the majority of them stand for choosing the managing director competitively on the basis of professional quality."
Tosovsky became head of the Czech central bank in 1993, when Czechoslovakia split into two countries. He was prime minister from 1997-98, after which he returned to the bank post where he stayed until 2000.
The ministry said Tosovsky has "serious practical experience in the area of international economic cooperation."