BIS – Bank Of International Settlement An Overview
Post on 22,November 2015   6:00 AM
By - PolyEyes Staff
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Established in May 1930

  • The bank for International settlement (BIS) is the world’s oldest international financial organisation.  It was established in May 1930.
  • It is based in Basel, Switzerland, with representative office in Hong Kong and Mexico City. 
  • It has 60 members central banks, representing countries from around the world that together make up about 95% of world GDP.
  • The BIS carries out its work through subcommittees, the secretariats it hosts and through an annual general meeting of all member banks.
  • The mission of BIS is to serve central banks in their pursuit of monetary and financial stability, to faster international co-operation in those areas and to act as a bank for central banks.

BIS elects Raghuram Rajan as its Vice-Chairman: Rraghuram Rajan, Governor of Reserve Bank of India (RBI), has been elected vice-chairman of the bank of international settlement (BIS).

  • He will have a three year term as vice-chairman of the BIS.
  • Rajan is the 1st Indian central bank Governor to become the vice-chairman of BIS.

The Board of BIS

  • The BIS board meets at least six times a year.
  • The Board of BIS is responsible for determining the strategic and policy direction of the BIS, supervising BIS management, and fulfilling the specific tasks given to it by the bank’s statutes. 
  • The Board of directors elects a chairman and vice-chairman from among its members each for a three years terms.
  • The board may have up to 21 members, including six ex officio directors, comprising the central bank Governors of Belgium, France, Germany, Italy, The United Kingdom and The United States.
  • Such ex-officio member may appoint another member of the same nationality.
  • Nine governors of other member central banks may be elected to the board. 

 


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