Headquarters of Bank for International Settlements in Basel, Switzerland. (Photo BIS)Hanoi (VNS/VNA) - TheState Bank of Vietnam (SBV) has been invited to become a member of the Bank forInternational Settlements (BIS), the first expansion of the prestigiousinternational financial institution's central bank membership base since2011.
In addition to the central banks of Kuwait and Morocco, the three new additionswill bring the number of BIS members to 63.
The BIS – popularly known as the ‘central bank of central banks’ – said itwould also increase collaboration in its work as a forum for internationalco-operation and as a hub for central banks and other financialauthorities.
"Reviewing membership at regular intervals ensures that the membershipbase remains in keeping with the bank's global profile and its mandate topromote global monetary and financial stability," Jens Weidmann, chair ofthe BIS’ board of directors, said.
The membership of two of the central bank committees based at the BIS – theCommittee on the Global Financial System (CGFS) and the MarketsCommittee – is also being expanded.
The CGFS, a central bank forum for monitoring and analysing broad financialsystem issues, will invite Argentina, Russia, Saudi Arabia, South Africa andThailand to join. This will take the number of central bank members to28.
The Markets Committee, which monitors financial market developments, willinvite Indonesia, Malaysia, Russia, South Africa and Turkey to join. This willtake the number of central bank members to 27.
GEM Chair Mark Carney saidthat, following the expansion, emerging market economies (EMEs) would make upabout two fifths of the membership of each committee.
"In the last decade, EMEs have become much larger and ever more connectedto the global financial system. Having a representative range of views onfinancial market and monetary matters will benefit the citizens of EMEs andadvanced economies alike," he said.
The BIS is an international financial institution owned by centralbanks which fosters international monetary and financial cooperation andserves as a bank for central banks.
The BIS, which is based in Basel, Switzerland, carries out its work through itsmeetings, programmes and through the Basel Process – hosting internationalgroups pursuing global financial stability and facilitating their interaction.It also provides banking services, but only to central banks and otherinternational organisations./.
"In the last decade, EMEs have become much larger and ever more connectedto the global financial system. Having a representative range of views onfinancial market and monetary matters will benefit the citizens of EMEs andadvanced economies alike," he said.
The BIS is an international financial institution owned by centralbanks which fosters international monetary and financial cooperation andserves as a bank for central banks.
The BIS, which is based in Basel, Switzerland, carries out its work through itsmeetings, programmes and through the Basel Process – hosting internationalgroups pursuing global financial stability and facilitating their interaction.It also provides banking services, but only to central banks and otherinternational organisations./.
VNA
