LONDON (Reuters) – Central bank umbrella group, the Bank for International Settlements, is set to expand its ranks for first time since 2011 as part of a set of changes that will give emerging markets more prominence.
The BIS said its Board of Directors had invited the central banks of Kuwait, Morocco and Vietnam to join the institution based in Basel, Switzerland, which was set up in 1930 and currently has 60 members.
Membership - Intervals - Membership - Base - Bank
“Reviewing membership at regular intervals ensures that the membership base remains in keeping with the Bank’s global profile and its mandate to promote global monetary and financial stability,” Jens Weidmann, Chair of the BIS Board, said.
The BIS, set up in 1930, was instrumental in shipping gold from Europe to the safety of New York during World War Two, and was a favored forum for global monetary policymakers during the 1997 Asian crisis and the...
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