The BIS is a central bank for central banks; it does not provide financial services to individuals or corporations.
The head office is in Basel, Switzerland and there are two representative offices: in the Hong Kong Special Administrative Region of the people’s Republic of China and in Mexico City.
Established on 17 May 1930. the BIS is the world’s oldest international financial organization.
The Mission of the Bank for International Settlements (BIS) is to serve central banks in their pursuit of monetary and financial stability, to foster international cooperation in those areas and to act as a bank for central banks.
In broad outline, the BIS pursues its mission by:
- Promoting discussion and facilitating collaboration among central banks.
- Supporting dialogue with other authorities that are responsible for promoting financial stability.
- Conducting research on policy issues confronting central banks and financial supervisory authorities.
- Acting as a prime counterparty for central banks in their financial transactions.
- Serving as an agent or trustee in connection with international financial operations.
Organisational Structures of BIS
The governance of the Bank is determined by its Statutes, Which were last revised in June 2005 following a review of the governance of the Bank by three leading independent legal experts.
The three most important decision-making bodies within the Bank are:
- The General Meeting of Member central banks.
- The Board of Directors.
- The Management of the Bank.
The Bank’s administrative and budgetary rules apply to the committees hosted by the BIS. Other aspects of the committees’ governance are the responsibility of the body to which each reports.
Role and Importance of BIS
- Fostering international monetary and financial cooperation.
- A center for economic and monetary research on importance global issues.
- An agent or trustee in connection with selected international financial operations.
- Facilitate decision-making process among central banks and within the international financial community.
- Maintaining Global Monetary and Financial Stability.
- Strengthen the international financial architecture.