Bank for International Settlements (BIS)

Subject – Economy

Context – Omicron shows policymakers can’t let guard down: BIS

Concept –

Established in 1930, the BIS is owned by 60 central banks, representing countries from around the world that together account for about 95% of world GDP.
Its head office is in Basel, Switzerland.
The Bank for International Settlements is often called the “central bank for central banks” because it provides banking services to institutions such as the European Central Bank and Federal Reserve.
Its mission 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.
The Basel Committee for Banking Supervision (BCBS), while technically separate from the BIS, is a closely associated international forum for financial regulation that is housed in the BIS’ offices in Basel, Switzerland.
- The BCBS is responsible for the Basel Accords, which recommend capital requirements and other banking regulations that are widely implemented by national governments.
The BIS also conducts research into economic issues and publishes reports.