BIS to Expand Central Bank Membership
BIS is to expand its central bank membership base and to increase collaboration in its work as a forum for international cooperation and as a hub for central banks and other financial authorities. The BIS board of directors decided to invite the central banks of Kuwait, Morocco, and Vietnam to become members of BIS. This is the first such expansion since 2011 and will take the number of members to 63. Also, convening in Basel, the Global Economy Meeting agreed to expand the membership of two of the central bank committees based at the BIS—the Committee on the Global Financial System and the Markets Committee.
The Committee on the Global Financial System, a central bank forum for monitoring and analyzing broad financial system issues, will invite Argentina, Russia, Saudi Arabia, South Africa, and Thailand to join. This will take the number of central bank members in this committee to 28. The Markets Committee, which monitors financial market developments, will invite Indonesia, Malaysia, Russia, South Africa, and Turkey to join, thus taking the number of its central bank members to 27. The Global Economy Meeting Chair Mark Carney said that the emerging market economies would make up about two-fifth of the membership of each committee, following this expansion.
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Keywords: International, Vietnam, Kuwait, Morocco, Banking, Central Bank Membership, Committee on Global Financial System, Markets Committee, BIS
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