The Bank for international Settlements (BIS) was established in 1930 with Italy, Belgium, Germany, Britain and France as the founding members. Bank for International settlements (BIS) has its headquarters in Basle, Switzerland. It started operations on May 17, 1930 and one of the oldest international financial institutions. Since its inception, Bank for International Settlements (BIS) membership has expanded to accommodate more members. Today, the membership includes all nations of Western and Eastern Europe, Canada, Japan, the United States of America, South Africa and Australia. In essence, every central bank in the world now keeps account with Bank for International Settlements (BIS).
The roles of BIS are:
- To help central banks to accomplish their roles
- To promote cooperation of central banks
The Bank for International Settlements (BIS) holds regular meetings (10 times a year) with the leading central banks’ governments. Its top officials are drawn from the Group of 10 and Switzerland with central banks from other European countries is participating.