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The bank was established in 1930 by the central banks of 6 states: Great Britain, Belgium, Germany, France, Italy and Japan. During the Second World War (1939-1945), the bank continued cooperation between directors from the countries of the anti-Hitler coalition (France, Great Britain and the USA) and from the fascist countries (Germany, Italy). Interested in acquiring goods through neutral countries, Germany did not have enough currency to do so. Therefore, the BIS exchanged Nazi gold for freely convertible currency, which was used for transactions in Sweden and other neutral countries.
In 1974, the Basel Committee on Banking Supervision was established under the Bank for International Settlements, which develops directives and recommendations aimed at improving banking regulation and is working to unify the requirements for financial regulation in different countries. Also, under the auspices of the BIS, there are the Commission on Payment Systems, the Committee on Global Financial Stability, the Anti-Counterfeiting Group and a number of other structures.
The main mission of the Bank for International Settlements is to support central banks in maintaining financial stability in the monetary system. To do this, the organization provides international cooperation between representatives of central banks, and also acts as the main bank among other central banks.
- Provision of financial services for members of the organization
- Creating a forum for dialogue and international cooperation
- Research and analysis of key issues for a deeper understanding of trends.
- Bank for International Settlements includes 63 central banks, which account for 95% of world GDP.
- The head office is located in Basel, Switzerland. There are also two offices in Hong Kong SAR and in Mexico City, as well as Innovation Hub Centers around the world.
