Bank Al-Maghrib, Morocco’s central bank, has become member of the Bank for International Settlements (BIS), the oldest international financial institution, which helps central banks in their pursuit of monetary and financial stability through international cooperation.
The decision was made lately by the BIS Board of Directors, which agreed to expand its membership by including the central banks of Morocco, Kuwait and Vietnam.
This is the first expansion of BIS managing board since 2011, bringing up the number of the board members to 63, says a press release issued by the Bank for International settlements.
Chair of the BIS Board, Jens Weidmann, welcomed the new members, saying that reviewing membership regularly matches the Bank’s global profile and its mandate to promote global monetary and financial stability.
Established in 1930, the BIS is owned by 60 central banks, representing countries from around the world that together account for about 95 pc of world GDP. It seeks to enhance cooperation among central banks. It also conducts research and policy analysis on issues of relevance for monetary and financial stability.
It also provides banking services, but only to central banks and other international organizations. It is based in Basel, Switzerland, with representative offices in Hong Kong and Mexico City.