BANK FOR INTERNATIONAL SETTLEMENTS - BIS

Term

BANK FOR INTERNATIONAL SETTLEMENTS - BIS

Meaning
The Bank for International Settlements (BIS) is an international organization which fosters international monetary and financial cooperation and serves as a bank for central banks.
The BIS fulfils this mandate by acting as:
· a forum to promote discussion and policy analysis among central banks and within the international financial community
· a centre for economic and monetary research
· a prime counterparty for central banks in their financial transactions
· agent or trustee in connection with international financial operations
The head office is in Basel, Switzerland and there are two representative offices: in the Hong Kong Special Administrative Region of the People's Republic of China and in Mexico City.
Established on 17 May 1930, the BIS is the world's oldest international financial organization. Essentially, the BIS is a central bank for central banks; it does not provide financial services to individuals or corporations.
As its customers are central banks and international organizations, the BIS does not accept deposits from, or provide financial services to, private individuals or corporate entities. The BIS strongly advises caution against fraudulent schemes.