Bank for International Settlements
(economics) bank for central banks. it takes deposits from central banks and provides financial services, including underwriting bills of exchange. it is based in basle, switzerland and was founded in may 1930, for the purpose of facilitating reparations payments by germany to the allies.
the bis also provides a forum for international coordination of monetary policy, conducts financial research, and acts as an agent or trustee for international financial settlements. about 140 central banks and international financial inst-tutions have deposits with the bis. as of june 2010, currency deposits totaled approximately $303 billion dollars, or about four percent of world foreign exchange reserves.
the bank for international settlements (bis) was created by the dawes/young plan for coordinating the transfer of billions of reichsmarks in reparations from germany to the allied powers after ww1. almost at one, the bis switched to managing international transactions of gold or hard currency. it also facilitated financial transactions between the n-z- regime and neutral countries during the war.
the bis provides a very wide variety of specialized services, including underwriting and arbitration in fiduciary disputes.
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