Central Bank of Kuwait joins the Bank of International Settlements

The Central Bank of Kuwait (CBK) has accepted the invitation to join the Bank of International Settlements (BIS).

This is the first expansion by BIS, a group of prime central banks and monetary authorities, since 2011 and it will take its membership to 63.

HE Dr. Mohammad Y. Al-Hashel, the Governor of the Central Bank of Kuwait, said, “The BIS underscores international cooperation between central banks and financial authorities around the world and works towards collectively pursuing global monetary and financial stability.”

BIS also invited the Saudi Arabian Monetary Authority to join its Committee on the Global Financial System, a central bank forum for monitoring and analysing broad financial system issues, and this will take the membership to 28.

“Reviewing membership at regular intervals ensures that the membership base remains in keeping with the bank's global profile and its mandate to promote global monetary and financial stability,” said Jens Weidmann, the Chairman of the BIS Board.

Established in 1930, BIS members include both advanced and developed economies that represent around 30 per cent of countries from around, accounting for approximately 95 per cent of the world’s GDP.