“The invitation to Israel to join the BIS reflects appreciation of the level of Israel's economic development and its ability to contribute as a member in promoting the financial and banking issues dealt with by the BIS,” the Bank of Israel announced. Formalizing membership in the BIS requires the approval of the Israeli government.
The BIS, headquartered in Basel, Switzerland, is the oldest international financial organization, having been founded in 1930 as part of the Hague Convention. About fifty central banks are currently members. The aims of the BIS are to promote monetary and financial cooperation between central banks, and its activities have widespread influence that extends to non-member countries.
The Bank of Israel has had observer status at the BIS for several years, in the course of which numerous professional contacts and ties of cooperation were established. The Bank of Israel noted that Israel is an active member of the international banking community: “By joining the BIS, Israel is broadening its network of close contacts that it has had for years with important international financial institutions such as the International Monetary Fund (IMF), the World Bank, the Inter-American Development Bank (IADB) and the European Bank for Reconstruction and Development (EBRD). These relations constitute an integral part of the government's policy to realize the economy's full growth potential while fostering Israel's integration into the international markets.”
The BIS, headquartered in Basel, Switzerland, is the oldest international financial organization, having been founded in 1930 as part of the Hague Convention. About fifty central banks are currently members. The aims of the BIS are to promote monetary and financial cooperation between central banks, and its activities have widespread influence that extends to non-member countries.
The Bank of Israel has had observer status at the BIS for several years, in the course of which numerous professional contacts and ties of cooperation were established. The Bank of Israel noted that Israel is an active member of the international banking community: “By joining the BIS, Israel is broadening its network of close contacts that it has had for years with important international financial institutions such as the International Monetary Fund (IMF), the World Bank, the Inter-American Development Bank (IADB) and the European Bank for Reconstruction and Development (EBRD). These relations constitute an integral part of the government's policy to realize the economy's full growth potential while fostering Israel's integration into the international markets.”