Source: Socialist Republic of Vietnam
The BIS invited the central banks of Vietnam, Kuwait and Morocco to become members in 2020, bringing its total members to 63.
BIS’s admission of new members is very limited as it often expands membership after 5 – 10 years. BIS’s latest membership admission took place in 2011.
The State Bank of Vietnam said that the BIS’s invitation demonstrated its recognition of Vietnam’s socio-economic development over recent years as well as the State Bank’s positive results in the regulation of the monetary policy and the management of the banking system.
Being a BIS member will help the central bank of Vietnam and the entire banking system have access to the highest principles and standards of the global financial system, contributing to accelerating the international integration of the domestic banking and financial system and enhancing the capacity and competitiveness of Vietnam’s financial system and economy.
“The event marks a new step in the international integration process of the State Bank of Vietnam as well as the whole banking system”, the State Bank affirmed.
Established in 1930, BIS is owned by 60 central banks, representing countries from around the world that together account for about 95% of world GDP. BIS’s mission is to serve central banks in their pursuit of monetary and financial stability, to foster international cooperation in those areas, and to act as a bank for central banks.