The Governor of the Central Bank of Bosnia and Herzegovina (CBBH), Senad Softić participated via a video link, in the work of the 90th regular Annual meeting of the Bank for International Settlements (BIS), based in Basel, Swiss Confederation.
This year, the BIS marks 90 years of its establishment and operations, and this year’s meeting was dedicated, for the most part, to the operations of central banks during the Pandemic caused by the COVID-19 virus, which changed the way central banks operate in the world.
“Central banks are fully aware of the challenges ahead as the outlook for the world economy is still highly uncertain. Most of these challenges extend beyond the mandate of central banks. Monetary policy alone cannot enable sustainable growth, so the support of fiscal authorities and structural reforms is necessary, and cooperation at the global level is more important than ever, “These are the message from this year’s BIS meeting.
The CBBH is one of the 62 central banks – members / shareholders of this institution and the annual meetings of the Bank are an opportunity for consideration of the BIS annual and financial reports.
The BIS has several roles, of which two should be singled out – one is the safe investment of foreign exchange reserves of member banks, and the other is the strengthening of international financial cooperation, especially dialogue between financial institutions on the topic of promoting financial stability. In addition to these activities, the BIS is also an agent of central banks in international payment operations, and as part of its activities in the field of monetary and financial stability, it regularly publishes analyzes and data that serve member banks in the decision-making process.
The CBBH has been a shareholder of BIS Basel since December 1997, and BIS has existed since 1930, making it the oldest international financial institution in the world.