The Bank for International Settlements (BIS) announced appointment of Siddharth Tiwari as Chief Representative for Asia and the Pacific.He succeeded Eli Remolona, who was Chief Representative of the Asian Office from 2008 to 2018. Prior to this, he served as the Executive Secretary to the G20 Eminent Persons Group on Global Financial Governance. He also is a veteran of the International Monetary Fund.
Bank for International Settlements (BIS) :
The Bank for International Settlements (BIS) is an international financial institution owned by central banks which “fosters international monetary and financial cooperation and serves as a bank for central banks”. The BIS carries out its work through its meetings, programmes and through the Basel Process – hosting international groups pursuing global financial stability and facilitating their interaction. It also provides banking services, but only to central banks and other international organizations. It is based in Basel, Switzerland, with representative offices in Hong Kong and Mexico City.
The BIS was established in 1930 by an intergovernmental agreement between Germany, Belgium, France, the United Kingdom, Italy, Japan, the United States, and Switzerland.It opened its doors in Basel, Switzerland, on 17 May 1930.
The BIS was originally intended to facilitate reparations imposed on Germany by the Treaty of Versailles after World War I, and to act as the trustee for the German Government International Loan (Young Loan) that was floated in 1930.