Softić participated in the annual meeting of BIS Basel: Global cooperation is more important than ever

SARAJEVO, (Patria) - Governor of the Central Bank of Bosnia and Herzegovina (CBBH), Dr. Senad Softić participated, via video link, in the work of the 90th regular annual meeting of the Bank for International Settlements (BIS), headquartered in Basel, Swiss Confederation. 

This year, BIS is celebrating 90 years of existence and work, and this year's meeting was largely dedicated to the operations of central banks in the conditions of the pandemic caused by the COVID-19 virus, which has changed the way central banks operate worldwide. Central banks are fully aware of the challenges ahead, given that the outlook for the world economy is very uncertain. Most of these challenges are outside the mandate of central banks. Monetary policy cannot independently enable sustainable growth, and the support of fiscal authorities and structural reforms are necessary, and global cooperation is more important than ever, was the message from this year's BIS meeting.

CBBH is one of the 62 central banks - members/shareholders of this institution, and the bank's annual meetings are an opportunity to review BIS's annual and financial reports. BIS has several roles, of which two should be highlighted – one is certainly the investment of foreign exchange reserves of member banks, and the other is strengthening international financial cooperation, especially dialogue among financial institutions on promoting financial stability. In addition to these activities, BIS also acts as an agent for central banks in international payment operations, and within its activities in the area of monetary and financial stability, it regularly publishes analyses and data that serve member banks in their decision-making processes. 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.