The former governor of the Bank of Spain Pablo Hernández de Cos has been elected as the new general director of the Bank for International Settlements (BIS), a position he will join on July 1, 2025. The senior Spanish official will replace the Mexican Agustín Carstens in the positionwho at the end of June next year will cease to hold office having reached the age of 67, when the directors of the organization based in Basel (Switzerland) must retire.
The governor of the Bank of Spain until his non-renewable six-year term expired on June 11 – and who was replaced by the Government last September by Minister José Luis Escrivá – will be the new general director of the Bank for International Settlements ( better known as BIS, for its acronym in English) for five years extendable.
Founded on May 17, 1930, The BIS brings together 63 central banks of countries that concentrate around 95% of the world’s GDP. Among its missions is to promote financial and monetary stability through international cooperation, in addition to acting as the central bank of central banks. Thus, it acts as a debate forum, economic research center, central counterparty entity for central banks, and guarantee depository agent or trustee in international financial operations.
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