Morocco’s central bank invited to join the Bank for International Settlements

The Bank for International Settlements, an international financial institution owned by central banks, has invited Morocco’s central bank to join the institution, Bloomberg wrote on Tuesday.

The Switzerland-based institution wants Morocco’s Bank Al Maghreb to join its current 63 members. Also known as BIS, the Bank for International Settlements «serves as forum for policy makers to discuss global economic developments», Bloomberg said.

«Reviewing membership at regular intervals ensures that the membership base remains in keeping with the Bank’s global profile and its mandate to promote global monetary and financial stability», Bundesbank President Jens Weidmann said in a statement.

Kuwait and Veitnam were also invited, alongside Morocco, to join the international financial institution.