Bank for International Settlements

(ECONOMICS) Bank for central banks. It takes deposits from central banks and provides financial services, including underwriting bills of exchange. It is based in Basle, Switzerland and was founded in May 1930, for the purpose of facilitating reparations payments by Germany to the Allies. The BIS also provides a forum for international coordination of monetary policy, conducts financial research, and acts as an agent or trustee for international financial settlements. About 140 central banks and international financial institutions have deposits with the BIS. As of June 2010, currency deposits totaled approximately $303 billion dollars, or about four percent of world foreign exchange reserves.