The Saudi Arabia Monetary Agency

  • Felix Lessambo


Established in 1930 by the Hague Agreement among the ten founding central banks,89 the Bank for International Settlements (BIS) is an intergovernmental body. The BIS is the world's oldest international financial institution and remains the principal center for international central bank cooperation. In July 1944, the United Nations Bretton Woods Conference adopted a resolution calling for the liquidation of the BIS, on the grounds of its supposed domination by the Axis Powers during the war and because its traditional field of activity would henceforth be largely covered by the soon-to-be-created International Monetary Fund (IMF) and the International Bank for Reconstruction and Development (IBRD). However, in 1946 European bank governors started to reconvene at Basel, and in 1948 the liquidation resolution was officially revoked.90 While the US Congress, still suspicious, forbade the US Federal Reserve from formally joining the BIS, the NY Federal Reserve and its allied Morgan interests were able to work closely with the BIS, and the BIS treated the NY Federal Reserve as if it were the central bank of the United States.91


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Copyright information

© Felix Lessambo 2013

Authors and Affiliations

  • Felix Lessambo
    • 1
  1. 1.St John’ UniversityNew YorkUSA

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