The Settlement and Credit Activities of the International Bank for Economic Cooperation in the Common Currency

Abstract

At the beginning of the sixties, the development of foreign trade, the diversification of economic cooperation among the CMEA member countries—characterized by a wider use of cooperation and specialization agreements, by the organization and establishment of joint projects and ventures using the means of several countries to satisfy the collective needs—required improvement of the international payments and monetary system of the CMEA and, within this framework, the adaption of the rules of international settlements to the changed conditions.