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Consider the following statements regarding the Bank for International Settlements (BIS).
1. The Bank for International Settlements (BIS), jointly owned by the World Bank and the International Monetary Fund, is an international financial institution.
2. It offers banking services, but only to central banks and other foreign organisations.
Which of the above statements is/are incorrect?
- a)1 only
- b)2 only
- c)Both 1 and 2
- d)Neither 1 nor 2
Correct answer is option 'A'. Can you explain this answer?
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Verified Answer
Consider the following statements regarding the Bank for Internationa...
The Bank for International Settlements (BIS) is an international financial institution owned by central banks that "fosters international monetary and financial cooperation and serves as a bank for central banks". The BIS carries out its work through its meetings, programmes and through the Basel Process - hosting international groups pursuing global financial stability and facilitating their interaction.
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It also provides banking services, but only to central banks and other international organisations. It is based in Basel, Switzerland.
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Consider the following statements regarding the Bank for Internationa...
Answer:
Bank for International Settlements (BIS)
The Bank for International Settlements (BIS) is an international financial institution that serves as a bank for central banks. It was established in 1930 and is headquartered in Basel, Switzerland. The BIS acts as a forum for central banks to exchange information and collaborate on financial and monetary matters. It also provides banking services to central banks and international organizations.
Statement 1: The Bank for International Settlements (BIS), jointly owned by the World Bank and the International Monetary Fund, is an international financial institution.
- This statement is incorrect.
- The Bank for International Settlements (BIS) is not jointly owned by the World Bank and the International Monetary Fund (IMF).
- The BIS is actually owned by 63 central banks from around the world, representing countries that account for about 95% of global GDP.
- The BIS operates independently from the World Bank and the IMF.
Statement 2: It offers banking services, but only to central banks and other foreign organizations.
- This statement is correct.
- The BIS provides banking services to central banks and international organizations.
- These services include holding and managing foreign exchange reserves, facilitating international transactions, and providing financial stability-related services.
- The BIS does not offer banking services to commercial banks or individuals.
Conclusion:
Based on the above analysis, it can be concluded that statement 1 is incorrect as the BIS is not jointly owned by the World Bank and the IMF. Statement 2 is correct as the BIS offers banking services exclusively to central banks and other foreign organizations. Therefore, the correct answer is option 'A' - 1 only.
Bank for International Settlements (BIS)
The Bank for International Settlements (BIS) is an international financial institution that serves as a bank for central banks. It was established in 1930 and is headquartered in Basel, Switzerland. The BIS acts as a forum for central banks to exchange information and collaborate on financial and monetary matters. It also provides banking services to central banks and international organizations.
Statement 1: The Bank for International Settlements (BIS), jointly owned by the World Bank and the International Monetary Fund, is an international financial institution.
- This statement is incorrect.
- The Bank for International Settlements (BIS) is not jointly owned by the World Bank and the International Monetary Fund (IMF).
- The BIS is actually owned by 63 central banks from around the world, representing countries that account for about 95% of global GDP.
- The BIS operates independently from the World Bank and the IMF.
Statement 2: It offers banking services, but only to central banks and other foreign organizations.
- This statement is correct.
- The BIS provides banking services to central banks and international organizations.
- These services include holding and managing foreign exchange reserves, facilitating international transactions, and providing financial stability-related services.
- The BIS does not offer banking services to commercial banks or individuals.
Conclusion:
Based on the above analysis, it can be concluded that statement 1 is incorrect as the BIS is not jointly owned by the World Bank and the IMF. Statement 2 is correct as the BIS offers banking services exclusively to central banks and other foreign organizations. Therefore, the correct answer is option 'A' - 1 only.
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Consider the following statements regarding the Bank for International Settlements (BIS).1. The Bank for International Settlements (BIS), jointly owned by the World Bank and the International Monetary Fund, is an international financial institution.2. It offers banking services, but only to central banks and other foreign organisations.Which of the above statements is/are incorrect?a) 1 onlyb) 2 onlyc) Both 1 and 2d) Neither 1 nor 2Correct answer is option 'A'. Can you explain this answer?
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Consider the following statements regarding the Bank for International Settlements (BIS).1. The Bank for International Settlements (BIS), jointly owned by the World Bank and the International Monetary Fund, is an international financial institution.2. It offers banking services, but only to central banks and other foreign organisations.Which of the above statements is/are incorrect?a) 1 onlyb) 2 onlyc) Both 1 and 2d) Neither 1 nor 2Correct answer is option 'A'. Can you explain this answer? for UPSC 2024 is part of UPSC preparation. The Question and answers have been prepared according to the UPSC exam syllabus. Information about Consider the following statements regarding the Bank for International Settlements (BIS).1. The Bank for International Settlements (BIS), jointly owned by the World Bank and the International Monetary Fund, is an international financial institution.2. It offers banking services, but only to central banks and other foreign organisations.Which of the above statements is/are incorrect?a) 1 onlyb) 2 onlyc) Both 1 and 2d) Neither 1 nor 2Correct answer is option 'A'. Can you explain this answer? covers all topics & solutions for UPSC 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Consider the following statements regarding the Bank for International Settlements (BIS).1. The Bank for International Settlements (BIS), jointly owned by the World Bank and the International Monetary Fund, is an international financial institution.2. It offers banking services, but only to central banks and other foreign organisations.Which of the above statements is/are incorrect?a) 1 onlyb) 2 onlyc) Both 1 and 2d) Neither 1 nor 2Correct answer is option 'A'. Can you explain this answer?.
Consider the following statements regarding the Bank for International Settlements (BIS).1. The Bank for International Settlements (BIS), jointly owned by the World Bank and the International Monetary Fund, is an international financial institution.2. It offers banking services, but only to central banks and other foreign organisations.Which of the above statements is/are incorrect?a) 1 onlyb) 2 onlyc) Both 1 and 2d) Neither 1 nor 2Correct answer is option 'A'. Can you explain this answer? for UPSC 2024 is part of UPSC preparation. The Question and answers have been prepared according to the UPSC exam syllabus. Information about Consider the following statements regarding the Bank for International Settlements (BIS).1. The Bank for International Settlements (BIS), jointly owned by the World Bank and the International Monetary Fund, is an international financial institution.2. It offers banking services, but only to central banks and other foreign organisations.Which of the above statements is/are incorrect?a) 1 onlyb) 2 onlyc) Both 1 and 2d) Neither 1 nor 2Correct answer is option 'A'. Can you explain this answer? covers all topics & solutions for UPSC 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Consider the following statements regarding the Bank for International Settlements (BIS).1. The Bank for International Settlements (BIS), jointly owned by the World Bank and the International Monetary Fund, is an international financial institution.2. It offers banking services, but only to central banks and other foreign organisations.Which of the above statements is/are incorrect?a) 1 onlyb) 2 onlyc) Both 1 and 2d) Neither 1 nor 2Correct answer is option 'A'. Can you explain this answer?.
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