Jens Weidmann re-elected as Head of International Bank Settlements

Zurich, March 10 (AFP/APP): Deutsche Bundesbank president Jens Weidmann was re-elected Wednesday as head of the Bank for International Settlements, the so-called central bank of central banks.

The chief of Germany’s central bank will serve for a third three-year term as chairman of the board of directors at BIS, the Swiss-based international financial institution that links central banks together. His new mandate will start on November 1. “The directors thanked Mr Weidmann for his leadership during this challenging period and welcomed his continued service to the bank,” BIS said in a statement.

Weidmann took over at the BIS from Christian Noyer, who was the Bank of France governor, in November 2015. The BIS is where central bankers gather to discuss major monetary policy issues. The 18-member board, which meets at least six times a year, decides the institution’s strategic and policy direction. Established in Basel in 1930, the BIS is owned by 62 central banks, representing countries that account for about 95 percent of global gross domestic product (GDP).

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