International Bank for Economic Cooperation
The International Bank for Economic Cooperation (Russian: Международный банк экономического сотрудничества, abbreviated МБЭС) was an institution of the Council for Mutual Economic Assistance , the task of which was to process the payments that arose due to trade between member states. This happened in so-called transfer rubles and gold reserves . It started work in 1964. The basis was the "Agreement on the Multi-sided Netting in Transferable Rubles and the Establishment of the International Bank for Economic Cooperation" from 1963 between the Soviet Union , the Czechoslovak Republic , the GDR , the Mongolian , Hungarian and Romanian People's Republic as well as the People's Republics of Bulgaria and Poland . The Republic of Cuba joined in 1974, followed by the Socialist Republic of Vietnam in 1977 .
After the dissolution of the Mutual Economic Assistance Council in 1991, the bank was transformed into a modern international bank. Its current member states are Bulgaria , Vietnam , Mongolia , the Czech Republic , Romania , Slovakia , Russia and Poland ; the euro is used for payment transactions . The bank's share capital is currently 400 million euros.
literature
- Helmut Dietrich: The Bank for Economic Cooperation of Socialist States . In: German Foreign Policy , Volume 10, o. O. 1965, pp. 187–195
Web links
Individual evidence
- ^ International bank for economic co-operation - General Information. In: en.ibec.int. Retrieved January 8, 2017 .