Britannica Concise Encyclopedia:

International Bank for Economic Cooperation


International bank instituted by an agreement signed by Bulgaria, Hungary, East Germany, Mongolia, Poland, Romania, Czechoslovakia, and the Soviet Union in 1963 to facilitate economic cooperation among member countries and promote their development. Cuba and Vietnam joined later. Its functions included making multilateral settlements in transferable rubles, advancing credit to members with temporary trade imbalances, accepting deposits in transferable rubles and in gold and convertible currencies, and conducting arbitrage and other financial operations. After the fall of the Soviet Union it became a Russian bank with a new charter.

For more information on International Bank for Economic Cooperation, visit Britannica.com.

 
 
 

Join the WikiAnswers Q&A community. Post a question or answer questions about "International Bank for Economic Cooperation" at WikiAnswers.

 

Copyrights:

Britannica Concise Encyclopedia. Britannica Concise Encyclopedia. © 2006 Encyclopædia Britannica, Inc. All rights reserved.  Read more

Search for answers directly from your browser with the FREE Answers.com Toolbar!  
Click here to download now. 

Get Answers your way! Check out all our free tools and products.

On this page:   E-mail   print Print  Link  

 

Keep Reading

Mentioned In: