A global group of central banks, the Bank for International Settlements (BIS), is increasing its membership and expanding a couple of its main committees.
The BIS board announced that it will grow its membership for the first time since 2011 by adding the central banks from Kuwait, Morocco and Vietnam.
It also announced that two of its committees — the Committee on the Global Financial System (CGFS) and the Markets Committee — are adding central banks from several developing markets.
The CGFS will expand to 28 members by adding the central banks from Argentina, Russia, Saudi Arabia, South Africa and Thailand.
The Markets Committee will grow to 27 members with the addition of Indonesia, Malaysia, Russia, South Africa and Turkey.
Mark Carney, chair of the BIS’ Global Economy Meeting, said that banks from emerging markets will now make up about 40% of each committee.
“In the last decade, [emerging markets] have become much larger and ever more connected to the global financial system. Having a representative range of views on financial market and monetary matters will benefit the citizens of [emerging markets] and advanced economies alike,” Carney said in a statement.