The head of Germany’s central bank, Jens Weidmann, has been elected as the new chairman of the Bank for International Settlements (BIS).

The BIS, which is the global forum for central bankers, announced on Monday that its board of directors has elected Weidmann, president of the Deutsche Bundesbank, as its new chairman for a three-year term, beginning Nov. 1.

Weidmann became president of the Bundesbank in May 2011, and is also a member of the Governing Council of the European Central Bank (ECB), governor of the International Monetary Fund (IMF), sits on the steering committee of the Financial Stability Board (FSB), and is on the board of the European Systemic Risk Board (ESRB).

The existing chairman of the BIS, Christian Noyer, who is also governor of the Bank of France is slated to retire on Oct. 31, and will continue serving as BIS chairman until then. Noyer took over as chairman of the BIS in March 2010, and is currently serving his second term at the helm of the bank.

The BIS board is responsible for determining the strategic and policy direction of the organization, supervising its management, and fulfilling its mandate. It meets at least six times a year.