The BIS Chronology chronicles the main events relevant to the history of the Bank for International Settlements since it was created in 1929-30. Major financial, monetary and world events that are not directly related to the BIS, but that have had an impact on it, are listed in italics.


Jan    BIS President Thomas McKittrick visits Berlin, Rome, Brussels, and Paris
8 May    Mandate of Sir Otto Niemeyer, Chairman of the BIS Board, expires; position remains vacant
20 May    BIS seat temporarily moved from Basel to Château-d'Œx, following outbreak of hostilities between Germany and France
Jul    BIS freezes accounts held by the central banks of the Baltic States, following Soviet invasion
7 Oct   BIS headquarters moved back to Basel
23 Jun   US Treasury imposes obligation on BIS to apply for licenses for each banking transaction conducted on the US market
Dec   Per Jacobsson, BIS Economic Adviser, visits the United States
27 Oct   BIS President McKittrick visits the United States until 7 May 1943
1 Dec   Ernst Weber, President of the Swiss National Bank, takes office as Chairman of the BIS Board of Directors
1 Jan   McKittrick's mandate as BIS President renewed for three years
Aug   Bank of France Governor Bréart de Boisanger visits BIS and Swiss National Bank, warning that Germans have requisitioned the National Bank of Belgium's gold reserves
20 Oct   US Treasury General Ruling No. 17 blocks most transactions on accounts held in the US by or on behalf of residents to enemy and neutral countries (incl. Switzerland); BIS application for exemption is denied
22 Feb   Second Allied declaration on looted assets (and looted monetary gold)
20 Apr   Part of the Bank of Italy gold reserves arrives in Switzerland (on behalf of BIS and Swiss National Bank)
Jul   United Nations Bretton Woods Conference agrees the creation of the IMF and World Bank; it also adopts Resolution V, calling for the liquidation of the BIS "at the earliest possible moment"
2 May   BIS President McKittrick sends out to central banks and allied governments a letter explaining the BIS position and rights, and offers full co-operation regarding the restitution of looted assets
27 Dec   IMF's Articles of Agreement enter into force
1 Jan   Bank of France nationalised
14 Jan   Paris Agreement on German reparations (Tripartite Commission on Looted Gold established)
14 Feb   Bank of England nationalisation bill
8-18 Mar   Inaugural meeting of the IMF at Savannah
14 Jun   Report by Bank of France experts on looted Belgian gold in BIS possession
30 Jun   End of mandate of BIS President McKittrick; Maurice Frère elected Chairman of the BIS Board
Dec   German and Japanese participation in the BIS Board of Directors declared "in suspense"
9 Dec   First post-war meeting of the BIS Board of Directors
5 Jun   European Recovery Programme (Marshall Plan) proposed
15 Jul   United Kingdom introduces sterling convertibility
20 Aug   United Kingdom suspends sterling convertibility
18 Nov   BIS asked to act as Agent for the Multilateral Monetary Compensation scheme (France, Italy, Benelux)
1 Mar   Bank deutscher Länder established in Frankfurt
Apr   European Recovery Programme (Marshall Plan) enacted by US Congress; Economic Cooperation Administration (ECA) begins operations
16 Apr   Organisation for European Economic Co-operation (OEEC) established in Paris
13 May   Washington Agreement: BIS reimburses gold looted by Germany to Tripartite Commission; BIS assets in United States unblocked (see 23 June 1941 and 20 October 1943)
Jun   German currency reform: deutsche mark introduced in West Germany
14 Jun   Maurice Frère elected President of the BIS while remaining Chairman of the Board
16 Oct   Intra-European Payments and Compensations Agreement for 1948-49: BIS appointed Agent
Apr   Bank of Japan Law revised under US supervision; exchange rate of Japanese yen fixed
7 Sep   Intra-European Payments and Compensations Agreement for 1949-50: BIS acts as Agent
18 Sep   Devaluation of the pound sterling by 30.5% starts wave of IMF-approved devaluations
1929-1939 1950-1959