International Bank For Economic Cooperation

Summary of International Bank For Economic Cooperation

A clearinghouse for international settlements among COMECON members established at Moscow in 1963. The object of the bank was to eliminate the need for strict bilateral settlement of trade balances among members by use of accounts in “transferable rubles.”The tranferable ruble, however, has not yet been established as a convertible currency, which has impeded the goals of the bank and left settlements largely at the bilateral level.

(Main Author: William J. Miller)