The International Bank for Economic Cooperation (IBEC) is an international bank established in 1963 with a headquarters in the city of Moscow.
The supreme governing body of the bank is the Council, which consists of representatives from all countries - members of the bank. Each country has one vote, regardless of the size of its contribution to the capital of the bank. Decisions are considered to be taken with the full unanimity of the member countries. The executive body of the bank is the Board.
Bank balance is maintained in euros. The authorized capital of IBEC is 400 million euros.
Bank members
| Initially: | Today: |
|---|---|
| People's Republic of Bulgaria | Republic of Bulgaria |
| Hungarian People's Republic | - |
| Democratic Republic of Vietnam | Socialist Republic of Vietnam |
| German Democratic Republic | - |
| Republic of Cuba | - |
| Mongolian People's Republic | Mongolia |
| Polish People's Republic | Republic of Poland |
| Union of Soviet Socialist Republics | Russian Federation |
| Romanian People's Republic | Romania |
| Czechoslovak Socialist Republic | The Slovak Republic |
| Czech Republic |
History
The Bank was established in accordance with the “Agreement on multilateral settlements in transferable rubles and the organization of the IBEC” of October 22, 1963 . The members of the bank were: Bulgaria , Hungary , the GDR , Mongolia , Poland , Romania , the USSR , Czechoslovakia and Cuba .
The authorized capital of the IBEC was initially set at 300 million transferable rubles . Quotas of member countries in the capital are set based on the volume of exports in their mutual trade.
Until the beginning of the 1990s , IBEC carried out interstate settlements on foreign trade transactions between its member countries.
At the same time, IBEC credited mutual trade supplies. The volume of IBEC operations in these currencies during this period amounted to about 3 billion US dollars .
Between 1964 and 1990 , the bank's profit amounted to more than 1 billion ECU . Approximately 44% of the profits, of which about a third accounted for funds in freely convertible currencies, are distributed among the IBEC member countries. The amount of distributed profits 3 times exceeded the contributions of member countries to the share capital.
After the termination of the operation of the CMEA , the bank continued to work in market conditions. Financing of foreign trade and servicing of counterparties, first of all, of the member countries of the bank, remains the priority area of IBEC activity.