Ask the Chatbot Games & Quizzes ProCon History & Society Science & Tech Biographies Animals & Nature Geography & Travel Arts & Culture Money Videos
International Bank for Economic Cooperation
Table of Contents
Introduction References & Edit History Quick Facts & Related Topics
Related Questions
Read Next
The magnificent Dohany Street Synagogue in Budapest, Hungary.
5 Notable Buildings in Hungary
Flag of the Union of Soviet Socialist Republics, 1922-1991. USSR, Soviet Union.
25th Anniversary of the End of the Soviet Union
Computer mapping, woman at early 1990s computer
Timeline of the 1990s
Communism - mosaic hammer and sickle with star on the Pavilion of Ukraine at the All Russia Exhibition Centre (also known as VDNKh) in Moscow. Communist symbol of the former Soviet Union. USSR
Why Did the Soviet Union Collapse?
Flag of Poland
5 Prominent Paintings in Poland
Discover
Thumbnail for flags that look alike quiz Russia, Slovenia, Iceland, Norway
Flags That Look Alike
A Factory Interior, watercolor, pen and gray ink, graphite, and white goache on wove paper by unknown artist, c. 1871-91; in the Yale Center for British Art. Industrial Revolution England
Inventors and Inventions of the Industrial Revolution
Santa Claus flying in his sleigh, christmas, reindeer
Was Santa Claus a Real Person?
Los Angeles Police Department wanted flyer on Elizabeth Short, aka the "Black Dahlia," who was brutally murdered in January 1947. The FBI supported the Los Angeles Police Department in the case, including by identifying Short through her fingerprints that
America’s 5 Most Notorious Cold Cases (Including One You May Have Thought Was Already Solved)
Thanksgiving Celebration Traditional Dinner Setting Food Concept
Why Is Thanksgiving in the U.S. Celebrated on a Thursday?
Woman tied to a ducking stool, a method of punishment by means of humiliation, beating, or death. (cucking stool)
8 Unusual Punishments Inflicted on Women Throughout History
Super Typhoon Noru over the western tropical Pacific Ocean as observed by the Moderate Resolution Imaging Spectroradiometer (MODIS) on NASA Aqua satellite July 31 2017
What Is the Difference Between a Typhoon and a Super Typhoon?

International Bank for Economic Cooperation

verifiedCite
While every effort has been made to follow citation style rules, there may be some discrepancies. Please refer to the appropriate style manual or other sources if you have any questions.
Select Citation Style
Feedback
Corrections? Updates? Omissions? Let us know if you have suggestions to improve this article (requires login).
Thank you for your feedback

Our editors will review what you’ve submitted and determine whether to revise the article.

External Websites
Also known as: IBEC
Written and fact-checked by
The Editors of Encyclopaedia Britannica
Encyclopaedia Britannica's editors oversee subject areas in which they have extensive knowledge, whether from years of experience gained by working on that content or via study for an advanced degree. They write new content and verify and edit content received from contributors.
The Editors of Encyclopaedia Britannica
Article History
Quick Facts
Date:
1964 - present
See all related content

International Bank for Economic Cooperation (IBEC), international bank instituted by an agreement signed by Bulgaria, Hungary, East Germany, Mongolia, Poland, Romania, Czechoslovakia, and the Soviet Union in October 1963 to facilitate economic cooperation among the member countries and to promote their development. It began operations in January 1964. Cuba and Vietnam joined afterward.

Its functions include making multilateral settlements in transferable rubles, advancing credit to members to finance temporary trade imbalances, accepting deposits of uncommitted funds in transferable rubles, accepting gold and convertible currencies on deposit, and conducting arbitrage and other financial operations with them. It also performs other banking operations.

General policy decisions are made by the Council, which is composed of representatives from each of the 10 member nations. A 10-member Board acts as the executive body.