Mexico's Carstens reelected as BIS chair

The governor of Mexico's central bank Banxico, Agustín Carstens, has been reelected for a second three-year term as a chairman of the Bank for International Settlements (BIS).

The Mexican economist has been governor of Banxico since 2010 and chairman of BIS since 2013.

BIS is tasked with supporting the financial and operational activities of the central banks, as well as coordinating and facilitating cooperation for global monetary and financial stability.

Its member base is made up of central banks from both developed and emerging economies, which together make up 80% of global GDP.

Carstens will again head the Global Economy Meeting (GEM) and Economic Consultative Committee (ECC), both part of the BIS group.

GEM brings together central bank governors from 30 BIS member countries during its bimonthly meetings to evaluate global economic and financial developments based on data collection. The ECC presents analysis and proposals and also includes all governors participating in the BIS council.