Question
Consider the following Statements. (I) Society
for Worldwide Interbank Financial Telecommunication (SWIFT) was created after the Second World War during the Bretton Woods Conference. (II) It is based in Belgium. (III) It is controlled by the central banks of the G10 countries, the European Central Bank, and the National Bank of Belgium.Solution
It is formally known as the Society for Worldwide Interbank Financial Telecommunication (SWIFT). It is a trusted messaging system for banks and other financial institutions around the world. It doesn’t settle any money itself, but provides instruction messages for just how to give and receive specific funds. It is controlled by the central banks of the G10 countries, the European Central Bank, and the National Bank of Belgium. It was established in 1973 and is based in Belgium. The Group of Ten is made up of eleven industrial countries (Belgium, Canada, France, Germany, Italy, Japan, the Netherlands, Sweden, Switzerland, the United Kingdom and the United States) which consult and co-operate on economic, monetary and financial matters.
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