Foreword to the BIS Annual Report 2025/26 by the BIS General Manager
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I am pleased to present the Annual Report for 2025/26, the first since I joined the Bank for International Settlements as General Manager. It highlights our achievements of the past year as we continue our mission to support central banks in their pursuit of global monetary and financial stability.
After restoring price stability from the post-pandemic highs, the central bank community is confronting new, profound challenges. These include shifts in international trade, geopolitical conflicts, energy price shocks, technological innovations, high public debt and financial sector vulnerabilities. At times like these, international cooperation among central banks is essential, as is the support the BIS provides as an independent platform for dialogue.
Over the past financial year, we embarked on developing a new strategic plan for the BIS, in consultation with our stakeholders. Our members place great value on our role as convenor of central banks and our ability to provide in-depth analysis on monetary and financial stability risks. They also place trust in our banking services, which are tailored to the needs of the central bank community, and they recognise our support for innovation and guidance on standard setting.
The new strategy is geared towards further fostering connections among the central bank community while supporting the pursuit of price stability and a resilient financial system. The strategy places emphasis on solidifying the BIS's position following the significant expansion of our activities in recent years. Key priorities include focused analysis on central banks' core mandates, technological experimentation to harness opportunities and manage risks, and enhancement to our banking services. All of this will be achieved with careful stewardship of resources, maintaining operational excellence and ensuring resilience in our operations.
During the past year our economic analysis shed new light on the evolution of the global financial system, economic fragmentation, and monetary system innovation and digital finance. BIS researchers also explored uses of artificial intelligence and introduced new measures of economic and financial data. Meetings held as part of the Basel Process continued to provide a platform for discussion and collaboration to further strengthen the resilience of the financial system and shape the financial landscape of tomorrow.
We continued to explore how leading-edge technologies can address the challenges faced by central banks, regulators and supervisors, while reviewing our project portfolio and consolidating our areas of work. This ensures we focus on key aspects relevant to central banks while developing our foresight capabilities to identify new digital risks and themes for exploration.
For BIS banking services, 2025/26 was another exceptionally strong financial year, with new records established across a range of key activity metrics. Net profit was SDR 1,018 million, while total comprehensive income ended the financial year at a record level of SDR 4.7 billion.
As we present this report at our 96th Annual General Meeting, we remain steadfast in our mission, exploring new economic realities while supporting financial stability and providing a forum for dialogue and knowledge-sharing.
Providing a new direction for the BIS has been a collaborative initiative, reflecting the commitment of our people. Throughout this new phase, we will continue to manage our strategic resources to ensure we serve the priorities of our members – focusing inward to be better outward.
The strategy will conclude as we mark the 100th anniversary of the BIS and reflects our commitment to serving the public interest. I want to thank in particular our staff for providing their perspectives and for their ongoing commitment to public service. I look forward to leading the organisation in the years ahead.
Pablo Hernández de Cos
General Manager