International Bank for Economic Cooperation financial definition of International Bank for Economic Cooperation. International Bank for Economic Cooperation finance term by the Free Online Dictionary.

International Bank for Economic Cooperation

Also called the IBEC. A bank established to promote international development and cooperation between member states. The IBEC was founded in 1963 with the Soviet Union and several Eastern European nations as members. Other communist countries joined as well. It finances trade imbalances, takes deposits in gold and convertible currencies, and provides investment services for governments. It reformed following the fall of the Soviet Union.

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