Like other financial institutions, the Bank for International Settlements has faced a challenging few months due to the turbulence in global financial markets.

Its annual accounts, published today (June 26), show its balance sheet contracted slightly in the year to March 2022. Total liabilities plus shareholder equity were SDR347.6 billion ($464.2 billion) at the end of the 2021–22 fiscal year, down from SDR356.1 billion in March 2021. The BIS uses the special drawing right as its unit of