The board of the Bank for International Settlements invited the central banks of Kuwait, Morocco and Vietnam to be among its member states, as the so-called central bank of central banks expands for the first time since 2011.

The move will increase the number of member states to 63.

The Basel, Switzerland-based institution also invited Argentina, Russia, Saudi Arabia, South Africa and Thailand to join its committee on the global financial system, which focuses on monitoring and analyzing broad financial system issues.

It also invited Indonesia, Malaysia, Russia, South Africa and Turkey to join its markets committee, which focuses on financial markets development.