BOSNIAN CENTRAL BANK MARKS 10TH ANNIVERSARY

SARAJEVO, Bosnia (September 14,2007) – On the occasion of marking the 10th anniversary of formation of the Bosnian Central Bank (CBBH), a conference was organized yesterday in Sarajevo at which many foreign and domestic economic, political and public personalities participated.

The Bosnian Prime Minister Nikola Spiric opened the conference and stated that the CBBH has become an institution of an outstanding reputation in both the domestic and international circles an that the results of its management and business conduct have been achieved because of the Valut Board model and the Bank’s independence.

”CBBH can be characterized as an institution of independence. That has enabled the bank to fulfil some very important tasks for the Bosnian citizens – the Bosnian currency has stabilized and inflation rate is at the EU level. Cooperation of this bank with the European Central Bank is a proof that both the institutions want to become the essential part of the European monetary trends”, Spiric said.

Former Bosnian Central Bank Governor Peter Nicholl talked about the history of the bank to the Heads of Central Banks of Albania, Macedonia, Serbia, Montenegro, Romania, Turkey and to the representatives of all the important international financial institutions which are active in Bosnia.

He said that the Bosnian Central Bank is an institution that significantly developed and managed to preserve an important role in the Bosnian history.

”The bank has managed to develop from the time when the Bank had had 46 employees and the deposits worth about several hundred millions of Bosnian Marks to an institution of 314 employees and the deposit of over 3 billion Bosnian Marks. This institutions’ foreign currency reserves exceed the amount of 6,3 billion Bosnian Marks”, Nicholl said.

The Bosnian Central Bank Governor Kemal Kozaric emphasized that the Eurostat Report confirmed that the Bank is one of the most stabile state institutions and that it has significantly developed in the “development of the functions it performs by duty”.

”The Bosnian Central Bank is known to provide all the services on time. It has managed to get a new loan rating which is the B2 today. The bank has also implemented the salary system reform, has kept the monetary stability of the Bosnian currency, which is its priority”, Kozaric said.

The Bosnian Central Bank, the Serbian Central Bank and the Montenegrin Central Bank Heads, namely, Kemal Kozaric, Radovan Jelasic and Ljubisa Krgovic signed yesterday the Agreement on Clearing.

Signing of the Agreement will enable an easier and cheaper international correspondence between the countries involved. The project will include the former Yugoslav member countries. The CEFTA agreement member countries are its aim.

Also,a monograph about the Bosnian Central Bank has been issued to mark the 10th anniversary.