Can Coronavirus Pandemic compromise the Stability of a Convertible Mark?

September 7, 2020 5:45 PM

The Governor of the Central Bank of Bosnia and Herzegovina, Senad Softic, assessed that the coronavirus pandemic cannot endanger the stability of the convertible mark. The global coronavirus pandemic is also affecting the economy of BiH, and according to the rating agency Standard and Poor’s, the real gross domestic product of our country will be reduced by six percent in 2020.

“There are different projections from international and domestic institutions and they speak of a fall in GDP of five out of six percent, which, given the overall environment and the region, is, conditionally speaking, satisfactory. As for the consequences, it is evident that we will have them, especially when it comes to unemployment, but the fact is that we share the fate of the region. When it comes to the fall in GDP, I hope that it is short-term and that we will have an improvement next year,” Governor SoftiC told the media, talking about the fall in GDP, adding that it is important that the monetary and financial situation in BiH is quite stable.

Speaking about the current situation and the stability of the convertible mark, Softic emphasized that the coronavirus pandemic cannot endanger the stability of the KM and added that our foreign exchange reserves are sufficient, we have a lot of space to be able to react if necessary, and the banking sector in BiH is liquid, stable, capitalized and ready to respond to all challenges, Avaz news portal reports.

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