The Priority of the Central Bank of BiH is to preserve Monetary Stability

August 28, 2017 10:00 AM

The most important task of the Central Bank of Bosnia and Herzegovina (CBBiH) in the future period will be the preservation of monetary stability, as confirmed from this institution.

Moreover, they also noted the work on further improvement of the exchange of qualitative information among institutions that are responsible for the stability of the banking sector and the financial system as a whole, expansion of the single account register, additional improvement and harmonization of the statistics that they produce with the requirements of Eurostat and the European Central Bank, and active cooperation with the relevant domestic and international institutions in providing qualitative information on the current state of the domestic economy.

When it comes to the European integrations of BiH, they emphasize that the CBBiH has an active role and an important part of their future activities, in accordance with the mandate, will refer to the commitments that our country took in that process.

The Central Bank of BiH this year marks its 20th anniversary. This institution was established on August 11, 1997, and is responsible for issuing money and monetary policy in the entire BiH, according to the Constitution of BiH.

Under the Law on CBBiH, the aim of the Central Bank is to achieve and maintain the stability of the local currency, a convertible mark (BAM), by issuing a local currency under an arrangement known as a currency board. It implies a fixed exchange rate of BAM against the EUR and a full coverage of BAM in circulation in EUR.

The most important activity of the CBBiH in conducting monetary policy over the past 20 years was the preservation of monetary stability and the support to the maintenance of financial stability in the country. The full convertibility of the domestic currency was never questioned, which has been a strong stabilization factor for BH economy for all these years.

(Source: klix.ba)

 

 

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