Central Bank of Bosnia and Herzegovina

Central Bank of Bosnia and Herzegovina
Centralna banka Bosne i Hercegovine
Централна банка Босне и Херцеговине
Central bank ofBosnia and Herzegovina
HeadquartersUlica Maršala Tita 25,
Sarajevo
Coordinates43°51′32″N 18°25′14″E / 43.8588°N 18.4206°E / 43.8588; 18.4206
Established20 June 1997 (1997-06-20)
Ownership100% state ownership[1]
GovernorJasmina Selimović
CurrencyBosnia and Herzegovina convertible mark
BAM (ISO 4217)
Reserves$17.4 billion USD[2]
Websitewww.cbbh.ba

The Central Bank of Bosnia and Herzegovina (Bosnian, Croatian and Serbian: Centralna banka Bosne i Hercegovine / Централна банка Босне и Херцеговине) is the central bank of Bosnia and Herzegovina, located in the capital city, Sarajevo.

History

The National Bank of Bosnia and Herzegovina (NBBH) was originally established in 1971 under the decentralization reforms of that era, as one of eight so-called national banks complementing the National Bank of Yugoslavia within what was referred to as the System of National Banks.[3]: 4  Upon Bosnian independence in March 1992, the NBBH became the national central bank of the newly independent, but the Bosnian War soon resulted in the creation of a separate National Bank of the Republika Srpska (NBRS) in the Republika Srpska, and of a monetary system under the Ministry of Finance of the Croatian Republic of Herzeg-Bosnia.[4]

Following the Dayton Agreement and end of the Bosnian War, The Central Bank of Bosnia and Herzegovina was established in accordance with the Law adopted at the Parliamentary Assembly of Bosnia and Herzegovina on 20 June 1997, and started operations on 11 August 1997. It incorporated the former operations of both the NBBH and NBRS; the NBBH was subsequently liquidated.[4]

Operations

The Central Bank of Bosnia and Herzegovina maintains monetary stability by issuing domestic currency according to the currency board arrangement with full coverage in freely convertible foreign exchange funds under the fixed exchange rate (1 BAM: 0.51129 EUR). The Central Bank of Bosnia and Herzegovina defines and controls the implementation of monetary policy of Bosnia and Herzegovina. The Central Bank of Bosnia and Herzegovina supports and maintains appropriate payment and settlement systems. It also co-ordinates the activities of the BH Entity Banking Agencies, which are in charge of bank licensing and supervision.

The Central Bank of Bosnia and Herzegovina has the head office, three main units and two branches. The main units are the Main Unit Sarajevo, the Main Bank of Republika Srpska CBBH Banja Luka and Main Unit Mostar. The branches are: the CBBH Branch in Brčko and the Main Bank of Republika Srpska CBBH Branch in Pale.

The senior body of the Central Bank of Bosnia and Herzegovina is the governing board, which is in charge of establishing and supervision of monetary policy, organization and strategies of the Central Bank, all according to the powers given to the board by the law. According to the law on CBBH, the governing board consists of five persons that are appointed by the BH presidency for a six-year mandate. The governing board appoints one of its members as governor.

The management of the Central Bank of Bosnia and Herzegovina consists of a governor and three vice governors, appointed by the governor with the approval of the governing board. The task of the management is the operative management of the Central Bank business. Each vice governor is directly responsible for the operations of one sector of the Central Bank.

Head office building

The Central Bank's head office building was originally completed in 1931 for the Sarajevo branch of the State Mortgage Bank of Yugoslavia. The architect was the Serbian and Yugoslav architect Milan Zloković. The set designer of the National Theatre in Belgrade, Vladimir Pavlovich Zagorodnjuk, created eight reliefs for the front and side facades, as well as two monumental bronze figures of a man and a woman placed at the main entrance.[5][6]

Governors

The following have been Governors of the Central Bank of Bosnia and Herzegovina:[7]

  1. Peter Nicholl (20 June 1997 – 31 December 2004)
  2. Kemal Kozarić (1 January 2005 – 11 August 2015)
  3. Senad Softić (11 August 2015 – 3 January 2024)
  4. Jasmina Selimović (3 January 2024 – present)

See also

References

  1. ^ Weidner, Jan (2017). "The Organisation and Structure of Central Banks" (PDF). Katalog der Deutschen Nationalbibliothek.
  2. ^ "Devizne rezerve Centralne banke BiH na kraju 2023. godine iznosile 31,25 milijardi KM".
  3. ^ Predrag Četković (September 2015), The Role of Banks in Economic Development in the Former SFR Yugoslavia, Vienna: Wiener Institut für Internationale Wirtschaftsvergleiche
  4. ^ a b Bosnia and Herzegovina: Selected Issues, International Monetary Fund, 4 September 1998
  5. ^ "Državna hipotekarna banka u Sarajevu". Fondacija Milan Zloković (in Serbian). Retrieved 27 October 2024.
  6. ^ "Poštanska marka "Kulturno historijsko naslijeđe - zgrada Centralne banke Bosne i Hercegovine"". cbbh.ba. Retrieved 27 October 2024.
  7. ^ "Jasmina Selimovic Ph.D new Governor of the Central Bank of Bosnia and Herzegovina".
Wikimedia Commons has media related to Central Bank of Bosnia and Herzegovina.
This article is issued from Wikipedia. The text is available under Creative Commons Attribution-Share Alike 4.0 unless otherwise noted. Additional terms may apply for the media files.