Paravac, who succeeded the Bosnian Muslim representative Sulejman Tihic, will chair the collective presidency in the next eight months.
Representatives of the three constituent peoples in Bosnia -- Croat, Serb and Bosnian Muslim (Bosniak) -- are elected in the three-member presidency for the term of four years. Under the country's constitution, the three officials rotate at the post of the presidency's chairmanship every eight months.
The Croat member of the presidency, Dragan Covic, willl succeed Paravac.
At the ceremony in Sarajevo on Thursday, Tihic voiced satisfaction with the work of the presidency under his chairmanship over the past eight months.
Paravac pledged to continue advocating the implementation of economic reforms and the maintenance of the equality of all the three constituent peoples.