ZAGREB, June 12 (Hina) - An extraordinary main assembly of the Basel-based international settlements bank (BIS) decided on June 11 to annul the shares of the former Yugoslavia in the bank's capital, and instead issue an adequate
number of new shares to divide among the national banks of five countries, seccesors of the former Yugoslavia. Croatia will thus receive about 14 million dollars, the Croatian National Bank said in a statement today. BIS shares which were issued temporarily in 1997 to the banks of four former Yugoslav republics have thus also been annulled. The new shares will be divided to the national banks of Bosnia-Herzegovina, Macedonia, Slovenia, Yugoslavia and Croatia. The division of the new shares will be carried out in line with an agreement signed in April and May by the former Yugoslav republics and their national banks, based on which Croatia received 28.49 percent of
ZAGREB, June 12 (Hina) - An extraordinary main assembly of the
Basel-based international settlements bank (BIS) decided on June
11 to annul the shares of the former Yugoslavia in the bank's
capital, and instead issue an adequate number of new shares to
divide among the national banks of five countries, seccesors of the
former Yugoslavia. Croatia will thus receive about 14 million
dollars, the Croatian National Bank said in a statement today.
BIS shares which were issued temporarily in 1997 to the banks of
four former Yugoslav republics have thus also been annulled.
The new shares will be divided to the national banks of Bosnia-
Herzegovina, Macedonia, Slovenia, Yugoslavia and Croatia.
The division of the new shares will be carried out in line with an
agreement signed in April and May by the former Yugoslav republics
and their national banks, based on which Croatia received 28.49
percent of property of the former Yugoslavia, stored at the BIS.
Out of the total value of stock and dividends, about 50 million
dollars, Croatia will thus receive about 11 million dollars worth
of shares and three million dollars of dividends.
The property of the former Yugoslavia at the BIS includes gold and
foreign exchange reserves worth approximately US$414 million, of
which Croatia is to receive about 118 million.
Considering the fact the BIS cooperates with only member central
banks, the 118 million dollars will be included in Croatia's
foreign exchange reserves and will be able to be used as a deposit
for possible loans for monetary interventions for Croatian
National Bank needs, the central bank said.
(hina) lml sb