SARAJEVO, June 21 (Hina) - Bosnia-Herzegovina's Central Bank Governor, Peter Nicholl, on Monday said the convertible mark (KM), the official currency in the country, had fortified its position last year gradually replacing Germany's
mark, Croatia's kuna and Yugoslavia's dinar in payment operations. In his speech Nicholl held on the first anniversary of the launch of the convertible mark into circulation, he expressed dissatisfaction with the fact that this currency had not yet become the only means for paying in Bosnia-Herzegovina and called on authorities of Bosnia's two entities to do their best to ensure that the KM would soon be the only instrument of payment in the country. After being introduced into the circulation according to rules of the Central Bank which is also the Currency Board, the convertible mark considerably strengthened during the one-year period and it thus
SARAJEVO, June 21 (Hina) - Bosnia-Herzegovina's Central Bank
Governor, Peter Nicholl, on Monday said the convertible mark (KM),
the official currency in the country, had fortified its position
last year gradually replacing Germany's mark, Croatia's kuna and
Yugoslavia's dinar in payment operations.
In his speech Nicholl held on the first anniversary of the launch of
the convertible mark into circulation, he expressed
dissatisfaction with the fact that this currency had not yet become
the only means for paying in Bosnia-Herzegovina and called on
authorities of Bosnia's two entities to do their best to ensure that
the KM would soon be the only instrument of payment in the country.
After being introduced into the circulation according to rules of
the Central Bank which is also the Currency Board, the convertible
mark considerably strengthened during the one-year period and it
thus has enabled its external convertibility.
The Bosnian currency can now be exchanged in commercial banks in
Germany, Switzerland and Austria.
By the end of this month the exchange of the convertible mark will
begin in Croatian and Hungarian banks, Vice-Governor Enver
Beckovic announced.
The liabilities of the Bosnian Central Bank rose from 150 to 340
German marks in one year's period. Operations of this bank are
regularly controlled by foreign audit houses.
Governor Nicholl, a New Zealander banker who is supposed to lead the
Bosnian Central Bank at least next three years, said the
convertible mark would remain firmly fixed, via the German mark, to
euro, which should attract foreign investments and accelerate the
economic reconstruction of Bosnia.
(hina) ms