Governor Softić in Washington Talked with Officials of the IMF and the WB

Governor of the Central Bank of Bosnia and Herzegovina (CBBH) Senad Softić, Ph.D. was in Washington where, as a member of the Delegation of Bosnia and Herzegovina at the spring meetings of the International Monetary Fund (IMF) and World Bank (WB), had discussions with senior officials of the IMF and WB. The talks addressed the situation in the country and the economic situation in terms of preparations for the arrival of the IMF mission and the signing of the Letter of Intent on the Extended Arrangement for BH (Extended Fund Facility). 

Special meetings of the CBBH Governor with representatives of the IMF and WB, were devoted to the important issues for the CBBH, in the context of the new IMF Program for Bosnia and Herzegovina, due to the fact that the Governor is the one of the signatories of the Letter of Intent, along with other government officials at the state and entities’ levels. During these meetings, the importance of preserving the Currency Board and monetary stability was emphasized, and the stability of the banking and financial system as a whole. Governor Softić stressed the necessity for the future program with the IMF to be reform-oriented and to result in the improvement of the current situation in the economy and the banking and financial sector in BH. 

It was emphasized especially the need for better banking sector coordination and more active participation of all stakeholders in the financial and banking system - the CBBH, Entities Banking Agencies and the Deposit Insurance Agency of BH - in terms of mutual cooperation and joint coordinated action. 

It was agreed with the IMF and World Bank to continue to work on projects that are important for the Central Bank of BH and related to this, Governor Softić requested the assistance in the area of CBBH portfolio management, and improvement of payment systems and the introduction of the oversight in this area. Also, the Governor stressed the importance of active participation of the CBBH in preparing the Entities’ Laws on Banks in those parts which are within its jurisdiction. 

The Governor, together with other members of the BH Delegation, attended the meeting of the Dutch Constituency, to which BH belongs, and after that the CBBH Delegation held a series of bilateral meetings. All meetings of the CBBH Governor in Washington were attended by the Secretary to the CBBH Governing Board Lejla Simon.