Governor of the CBBH with high level officials of the IMF and the WB

As part of her participation in the Annual Meetings of the International Monetary Fund (IMF) and the World Bank in Washington, D.C., the Governor of the Central Bank of Bosnia and Herzegovina (CBBH), Jasmina Selimović, Ph.D., in her capacity as the Governor of Bosnia and Herzegovina at the IMF, had a number of meetings with senior officials of the IMF and the World Bank.

In a conversation with Mr. Bo Lee, the IMF Deputy Managing Director, the emphasis was placed on preserving macroeconomic and financial stability, strengthening the banking sector resilience and accelerating the financial system digital transformation. Global monetary policy trends and challenges in aligning measures that support stability and development were also discussed.

During the meeting with Mr. Alfred Kammer, Director of the European Department of the IMF, the current macroeconomic trends in Bosnia and Herzegovina and Europe were discussed. A special focus was on inflation, fiscal sustainability and economic growth prospects. Governor Selimović presented the activities of the CBBH aimed at preserving monetary and financial stability, as well as the measures contributing to the long-term resilience of the economy. She stressed the importance of continuous dialogue and cooperation with the IMF, stressing that the expert support provided by the Fund is the crucial assistance in the timely identification and responding to macroeconomic risks.

Mr. Kammer expressed his support for the CBBH work, in particular the consistent implementation of the currency board policy, which is one of the key pillars of stability in circumstances of global disruptions.

During the meeting with Mr. Jeroen Clicq, Executive Director of the Dutch-Belgian Constituency of the IMF, and Mr. Marnix van Rij, Deputy Executive Director of the Constituency, which Bosnia and Herzegovina belongs to, the challenges and opportunities for the economic stability of the country and the region were discussed. Global economic trends, inflation challenges, and the need for structural reforms were discussed. The importance of cooperation within the Dutch-Belgian constituency was particularly stressed, which provides Bosnia and Herzegovina with access to international experiences, expertise and technical assistance through the IMF institutional mechanisms.

Governor Selimović informed the participants in the meeting on the key strategic priorities of the CBBH, with the SEPA (Single Euro Payments Area) accession project and the implementation of the TIPS Clone (TARGET Instant Payment Settlement) system particularly standing out. These projects represent an important step towards the payment system modernisation and harmonisation with European standards.

"The implementation of SEPA and TIPS projects not only ensures technological and infrastructural compatibility with European standards, but also contributes to strengthening investor confidence, improving the business environment and better integration of the domestic economy into the European financial area," said Governor Selimović.

At the meetings, the importance of financial education and inclusion was also emphasised as an integral part of a broader strategy for improving the economic resilience of households and economy. Governor Selimović reminded that Bosnia and Herzegovina has recently become a full member of the International Network on Financial Education (OECD/INFE), which opens new opportunities for the exchange of experiences and the development of national financial education and inclusion programmes.

"Investing in financial literacy is investing in long-term resilience of households and economy. Through education, we want to increase understanding of financial decisions, strengthen confidence in institutions and reduce vulnerability to economic shocks," added Governor Selimović.

The Governor also attended a meeting of the Dutch-Belgian constituency, where she addressed the participants, stressing the importance of preserving the independence of central banks as the foundation of stable monetary policy. In her speech, she also commented on the challenges experienced by developing countries, especially in the context of the increasing loss of competitiveness in global economic flows.

In the conversation with the World Bank officials, the significance of the role of this financial institution as a long-term partner of Bosnia and Herzegovina in the implementation of development projects, especially in the field of technical and financial support for strengthening economic growth, employment and resilience to climate change, was pointed out.

During the meeting with Mr. Eugene Rhuggenaath, the World Bank Group Executive Director, and Ms. Antonella Bassani, the World Bank Vice President for Europe and Central Asia, the focus was on cooperation in the field of digital transformation.

"Cooperation with the World Bank and the IMF is of strategic importance for Bosnia and Herzegovina. Through joint projects, we are building a stable, inclusive and sustainable financial system, developing digital infrastructure and increasing the resilience of our society," concluded Governor Selimović.