Clearing of International Payments Central bank of Bosnia and Herzegovina and the National Bank of Serbia, expressing mutual interest and will to establish more efficient, faster and economical payment system between natural persons and legal entities from the territory of Bosnia and Herzegovina and Republic of Serbia, agreed to conclude Agreement on clearing of payments in foreign excange. The same agreement was signed between the Central Bank of Bosnia and Herzegovina and the Central Bank of Montenegro but to date no commercial bank in Montenegro is involved in this process. Clearing of the international payments is performed for the banks with the seat in the territory of Bosnia and Herzegovina with whom the Central Bank of Bosnia and Herzegovina has signed the Contract for providing the clearing of the international payment and for banks from the territory of Republic Serbia with whose Central Banks, the Central Bank of Bosnia and Herzegovina has signed the Agreement on net settlement of the international payments. The Central bank which is the clearing operator shall perform clearing pursuant to the authorization under Agreement as a multilateral net settlement system, while commercial banks netted positions from clearing shall be settled through accounts of banks with the Central bank. Clearing operator shall be the National Bank of Serbia. Under the terms hereof, net position of a bank at a given moment shall mean the difference between payments received and payments executed by such bank from the beginning of the clearing cycle until that particular moment. Central bank of Bosnia and herzegovina shall notify the clearing operator of limit net position for the banks of its country, for which execution it guarantees under this Agreement. Negative net position of a bank shall never exceed the approved limit. After the time for receiving messages specified by the Daily Clearing Schedule has expired, the clearing operator shall notify central banks of aggregate net clearing positions as well as of net positions of banks from their country – after which central banks, in line with provisions of the Agreement, shall notify the clearing operator of their consent for those net positions to be executed. Payments of aggregate net positions between central banks shall be performed through the account of first-class international bank, in accordance with provisions of the Agreement. Contractual parties agree that payments between them on the basis of aggregate net positions shall be performed through the account of Deutsche Bank AG, F/M.