Start of cooperation of OECD,CBBH and relevant institutions in financial literacy and inclusion

The Central Bank of Bosnia and Herzegovina (CBBH) hosted a delegation from the Organization for Economic Co-operation and Development (OECD) that paid a two-day visit to Bosnia and Herzegovina with the aim of assessing the situation in terms of financial inclusion and literacy of the population in the preparation of a document to support the development of financial literacy from OECD countries.

Activities in the field of financial literacy are carried out within the project "Financial Literacy in the Countries Participating in the Dutch Constituency Program". The goal of the project is to support countries to raise the level of financial literacy and inclusion by strengthening financial education in order to achieve the prosperity of citizens and small and medium-sized enterprises.

During the stay in Bosnia and Herzegovina, meetings were held with representatives of the CBBH and relevant institutions, organizations and agencies in the field of finance and education with the aim of gathering the necessary information and including everyone, in accordance with their competences, in the implementation of this project. On this occasion, CBBH Governor, Senad Softić, Ph.D., emphasized that financial education has been the key for further financial inclusion, improvement of financial stability and the overall development of the economy in Bosnia and Herzegovina, and that the CBBH recognized the importance of financial education and inclusion, the promotion of which it is extremely committed to.

Financial inclusion, i.e. access to a wide range of financial services, is growing intensively world wide. Relevant international institutions, including the OECD, are increasingly engaged in the improvement of education in the field of finance, economics and banking, especially among children and youth. Recognizing the importance of financial education, the CBBH has been promoting its importance for many years, with a special focus on the younger population, striving to creatively and simply address various topics essential for financial literacy. As part of financial education, the CBBH implements the "Educate the Educator" project in high schools, with the aim of educating students about managing personal finances and banking services and products.

The OECD project will be implemented in the period from 2023 to 2027 and includes Bosnia and Herzegovina, Bulgaria, Croatia, Montenegro, the Republic of North Macedonia and other countries of the Dutch constituency, with financial support from the Ministry of Finance of the Netherlands.