Governor Jasmina Selimović, Ph.D. at the Economic Forum 2024

Governor of the Central Bank of Bosnia and Herzegovina, Jasmina Selimović, Ph.D. attended the Economic Forum in Sarajevo, today. The Forum is dedicated to the Plan for the Growth and Development of the Western Balkans on the Road to the European Union, with the implementation of the "Pact for the Future", based on the principles of sustainable development, inclusiveness and regional cooperation, and is focused on strengthening institutional capacities, improving the business environment and improving living standards.

The Forum, organized by the Faculty of Economics of the University of Sarajevo, brought together leading representatives of domestic institutions, international organizations (UN, EU), regional government officials, and experts in sustainable development and economy.

Addressing the audience, in her introductory speech, Governor Selimović emphasized the key role of continued EU integration for Bosnia and Herzegovina, with special reference to the advantages of joining the Single Euro Payment Area (SEPA) for citizens and the economy, bearing in mind the importance and scope of BH's foreign trade exchange with the EU, 73.9% of exports and 59.5% of imports in the first quarter of 2024, as well as remittances from BH diasporas that generate 10.53% of GDP.

"The entry of Bosnia and Herzegovina into the SEPA area, for users of payment services, implies equality of conditions both in domestic and cross-border payment transactions with the countries that are part of this arrangement. One of the key benefits is a significant reduction in fees for incoming and outgoing transfers, which represents a direct saving for users," said Governor Selimović at the Economic Forum.

The Governor pointed out the importance of adapting the business models of financial institutions by introducing climate risks, in accordance with the best EU practices, pointing out that the world around us is constantly changing and that we face a large number of challenges requiring a very quick reaction. Technological progress and climate change are two of the most significant challenges.

"In addition to preserving monetary and financial stability, central banks are increasingly taking an active role in the fight against climate change and facilitating the transition to what is a sustainable economy. Practically, this means that we have to go through a system that integrates climate risks into our economic models, because climate risks can deeply undermine the stability of the financial system," Governor Selimović pointed out and added: "By financing projects that rely on renewable energy sources, energy-efficient technologies and environmentally friendly practices, we practically make our economy more resilient, we make it more ready for all the challenges we will have in the future."