Governor Selimović had a meeting with the Director of Banks' Association of BH

Governor of the Central Bank of Bosnia and Herzegovina, Jasmina Selimović Ph.D. had a meeting today with Director of Banks' Association of Bosnia and Herzegovina, Edis Ražanica, in order to discuss the current process of withdrawal of convertible mark (KM) banknotes which ceased to be legal tender from 1 January 2025.

The key role of commercial banks in this process was stressed at the meeting. According to the set dynamics, commercial banks will be participating actively in the exchange of withdrawn banknotes in the period from 1 January 2025 until the end of the year. After this period, the exchange of withdrawn banknotes will be possible only in the Central Bank of Bosnia and Herzegovina, starting from 1 January 2026, in the period of 10 years.

Governor Selimović stressed that this process is very important for preserving the integrity of the domestic currency and that it is necessary to ensure the undisturbed exchange of the withdrawn banknotes with maximum cooperation of all participants. She also pointed out that the banknotes in the denominations of 10 KM, 20 KM, 50 KM and 100 KM, having been put into circulation in the period from 1998 to 2009, will be replaced with new high quality banknotes, which will ensure higher resilience to counterfeiting and prolong the duration of banknotes in circulation.

In addition, the improved protection against counterfeiting will ensure that only the banknotes with identical and improved protection should remain in circulation. This will facilitate the check of authenticity for the public, for the persons manually processing banknotes and also for banknote processing machines.

All the activities within this process are carried out in cooperation of the Central Bank of Bosnia and Herzegovina and commercial banks, with the support of Banks' Association of BH, with the aim to ensure the efficient and successful implementation. By joint efforts of all the involved participants, special attention will be devoted to providing timely information and support to citizens and companies.

Director Ražanica stressed that Banks' Association of Bosnia and Herzegovina, together with its members, will participate actively in the process of withdrawing KM banknotes from circulation “All commercial banks consistently implement the decisions and guidelines of the Central Bank of BH and fulfil their obligations in order to ensure the efficiency and successful implementation of this important process. We are devoted to providing maximum support to our customers and citizens of Bosnia and Herzegovina during the period of replacement of the banknotes, and we will provide timely information and assistance in each phase of the process. Banks Association of BH remains the key partner of the Central Bank of BH in the activities of preserving the integrity of our currency and providing stability of financial system of Bosnia and Herzegovina,“ Director of Banks’ Association of BH said on this occasion.  

For additional information related to recognizing the banknotes being withdrawn from circulation, please send your enquires to email: [email protected] or phone numbers +387 33 278 335 and +387 33 278 212.