Fifth Meeting of the National Capital Market Council

The fifth meeting of the National Capital Market Council of Bosnia and Herzegovina was held Thursday, October 21, 2004, in the premises of the Central Bank of Bosnia and Herzegovina (CBBH) in Sarajevo.

Participants of this meeting have stressed the importance of the necessary legislation, in order for the concrete steps on the establishment of the government securities market to be undertaken.

During the meeting it was confirmed that the framework document, which defines the end goals of the National Capital Market Council of BH, is the Development Strategy of BH (PRSP) for the part which is related to the financial sector in BH.

In order to overcome the legal obstacles and harmonize legislation in the domain of the capital market of BH, the Working Group has been established, which will be chaired by the representative of the Finance and Treasury Ministry of BH and deputies are going to be directors of the Sarajevo and Banja Luka stock exchanges. Other members of the Working Group are representatives of entities' ministries of finance, entities' securities commissions and Brčko District, entities' securities registers and the CBBH.

Representative of the US Treasury Keith Krchak has informed participants about his experiences in development of the state securities market in the transition countries and gave his suggestions about what experiences could be implemented in BH.

At the end of the meeting the conclusion was made that members of the National Capital Market Council of BH will actively participate in the creation of the Study on development of money market in BH by providing their suggestions. It was agreed that members of the Council will send their suggestions within ten days and those suggestions will be compiled and presented at the final conference on the development of the Study.