Governing Board of the CBBH: Financial Report for 2003 Adopted 3/27/2004 Tweet At the meeting that was held on Friday, March 26, 2004, the Governing Board of the Central Bank of Bosnia and Herzegovina (CBBH) adopted the Financial Report for 2003 which the External Auditors of the CBBH, Ernst and Young, assessed as an unqualified audit report. The CBBH's financial results show that the profit for 2003 was KM 34 million, which was KM 3 million above budget and was a good result given that income from the CBBH's foreign reserves was significantly lower than in 2002 because of lower interest rates in Europe. The CBBH's foreign reserves at the end of 2003 were KM 2,781 million, which was KM 316 million higher than at the end of 2002. This shows clearly that BiH's current account deficit is being financed by official and private sector flows and is not causing a reduction in the country's foreign reserves. The Board also approved the text of the CBBH's Annual Report for 2003. The Annual Report and Financial Statements will be sent to the Presidency of BiH by 31 March 2004. A recovery plan for the CBBH's IT system was approved by the Board should this important system face problems due to unforeseen events. The Board also was given a briefing on the sovereign credit rating process that the Bank had administered on behalf of the Council of Ministers. Public Relations Section Coordinator Zijada Kulović
