The Royal Mint Company Will Mint Additional Quantity of Fening 10 and Fening 20 Coins

The Governing Board of the Central Bank of BH (CBBH) held its first meeting for 2004 on Wednesday, 4 February, in Mostar. At that meeting it selected the Royal Mint, UK, as the successful bidder for minting additional quantities of F10 and F20 coins.

The Royal Mint was selected after the tender, which the CBBH announced at the end of 2003. The Royal Mint produced the first F10 and F20 coins for the CBBH.

The CBBH decided earlier that the additional volumes of F10 and F20 coins would be produced. The volumes will consist of ten million F10 coins and ten million F20 coins. The design of the coins will remain the same and only the date will be changed.

The Board also approved Governor Peter Nicholl appointing a CBBH 'observer' to the Board of the Indirect Taxation Administration (ITA) of BH. The ITA Law says that an 'observer' to the ITA Board should be appointed by the Governor of the CBBH. The Governor will decide who the observer will be next week.

The Board discussed the visit to BiH by the team from Moody's Rating Agency, which is producing the first sovereign credit rating of BH. Analysts of the International Agency Moody's Investor Service visited BH from January 26 until January 30. The Council of Ministers of BH decided at the beginning of 2003 that BH should obtain its first sovereign credit rating and the Central Bank of BH (CBBH) was entrusted with the role of agent.

The Board also discussed the International Monetary Fund (IMF) Article 4 Report which was prepared following the IMF's Article 4 Mission to BiH late last year.

The Board endorsed the issues relating to the CBBH set out in that Report, especially proposal to bring the banking supervision under the "umbrella" of the CBBH. Also, the CBBH's role as the lender of last resort could also be discussed, but it would have to be done in accordance with the conditions of the Currency Board Arrangement.

The first meeting of the Governing Board of the CBBH in this year was held in the CBBH's new premises in Mostar. These premises had been formally opened on Tuesday, February 3.

All five members of the Governing Board attended the meeting and the next meeting is scheduled for February 24 in Sarajevo.