Deadline for Acceptance of DEM Banknotes Ends

Deadline for the purchase and transport of DEM banknotes into their country of origin, which was extended according to the Decision of the Governing Board of CBBH, ended on May 31. The Central Bank of Bosnia and Herzegovina emphasizes that there will be no possibility to exchange DEM banknotes through CBBH after May 31. From February 15 until May 31, 2002, the CBBH purchased from commercial banks and transported back to Germany DEM 354 million. In the last two weeks before the deadline, only six million of DEM were purchased and transported, which shows that BH citizens exchanged their DEM banknotes on time.
The largest volume of DEM banknotes worth DEM 2,1 billion has been exchanged from September 2001 until February 15, 2002. Central Bank of BH has purchased from commercial banks and transported back to Germany total volume of DEM banknotes worth KM 6,1 billion.
Although purchase and transport of DEM banknotes was originally supposed to end on February 15, CBBH has made the arrangement with Deutsche Bundesbank (German Central Bank) after which its Governing Board made a Decision to continue to accept DEM banknotes. CBBH has charged commercial banks 0,5 percent fee for purchase and transport of DEM banknotes to the country of origin.
This way, Central Bank wanted to assist the commercial banks in BH, taking into consideration the complexity of money transport procedures abroad, as well as to enable citizens to exchange remaining DEM banknotes in BH. The end of deadline for purchase and transport of DEM banknotes through the CBBH does not exclude the possibility that some commercial banks will continue to purchase and transport DEM banknotes on their own.
Since the March 1, the German Mark is not in circulation in the country of its origin, Germany. Deutsche Bundesbank (German Central Bank) will continue to exchange DEM banknotes and coins for the indefinite period of time in its branch offices and units in Germany.