Meeting of the Governors in Belgrade

Today (Tuesday, December 12, 2000) the meeting of the governors of Bank of Slovenia, Croatian National Bank, National Bank of Republic of Macedonia, Central Bank of Bosnia and Herzegovina and National Bank of FR Yugoslavia was held in the building of National Bank of Yugoslavia in Belgrade. The subject of the meeting was division of gold reserves and foreign currency reserves of ex SFRY that are in the Bank for International Settlements in Basle in Switzerland. Governor of the National Bank of FR Yugoslavia, Mlađan Dinkić was precise that in question are 46 tons of gold, 8000 shares and certain quantities of the foreign reserves, whose total value is 477 million US$. Representatives of Bank of Slovenia, Croatian National Bank and National Bank of FR Yugoslavia pledged for implementation of the formula, proposed by International Monetary Fund, as a basis for division of foreign currency and gold reserves in BIS (Bank for International Settlements) in Basle. According to that formula Bosnia and Herzegovina would obtain 13,2 % (63 million US$ out of total value of gold and foreign currency reserves in Bank in Basle). Governor of the Central Bank of Bosnia and Herzegovina Peter Nickoll pledged for the implementation of the key of European Central Bank, according to which Bosnia and Herzegovina would obtain 15,78 % of total assets (75,3 million of US$ out of total value of the gold and foreign currency reserves in Bank in Basle). Governor of the National Bank of Republic of Macedonia asked to define the balance of total financial assets of former SFRY, in order to resolve the issue of property division after that. In order to find a compromise Governor of the Central Bank of Bosnia and Herzegovina Peter Nicholl offered the possibility to talk about the formula for division of gold and foreign currency reserves in Bank in Basle, that would be the combination of the formula that was suggested by IMF and of the formula that was suggested by European Central Bank.
"The position of Bosnia and Herzegovina and Macedonia is that richer countries from the area of former Yugoslavia should show more flexibility. This is way we started the issue of combined formula. This is not the official position of BH authorities, but it means that we all make the compromises", Governor of the Central Bank of Bosnia and Herzegovina Peter Nicholl pointed out.

It was agreed that this initiative is discussed at the next meeting of Governors of the central and national banks from the area of former Yugoslavia, which will be held in Zagreb, in the second half of January, 2001. There was open the possibility that Commission for the Succession of former SFRY property discussed about that, too. The meeting of the Commission is scheduled for December 18, 2000 in Brussels. Governor of the Central Bank of Bosnia and Herzegovina Peter Nicholl pointed out that the issue of succession is not the simple one, among other things, because the same key, i.e. formula will not be used for the division of all kinds of the property of former Yugoslavia.

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Vildana Popovčević