Usage of German Marks and Croatian Kuna for Cashless Payments Will Cease

The CBBH would like to inform you about changes, which will occur soon regarding the use of German Marks and Croatian Kuna with-in, the internal payment system in the Federation of Bosnia & Herzegovina. Most importantly, starting on September 30, 1999 these currencies will cease to be used for cash-less payments between participants in the internal payment system. In this regard the Payment Bureau will from the first of October 1999, stop performing monetary transactions in DEM and HRK, except the operations of transferring deposits denominated in these currencies, with the Bureau, and upon the order of holders of deposits accounts, to the accounts of commercial banks. Commercial banks will be allowed to make conversions of these funds in KM or to make payments abroad upon the order of owners of these funds.
However, after the above mentioned date, citizens will still be allowed to make cash payments in DEM and HRK on the territory of Federation of Bosnia and Herzegovina. Also from this date payment transactions between RS and FBH will be performed exclusively in KM.
All those changes are part of an overall reform of the payment system which is happening in Bosnia and Herzegovina and it presents a necessary and vital monetary measure that needs to be implemented.