New Payments Law 9/29/1999 Tweet Sarajevo - In response to a large amount of inquiries from news agencies in BiH the Central Bank of Bosnia & Herzegovina wishes to clarrify several points about the new payments law adopted by the Federation BiH parliament on 16, September 1999. * Cash transactions involving Croatian Kuna and German Mark will be allowed, without restriction, after the law goes into effect * Individuals and businesses both public and private will be allowed to maintain deposit accounts in DEM and HRK as foreign currencies in commercial banks * The ZPP & ZAP will stop using DEM and HRK for non-cash, internal payments * The only permissable DEM and HRK transaction for the payments bureaus will be the "one way" transfer of foreign currency out of the payments bureau to an account at a commercial bank Finally, the law was to go into effect on the 30. September 1999. However a stipulation in the law provides that it will only go into effect 8 days (eight) after its publication in the Official Gazette of FBiH, whatever date was to be the latest. As of today, 29, September 1999, outstanding technical issues have so far delayed the laws publication in the Official Gazette. These issues should be resolved shortly. The CBBH will keep you informed as to new developments as they arise.
