Governor Of The CBBH Hosted the Ambassador of the Federal Republic of Germany

Today, 2 July 2009, Ambassador of the Federal Republic of Germany in Bosnia and Herzegovina, His Excellency Joachim Schmidt, paid a visit to the Central Bank of Bosnia and Herzegovina (CBBH) and during the discussion with the Governor Kemal Kozarić, announced continuation of cooperation of the Federal Republic of Germany and Bosnia and Herzegovina.

The Governor Kozarić informed the Ambassador Schmidt about the economic situation in the country, emphasizing that global crisis effects are being felt in Bosnia and Herzegovina, in which, there is an evident decline of all economic parameters. The Governor confirmed that Bosnia and Herzegovina has fulfilled all the conditions set out in the Letter of Intent on concluding a stand by arrangement with this international financial institution. It is expected that IMF will soon approve the agreed arrangement for Bosnia and Herzegovina.

The Governor has also informed the Ambassador on recently signed Memorandum of Understanding with the parent banks whose daughters operate in Bosnia and Herzegovina, and, according to which, these banks shall remain adequately capitalized and continue to maintain active lending role in our country.

German Ambassador was particularly interesting in learning more about regional cooperation of central banks, and in regard to this issue, the Governor Kozarić emphasized that this cooperation is at the extremely high level and it implies implementation of joint projects, experiences exchange, study visits and training of employees.

The interlocutors have jointly stated that there is extremely good and successful cooperation of the CBBH and other financial and banking institutions operating in Bosnia and Herzegovina with Deutsche BundesBank (Central Bank of Germany), GTZ (German Organization for Technical Assistance and Cooperation) and German Bank for Development (KfW).

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