The Governor of the Central Bank of Turkey Visited the Central Bank of Bosnia and Herzegovina

Governor of the Central Bank of Turkey, Durmuş Yilmaz, and his associates, visited today, on April 15, 2011, the Central Bank of Bosnia and Herzegovina (CBBH).

During the talks with the Governor of the CBBH, Kemal Kozarić, Ph.D., and his associates, Governor Yilmaz stressed the importance of political stability for achieving positive economic results. He illustrated that with the example of Turkey, whose political stability in recent years, together with the implemented reforms, were the basis for the success of the Turkish economy which suffered from financial indiscipline for more than 40 years, while changes in economic policy in the past were sending wrong messages to business.

With the financial discipline in the stable political environment, Turkish economy, the third most growing economy in the world, recorded positive results in recent years which are reflected in the significant econimic growth and inflation decline, decline of public debt and budget deficit. The continuation of reforms is required, including the reform of labor force, which would enable further growth of the economy, said Governor Yilmaz.

During his presentation of the economic indicators, Governor Kozarić pointed out also the neccessity of political stability in order to achieve the economic stability. The financial sector in Bosnia and Herzegovina is stable, but it can not solve all problems in the country, said the Governor Kozarić.

At the end of the talks, mutual desire of governors of the central banks for the continuation of cooperation and mutual assistance in their work was higlighted.

The Governor of the Central Bank of Turkey thanked the Governor of the CBBH for supporting the organization of exhibition "Contemporary Turkish Painting From the Collection of the Central Bank of the Republic of Turkey" at the Art Gallery of Bosnia and Herzegovina in Sarajevo. The exhibition is opened till May 7, 2011. 

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