The CBBH Received the Highest Grade from the EU

For the very successful implementation of the project in cooperation with the ECB/Eurosystem, the Central Bank of Bosnia and Herzegovina (CBBH) received  in post-implementation monitoring the highest grade - 5A  from the European Union (EU) .

Relevance and quality of design                                                                           A

Efficiency of implementation                                                                                 A

Effectiveness                                                                                                             A

Impact to date                                                                                                           A

Sustainability to date                                                                                               A

One year after the completion of programme of technical cooperation of  the CBBH and the European Central Bank (ECB), the EU assessed this project, funded by itself, as its most ambitious and most successful project so far realized in BH.

The key factors of the success of this project are: precisely defined project objectives and the implementation modalities, and a very high level of ownership of the CBBH over all phases of the project, enabling the insight and gaining of knowledge on the best and most current practice and standards of the European central banking. The CBBH's proactive position during the project ensured the sustainability of results and the continuation of harmonization with the European and international standards, with its own capacities, but also support from other programmes of technical cooperation through the cooperation with the national central banks of the EU.

Together with the CBBH, the ECB implemented this project in partnership with seven Eurosystem central banks, within the Programme of technical assistance for the CBBH, aiming to strenghten the institutional capacities and improve the preparations for membership in the European System of Central Banks (ESCB). This project has significantly contributed to the improvement of the capacities of the CBBH in production of interest rates statistics and the introduction of portfolio investments statistics. The capacities for performing  economic analysis, research and forecasts are also improved, along with the capacities for active monitoring  of monetary policy within the currency board. This project has also introduced a new approach to the development of the IT system in the CBBH.

All the expected results were achieved in the manner specified in the contract, and in some areas, more was achieved than it was originally planned.

The report made by the monitoring team stated, among other, the following:

"The project is considered a success story and was used as a learning tool by the ECB. The knowledge transfer approach could be useful for future EC aid programming in the field of institutional capacity, particularly for twinning projects."

Having in mind a complex institutional and political structure in BH, the CBBH is considered  one of the strongest institutions which contribute to the overall macroeconomic stability.

The CBBH has showed through these results also that it is ready to harmonize its policies and guidelines with the European standards.

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