News in English     | 07.06.2023. 12:17 |

CBBH has no influence on the choice of currencies exchanged in commercial banks and exchange offices

FENA Press release, Photo: FENA

SARAJEVO, June 7 (FENA) - The Central Banka of Bosnia and Herzegovina announced today that, in the past few days, information was passed on in public that commercial banks and exchange offices in Bosnia and Herzegovina have stopped accepting and exchanging Norwegian kroner banknotes, and in some cases also Swedish and Danish kroner ones, and that this was caused by the decision of the Central Bank of Bosnia and Herzegovina.

We hereby inform the public that the Central Bank of Bosnia and Herzegovina has not made any decision regarding the suspension of the mentioned currencies acceptance by in commercial banks/exchange offices in Bosnia and Herzegovina, as well as that it is not in charge ofr exchange transactions with natural persons in BiH.

In accordance with entities' laws on foreign exchange operations, exchange operations can be performed by commercial banks, as well as by residents - other legal entities and entrepreneurs, who have concluded a contract with the bank, are authorized by the competent entity's Ministry of Finance and are registered to perform exchange operations.

Please note that commercial banks and authorized money changers in Bosnia and Herzegovina freely decide whether to trade in a foreign currency in accordance with their business policy and on the possibility to exchange that currency with a foreign bank at the foreign exchange market.

According to publicly available information, significant fluctuations in the exchange rate of the Norwegian krone against the EUR currency and thus against the KM are visible, whereby the value of the Norwegian krone significantly depreciated against the aforementioned currencies, i.e. lost its value.

As we know, foreign commercial banks have stopped buying the Norwegian krone in the process of buying and selling effective foreign currency, and consequently commercial banks and exchange offices in Bosnia and Herzegovina.

Financial institutions abroad and in BiH may suspend exchange in the event of a drop in the value of a currency in order to protect themselves against a further decrease in value, which may be of a temporary nature until the situation with the exchange rate of that currency stabilizes.

In any case, citizens should seek information about the possibility of exchange or the reasons for possible refusal to exchange the Norwegian krone and any other foreign currency directly from commercial banks and authorized exchange offices, that is, where exchange operations are carried out, stated the CBBH. 

(FENA) S. R.

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