prijava
SARAJEVO, April 5 (FENA) - On April 5, 2018, the Central Bank of Bosnia and Herzegovina (CBBiH) paid the amount of KM 7,311,129.83 into the budget of the BiH institutions pursuant to the Decision of the CBBiH Governing Board on the allocation of net profit, which the CBBiH made in 2017.
The net profit of the CBBiH for 2017 amounts to KM 12,185,216.39. Out of this amount, in accordance with Article 27 of the Law on CBBiH, 60% or KM 7,311,129.83 was transferred to the budget of the Bosnia and Herzegovina institutions, while 40% or KM 4,874,086.56 was allocated in the CBBiH general reserves, the CBBiH Public Relations Section stated.
In the past few years, the CBBiH operations have been subject to the constant pressure of interest expenditures from the negative interest rate on deposits with foreign banks in the euro area.
“The Eurozone’s financial markets, for a long period of time, have been reflecting negative and low yields on government bonds of the countries in our investment spectrum, and extremely negative interest rates on time deposits and sight deposits with foreign banks,” the statement reads.
The uncertain and negative market trends along with the legal framework for investing foreign exchange reserves of the CBBiH have inevitably affected the process of managing foreign exchange reserves and the amount of investment income, and the CBBiH is facing more and more difficulties to achieve the positive financial result.
The profit realized for 2017 is the result of a rational management policy of the CBBiH, which in 2017, fulfilled its legal mandate to maintain monetary stability, with the rational use of resources. The CBBiH still succeeds, in times of negative interest rates on the Eurozone market, to achieve a positive financial result, although the primary objective in central banking is not to have the profit, but to maintain monetary stability, the statement reads.
(FENA)
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