The Governor of the Central Bank of Bosnia and Herzegovina, Jasmina Selimović, held a meeting today with the Director of the Association of Banks of Bosnia and Herzegovina, Edis Ražanica, to discuss the current process of withdrawal of Convertible Mark (KM) banknotes, which ceased to be legal tender as of January 1, 2025.
The meeting highlighted the key role of commercial banks in this process. According to the defined dynamics, commercial banks will actively participate in the exchange of withdrawn banknotes in the period from January 1, 2025 until the end of the same year. After that period, replacement of the withdrawn banknotes will be possible only in the Central Bank of Bosnia and Herzegovina, starting from January 1, 2026, for a period of 10 years.
Governor Selimović emphasized that this process is extremely important for preserving the integrity of the domestic currency, and that it is necessary to ensure the smooth replacement of withdrawn banknotes with maximum cooperation from all participants. She also pointed out that the 10 KM, 20 KM, 50 KM and 100 KM banknotes, which were put into circulation in the period from 1998 to 2009, will be replaced by new high-quality banknotes, which will ensure greater resistance to counterfeiting and extend lifetime of banknotes in circulation.
Additionally, enhanced counterfeit protection will ensure that only banknotes with identical and improved protection remain in circulation. This will make authentication easier for the public, people who perform manual banknote processing, as well as banknote receiving and processing devices, reports Fena.
All activities of this process are carried out in cooperation with the Central Bank of Bosnia and Herzegovina and commercial banks, with the support of the Association of Banks of Bosnia and Herzegovina, with the aim of ensuring its efficient and successful implementation. With the joint efforts of all involved entities, special attention will be devoted to providing timely information and support to citizens and business entities.
Director Ražanica emphasized that the Association of Banks of Bosnia and Herzegovina, together with its members, will actively participate in the process of withdrawing KM banknotes from circulation.
– All commercial banks consistently implement the decisions and guidelines of the Central Bank of Bosnia and Herzegovina, and fulfill their obligations in order to ensure the efficiency and successful implementation of this important process. We are committed to providing maximum support to our clients and citizens of Bosnia and Herzegovina during this banknote replacement period, and will provide timely information and assistance at every stage of this process. The Association of Banks of BiH remains a key partner of the Central Bank of BiH in activities to preserve the integrity of our currency and ensure the stability of the financial system of Bosnia and Herzegovina – said Ražanica, the CBBH announced.
