The Central Bank of Bosnia and Herzegovina (CBBH) welcomes the adoption of a set of financial laws in the House of Representatives of the Parliament of the Federation of Bosnia and Herzegovina, which will bring enormous benefits to the citizens and economy of our country.
With the adoption of the proposed law in the field of banking, payment services, electronic money, the microcredit sector, the protection of users of financial services, as well as the law on payment accounts, an extremely important step was taken towards fulfilling the regulatory assumptions for the integration of Bosnia and Herzegovina into the Single European Payment Area (SEPA), announced the CBBH.
The accession of Bosnia and Herzegovina to the SEPA area will enable simpler, faster and cheaper execution of cross-border payment transactions with the member states of the European Union.
For the economy, this means lower transaction costs, faster turnover of capital and greater predictability of operations, reports Fena.
It increases the competitiveness of the banking sector and opens up additional space for the development of modern digital financial products.
To citizens, SEPA brings faster and more favorable transactions, without waiting for several days, and significantly greater financial flexibility.
For Bosnia and Herzegovina, joining SEPA is one of the most important strategic projects that contributes to the modernization of payment transactions, strengthening its security and transparency, and accelerates the digitization of financial services.
The Central Bank of Bosnia and Herzegovina expects the same set of laws to be adopted by the House of Peoples of the Parliament of the Federation of Bosnia and Herzegovina, as well as for the National Assembly of the Republic of Srpska to accept similar legal changes proposed by the Government of the Republic of Srpska.
In this way, Bosnia and Herzegovina will continue the process of harmonizing the domestic regulatory framework with the standards and practices of the European Union, which will ensure a quick entry into the Single European Payment Area (SEPA), according to the announcement.
