The adoption of nine laws ensured the long-term stability of the financial sector in the Federation of Bosnia and Herzegovina, and the new legal framework brings modernization, digitization and harmonization with European Union standards.
The House of Peoples of the Federation of BiH adopted a set of six laws drafted by the Federal Ministry of Finance. Together with three previously adopted laws, this package represents an important step towards the reform of the financial sector and the payment system in the Federation of Bosnia and Herzegovina.
Laws related to banks, electronic money, payment services, microcredit organizations, payment accounts and protection of users of financial services were adopted. Amendments to the laws related to mandatory traffic insurance, foreign exchange operations and leasing were also adopted earlier.
These legal solutions create a safer and more technologically advanced framework for digital payments, and the Federation of Bosnia and Herzegovina fulfills the important prerequisites for Bosnia and Herzegovina’s accession to the Single Payment Area in Euros, known as SEPA.
One of the more significant novelties for citizens is the introduction of a basic account, which should have minimal maintenance costs. It is also expected that fees in the banking sector will be lower in the coming period.
The Federal Ministry of Finance states that the new laws bring citizens faster, simpler and more favorable electronic payments, while the economy enables lower transaction costs and strengthening the competitiveness of the domestic economy. RTV Slon.
