Governor Selimović and Director Ražanica: Banks actively participate in the exchange of withdrawn banknotes

(Patria) - Governor of the Central Bank of Bosnia and Herzegovina, Jasmina Selimović, held a meeting today with the Director of the Association of Banks of BiH, Edis Ražanica, to discuss the ongoing process of withdrawing Convertible Mark (KM) banknotes that 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 According to the defined timeline, commercial banks will actively participate in the exchange of withdrawn banknotes from January 1, 2025, until the end of the same year. After this period, the exchange of withdrawn banknotes will be possible exclusively at the Central Bank of Bosnia and Herzegovina, starting from January 1, 2026, for a duration of 10 years.

Governor Selimović emphasized that this process is of utmost importance for preserving the integrity of the domestic currency and that it is necessary to ensure a smooth exchange of withdrawn banknotes with maximum cooperation from all participants.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 between 1998 and 2009, will be replaced with new, high-quality banknotes, thereby ensuring greater resistance to counterfeiting and extending the lifespan of banknotes in circulation.

Additionally, enhanced anti-counterfeiting protection will ensure that only banknotes with identical and improved security features remain in circulation. This will facilitate authenticity verification for the public, individuals handling banknotes manually, as well as for banknote acceptance and processing devices.

All activities in this process are being carried out in cooperation between the Central Bank of Bosnia and Herzegovina and commercial banks, with the support of the Association of Banks of BiH, with the aim of ensuring its efficient and successful implementation. Through the joint efforts of all involved entities, special attention will be paid to providing timely information and support to citizens and businesses.

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 BiH and fulfill their obligations 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 exchange period, and we 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 the Director of the Association of Banks of BiH on this occasion.

For additional information regarding the identification of banknotes being withdrawn from circulation, inquiries can be sent via email or to the phone numbers: +387 33 278 335 and +387 33 278 212.