Bosnia & Herzegovina
Bosnia & Herzegovina declared sovereignty in October 1991 and independence from the former Yugoslavia on 3 March 1992 after a referendum boycotted by ethnic Serbs. The Bosnian Serbs – supported by neighboring Serbia and Montenegro – responded with armed resistance aimed at partitioning the republic along ethnic lines and joining Serb-held areas to form a “Greater Serbia.” In March 1994, Bosniaks and Croats reduced the number of warring factions from three to two by signing an agreement creating a joint Bosniak/Croat Federation of Bosnia and Herzegovina.
On 21 November 1995, in Dayton, Ohio, the warring parties initialed a peace agreement that ended three years of inter-ethnic civil strife (the final agreement was signed in Paris on 14 December 1995). The Dayton Peace Accords retained Bosnia and Herzegovina’s international boundaries and created a multi-ethnic and democratic government charged with conducting foreign, diplomatic, and fiscal policy. Also recognized was a second tier of government composed of two entities roughly equal in size: the Bosniak/Bosnian Croat Federation of Bosnia & Herzegovina and the Bosnian Serb-led Republika Srpska (RS).
- Total area: 19,741 sq mi (51,129 sq km)
- Population (2014 est.): 3,871,643
- Capital and largest city (2011 est) Sarajevo, 389,000
Bosnia & Herzegovina – along with other Western Balkans countries – was identified as a potential candidate for EU membership during the Thessaloniki European Council summit in June 2003. Since then, a number of agreements between the EU and Bosnia and Herzegovina have entered into force – visa facilitation and readmission agreements (2008), Interim Agreement on Trade and Trade-related issues (2008). The Stabilisation and Association Agreement (SAA) has been ratified but has not yet entered into force.
The EU continues to deploy considerable resources in Bosnia & Herzegovina within the framework of the Common Foreign and Security Policy (CFSP) and the European Security and Defence Policy (ESDP). The current EU Special Representative (EUSR), Peter Sorensen, is also Head of the Delegation of the European Union.
The EUFOR/Althea mission continues to be present in Bosnia & Herzegovina. The operation was reconfigured and reduced to 600 troops as of 1 September 2012, focusing on capacity-building and training, while also retaining the means to contribute to the country’s deterrence capacity.
Bosnia & Herzegovina Currency
The Bosnia & Herzegovina convertible mark (Bosnian, Croatian and Serbian: konvertibilna marka, Cyrillic: конвертибилна марка) is the currency of Bosnia & Herzegovina. It is divided into 100 fenings (pennies) (Bosnian, Croatian and Serbian Latin:feninga, Serbian Cyrillic: фенинга).
The convertible mark was established by the 1995 Dayton Agreement and replaced the Bosnia & Herzegovina dinar, Croatian kuna and Republika Srpska dinar as the currency of Bosnia & Herzegovina in 1998. Mark refers to the German mark, the currency to which it was pegged at par.
Bosnia & Herzegovina Coins
In December 1998, coins were introduced in denominations of 10, 20 & 50 fenings.
- Coins of 1, 2 and 5 marka were introduced later.
- The coins were designed by Bosnian designer Kenan Zekic and minted at the Royal mint in Llantrisant.
Bosnia & Herzegovina Banknotes
In 1998, notes were introduced in denominations of 50 fenings, 1 mark, 5, 10, 20, 50 and 100 marks.
- 200-mark notes were added in 2002, whilst the 50-fening,
- 1 and 5 mark notes were later withdrawn from circulation.
- All current notes are valid throughout the country.
The banknotes are issued by the Central Bank of Bosnia-Herzegovina, with distinct designs for the Federation of Bosnia & Herzegovina and the Republika Srpska, except for the 5 and 200-mark note. On the notes of the Republika Srpska, inscriptions are printed in Cyrillic, then Latin script and vice versa.
- Banknotes, with the exception of the 200-mark note, are printed by the French company Oberthur.
On 15 May 2002 a 200 KM banknote, designed by Robert Kalina, was introduced during a promotion that was held in the Central Bank of BH. The reverse design which depicts a bridge is meant to resemble the euro banknotes, which were also designed by Robert Kalina.
Bosnia & Herzegovina FX Exchange Rates
Initially the mark was pegged to the German mark at par. Since the replacement of the German mark by the euro in 2002, the Bosnian convertible mark uses the same fixed exchange rate to euro that the German mark has (that is, 1 EUR = 1.95583 BAM).