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Bosnia: IMF Names New Head For Central Bank

Washington, 3 November 1997 (RFE/RL) - The IMF, in consultation with the presidency of Bosnia and Herzegovina, has appointed a new governor of the Central Bank of Bosnia.

Under the Dayton Peace Accords, the International Monetary Fund is charged with appointing a qualified foreign national to head the Bosnian Central Bank.

IMF Managing Director Michel Camdessus Friday said he has named New Zealander Peter Nicholl. Nicholl was most recently an Executive Director of the World bank for a group of Asian-Pacific nations.

He will become the second governor of the new central bank, succeeding Serge Robert who presided over its founding.

The Bosnian Central Bank is the sole authority for monetary policy and issuing of domestic currency. It is operating for at least its first six years as a currency board, issuing currency only in exchange for foreign exchange.

However, the Serb and Muslim leaders in Bosnia have yet to agree on the design of the notes for the currency. It is presently available only as an electronic exchange medium for banks.