IMF Management, in consultation with the Presidency of Bosnia and Herzegovina, today announced the appointment of Mr. Serge Robert as Governor of the new Central Bank of Bosnia and Herzegovina. In welcoming the appointment earlier today, the Presidency also announced the nomination of the three other members of the Governing Board: Mr Kasim Omicevic, the current Governor of the National Bank of Bosnia and Herzegovina; Mr. Jure Pelivan, a former Governor of the National Bank of Bosnia and Herzegovina; and Mr. Manojlo Coric, Governor of the present National Bank of Republika Srpska.

Under the new Constitution of Bosnia and Herzegovina, enacted as part of the Dayton/Paris peace treaty, a new Central Bank is to be established as the sole authority for monetary policy and the issuing of domestic currency. This institution will operate for at least its first six years as a currency board, issuing a new domestic currency in exchange for purchases of foreign exchange. The Constitution provides for the Governor for the first six years to be named by IMF Management, after consultation with the Presidency. The Governor is not to be a citizen of Bosnia and Herzegovina or any neighboring country.

Mr. Robert, a native of France, has served for the past eight months as Senior Advisor to the Governor of the Central Bank of Haiti. Previously he spent 20 years in the staff of the Banque de France, holding senior management positions, and 20 years in senior executive capacities with European commercial banks.