News Brief No. 97/21

News Brief: IMF Announces the Appointment of New Governor of the Central Bank of Bosnia and Herzegovina

October 31, 1997

The Managing Director of the IMF, after consultation with the members of the Presidency of Bosnia and Herzegovina, today announced the appointment of Mr. Peter Nicholl as Governor of the new Central Bank of Bosnia and Herzegovina. Mr. Nicholl is the second Governor of the Central Bank, succeeding Mr. Serge Robert who presided over the establishment of the institution.

Mr. Nicholl, a native of New Zealand, served on the staff of the Reserve Bank of New Zealand from 1972 to 1995, for the last five years as the Deputy Governor of the institution. In 1995-97 Mr. Nicholl was Executive Director in the World Bank, representing a constituency of 12 countries (Australia, Cambodia, Kiribati, Korea, Marshall Islands, Micronesia, Mongolia, New Zealand, Papua New Guinea, Solomon Islands, Vanuatu, and Western Samoa).

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