SARAJEVO – The House of Representatives of the Parliament of the Federation of Bosnia and Herzegovina and the National Assembly of BiH’s entity Republika Srpska adopted three crucial financial laws required for BiH to join the Single Euro Payments Area (SEPA), it was reported by the media. The unified legislative package consists of three main regulations: the law on payment services, the law on electronic money, and the law on payment accounts.
This step allows the Central Bank of BiH to formally apply to the European Commission and the European Payments Council to integrate the country into the SEPA system.
Ambassador Luigi Soreca, Head of the EU Delegation to BiH, welcomed the decision regarding the SEPA.
“Low cost cross-border financial transfers for citizens and businesses are one step closer to becoming a reality for BiH! The FBiH House of Representatives and RS National Assembly have now both adopted the legislation necessary for the Central Bank of BiH to apply to the EU Commission to join the Single Euro Payments Area. A concrete step forward for BiH’s EU integration”, Soreca stated on X.
Currently, cross-border transaction fees for BiH citizens and companies are up to six times higher than inside the payment zone. SEPA integration will treat international euro transfers exactly like domestic ones, drastically lowering or entirely eliminating these fees.
