Eight members of financial regulatory agencies in Bosnia and Herzegovina (BiH) received certificates of achievement from USAID for their participation in a strengthening financial regulation study tour to the United States. In 2011, the USAID Partnership for Advancing Reforms in the Economy (PARE) project
organized a study trip to Washington, D.C., and New York for a delegation of financial regulators from BiH. This delegation included senior-level officials from banking and insurance agencies in the Federation of Bosnia and Herzegovina and the Republic of Srpska.
In addition to providing general exposure to U.S. financial sector regulation and oversight, the program included visits to key U.S. institutions, including the Federal Deposit Insurance Corporation, Financial Industry Regulatory Authority, Securities Industry and Financial Markets Association, and the U.S. Treasury Department. Particular attention was paid to the future architecture of the global financial system and the new framework of regulation and supervision that can help maintain financial stability.
The training and exchange of information in developing and implementing international principles and standards in financial institutions regulation, as well as the identification of new trends of the regulatory structure for financial institutions, is valuable as BiH works toward accession to the European Union. Three participants commented on the success of the trip.
“The financial sector has been recognized as the most advanced sector in BiH to achieve the reforms at the state level. The trip to the states was a big privilege for us to exchange information with the key financial institutions in the states which, without this program, we probably will have no opportunity to visit. The PARE project is very complex, as is our work, so the knowledge on international trends and standards in financial sector reform and supervision that we gained during the program will help us in our future work. I have been in the states four times, but this program proved to be best,” said Slavica Injac, director of the banking agency of the Republic of Srpska.
“I would like to take this opportunity to express my gratitude to USAID, which through its PARE project, enabled us to attend this study tour in the states, during which we learned a lot about, among other things, the issues involved in the most recent global financial crisis and the measures that were taken to (lessen its impact). I am sure that all these experiences from this trip we will use for the benefit of our institutions,” said Zlatko Bars, director of the banking agency of the Federation of BiH.
“This trip presents a continuation of a 10-year long successful relationship of the Deposit Insurance Agency of BiH with USAID during which the basic principles of a modern financial system have been achieved to the great extent, and the financial sector regulation is taking a good direction to become as developed as the other financial systems,” said Josip Nevjestic director of the Deposit Insurance Agency.