Promoting responsible finance: a key response to the financial crisis

A conference on responsible finance, hosted by the Central Bank of Bosnia and Herzegovina and organised jointly with KfW Entwicklungsbank (Development Bank) and the microfinance investment fund EFSE, was held today in Sarajevo, Bosnia and Herzegovina. During the event, representatives of the Bosnian and Herzegovinian financial sector, including Dragan Vranki?, Minister of Finance and Treasury of Bosnia and Herzegovina, and Kemal Kozari?, Governor of the Central Bank of Bosnia and Herzegovina, donor agencies and international finance institutions, as well as microfinance practitioners discussed the importance of promoting responsible business practices in the financial sector of Bosnia and Herzegovina and the Southeast Europe region.

Enterprises and the overall population now have significantly better access to financial services. This has contributed to economic growth and greater prosperity, including among poorer groups of the population.

"Responsible lending principles must be adhered to during the entire lending cycle, starting with a prudent assessment of the creditworthiness of individual clients and continuing with a fair and transparent lending relationship", Sylvia Wisniwski, Chief Operating Officer of the EFSE, emphasised in her presentation "Best Practice in Responsible Lending in Times of Crisis".
The panel discussion included further presentations on responsible management of foreign currency reserves by the central bank, the role of stakeholders in responsible finance, post-crisis interest rate revision and the role of the Association of Microfinance in Bosnia and Herzegovina.

The Central Bank of Bosnia and Herzegovina, together with financial intermediates and clients, makes the pillar of the financial system, therefore the maximum engagement of everybody is needed in order to maintain financial stability. Along with the independence, credibility and confidence in the Central Bank, responsibility is one of the standards, which regulates the role of the Central Bank. Responsibility of the Central Bank is mirrored in running of monetary policy in a manner, which will provide monetary and financial stability, low inflation, confidence in the local currency.

KfW is the acknowledged leader in promoting responsible business practices in transitional and developing countries; not limited to the microfinance sector. By hosting and participating in international conferences and in an intensive and continuous dialogue with relevant stakeholders, KfW contributes to the principles established by the German Federal Ministry for Economic Cooperation and Development (BMZ) for a social and ecological market economy. Beyond that, KfW contributes in particular toward achieving broad-based growth for poverty alleviation, promoting gender equality, strengthening the private sector, strengthening social partnerships, making the economy ecologically sustainable and creating equal opportunities for disadvantaged groups of the population.

Presentations held at the function can be downloaded as PDF here

About the Central Bank of Bosnia and Herzegovina

Media Contact
Zijada Kova?, Manager Public Relations
Tel: +387 (0)33 278 128

About the European Fund for Southeast Europe (EFSE)

Media contact
Mr. Samir Djiki?
Communications Manager
Tel: +49 (0)69 9778 7650-26

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