When I visit Bosnia what kind of money can I use? What is the legal tender of Bosnia? Why can’t I just use Euros?
Based upon the Wikipedia entry. In 1995 the Dayton Peace Accord established a central currency. In 1998 it replaced the Bosnia and Herzegovina dinar, Croatian kuna and Republika Srpska dinar as the single currency of Bosnia and Herzegovina. The currency was based on German mark and pegged to it. Later the currency was pegged to the euro at the same rate as the German mark had (1 EUR = 1.95583 BAM). The currency is printed in minted at the Royal Mint in Llantrisant (Wales, UK). 60 other currencies are printed at the facility.
Why is the Convertible Mark controlled by the EU? Pegged to the Euro?
The entire economy and government is controlled by the European Union. The Dayton Peace Accord established a colonial government in Bosnia that took out billions of euros in loans to pay for its peace keeping forces (Bose 2005). Former Swedish Prime Minister, Carl Bildt who was the head of peace negotiations in Bosnia became the de facto chief executive of Bosnia (Bildt 1998). The Bosnian Central Bank became controlled by the IMF, and all public-sector enterprises (i.e. roads, railways, water, energy, and postal service) were under European Bank control.
Bildt, Carl. Peace journey: the struggle for peace in Bosnia. Vol. 45. London, 1998.
Bose, Sumantra. “The Bosnian state a decade after Dayton.” International Peacekeeping 12.3 (2005): 322-335.
What are the currency rates for the Convertible Mark?
|Currency||BAM to Currency||Currency to BAM||Easy Conversion|
|European Union Euro||.51||1.95583 BAM||Half a Euro|
|Croatian Kuna||~3.8||~0.26 BAM||4 Kunas|
|United States Dollar||0.5 – 0.7||1.4 to 1.8 BAM||60 cents|
|British Pound||.35 – .5||2 to 2.8 BAM||Slightly less than half a Pound|
|Swiss Franc||.5 – .65||1.5 to 2 BAM||Half a Franc|
What Credit Card should I use?
Visa cards account for more transactions than all others combined. Even small towns accept these however local markets and local vendors will still only accept cash.
Can I use Euros?
In major cities and towns most places will accept Euros or other legal tender. In smaller towns and smaller merchants who do not deal with Euros or Croatian Kunas you may find it hard to spend that currency.
Use your Visa card for most purchases and visit your local ATM for small bills used for day to day transactions and to shop for unique handmade items.