Central Banking, a UK based media outlet, awarded the Central Bank of Bosnia and Herzegovina with prestigious international award in the “transparency” category.
Central Banking, which covers the operations of central banks and financial regulators, annually awards central banks and participants in the financial market, and for the first time, they awarded the Central Bank of Bosnia and Herzegovina for strengthening integrity and introducing the Ethical Line as an independent anti-corruption tool, and for strengthening communication with the public.
In the explanation of the awarding, the Central Bank of Bosnia and Herzegovina was characterized as a “pioneering” public institution, i.e. as one of the few public institutions that implemented the Ethical Line, and which offers the possibility of anonymous reporting on the existence of corruption and other irregularities in work, and which adopted the Ethical code and enactments related to conflicts of interest, gifts and hospitality.
“Both Central Bank employees and third parties can use the service to report suspected corruption, 24/7. An independent body oversees the ethics line separately from the Central Bank, with data on people who submit reports located on a server in Ireland,” is stated, among other things, in the Central Banking press release, on the website Transparency: Central Bank of Bosnia and Herzegovina – Central Banking.
Strengthening communication with the public and financial education are also categories, which, in order to strengthen transparency, have been recognized for the award of this award .
„I believe that the award comes in the right moment for our institution, taking into account very challenging times and the environment which is not ideal for any innovations, particularly for strengthening of integrity and transparency in work. When we see central banks from the world and Europe which have been awarded earlier and winners in this category from earlier years, being equal to them makes us proud and gives us additional motive to be even more determined in developing ethical operating in the period ahead. This award is especially important for us, as it is a confirmation that what we are doing is right. The decision to introduce and develop new models of communications and new functions such as compliance function, in the period of the pandemic and turmoil in financial markets brought about by the war in Ukraine, required special efforts and we are thankful that Central Banking has recognised it and awarded our efforts. Transparency and confidence in the Central Bank work are very important for us, as it additionally positions the Central Bank of Bosnia and Herzegovina as an independent institution, determined to be always guided in work by expertise, in the interest of the citizens and the state of Bosnia and Herzegovina“, said Governor of the Central Bank of Bosnia and Herzegovina, Senad Softić, Ph.D. on the occasion of winning the award.
Central Banking is a United Kingdom based media outlet established in 1990. It issues Central Banking Journal, numerous books and gives annual awards „Central Banking Awards“. The award is given in 26 categories, 13 for central banks and 13 for participants in financial market. Central Banking is also a host of education expert events for central bankers and participants in financial markets.