Central Bank of Bosnia and Herzegovina recognizes importance of financial education

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Central Bank of Bosnia and Herzegovina recognizes importance of financial education

Senad Softi, the governor of the central bank of Bosnia and Herzegovina, said that the bank recognized the importance of financial education, which is crucial for further financial inclusion, improvement of financial stability, and the overall development of the economy in the country.

Financial inclusion, i.e. Access to a wide range of financial services worldwide is growing intensively, and relevant international institutions, including the OECD, are increasingly involved in improving education in the field of finance, economics and banking, especially among children and youth.

Softi said the Central Bank recognized the importance of financial education and inclusion, which it is extremely committed to, the Bank said in a statement.

The Bank has been advocating for the importance of financial education for several years, with a special focus on the younger crowd, striving to create creative and simply address various topics essential for financial literacy.

The Central Bank implements the project in secondary schools as a means of educating students about managing personal finances and banking services and products.

The OECD delegation returned to BiH for a two-day visit to assess the situation in terms of financial inclusion and literacy of the population, in preparation of a document to support the development of financial literacy from the OECD.

As part of the project, activities in the field of financial literacy are carried out as part of the project, aiming to encourage countries to increase the level of financial literacy and inclusion by enhancing financial education to achieve the prosperity of citizens and small and medium-sized enterprises.

The OECD project will be implemented from 2023 to 2027 and includes Bosnia and Herzegovina, Bulgaria, Croatia, Montenegro, North Macedonia, and other states of the Dutch constituency, along with financial support from the Netherlands Ministry of Finance.