Bosnia-Herzegovina Convertible Mark (BAM)

What Is the Bosnia-Herzegovina Convertible Mark (BAM)?

The Bosnia-Herzegovina Convertible Mark (BAM) is the national currency of Bosnia and Herzegovina. It is contained 100 subunits called fenings and was first presented in 1995.

Grasping the BAM

The Central Bank of Bosnia and Herzegovina, laid out in 1997, issues and flows the Bosnia-Herzegovina convertible mark (BAM). The creation of the central bank, as well as the convertible mark, came as part of the Dayton Agreement. This discretionary agreement marked the finish of the Bosnian War, framing the fundamental overseeing structure of modern Bosnia and Herzegovina.

The recently made BAM supplanted two currencies that were recently utilized in the region: the Bosnian dinar and the Croatian kuna. All things being equal, the BAM turned into the sole currency for Bosnia-Herzegovina. While the BAM was initially pegged to the German Deutschmark (D-Mark) at par, its exchange rate was fixed to the euro (EUR) at a rate of 1 EUR per 1.95583 BAM when Germany adopted the EUR in 2002.

Today, the BAM is distributed in banknotes in divisions of 10, 20, 50, 100, and 200 marks. Its coins, in the mean time, are flowed in groups of 1, 2, and 5 marks. More modest coins are additionally accessible, in groups of 5, 10, 20, and 50 fenings. The banknotes feature portraits of conspicuous regional poets, like the Yugoslav poet, Skender Kulenović; and the Bosnian poet, Musa Ćazim Ćatić.

Real World Example of the BAM

Bosnia and Herzegovina, situated on the shoreline of the Adriatic Sea, was a portion of Yugoslavia until 1992 when it accomplished its independence. The area is home to three primary ethnic groups: the Bosniaks, the Serbs, and the Croats. This combination has driven not exclusively to a lively social presence yet in addition to long stretches of unpleasant conflict. As of now, the country has a three-member administration with one member from every ethnic group.

Bosnia and Herzegovina have an economy as shifted as their history and culture. The Bosnian War of the 1990s made substantial damage the economy, however the country has since started to rebound. The travel industry and information technology services make up two of the country's biggest export industries, albeit the country additionally has experience in certain specialty manufacturing sectors, for example, vehicle seats and footwear products.

Features

• The Bosnia-Herzegovina Convertible Mark (BAM) is the national currency of Bosnia and Herzegovina.
• It was presented in 1995 as part of the Dayton Agreement, which brought a finish to the Bosnian War.
• Today, the economy of Bosnia-Herzegovina depends to a great extent on the travel industry, data technology, and certain manufacturing sectors.