SARAJEVO, Aug. 6 (Xinhua) -- Bosnia and Herzegovina (BiH) has officially applied to join the Single Euro Payments Area (SEPA), the Central Bank of Bosnia and Herzegovina (CBBH) announced on Thursday, calling it a major milestone in its financial integration with Europe.
CBBH said that the application is now under review by the European Payments Council and other relevant bodies. The assessment could involve requests for additional information or adjustments before a final decision is reached.
Even if approved, the central bank expects a transition period of at least six months before the first SEPA transactions are processed, citing the need for technical and operational preparations.
SEPA already covers all 27 EU members plus 14 other European countries. Among BiH's neighbors, Serbia, North Macedonia and Montenegro are already part of the system.
The central bank highlighted practical benefits for consumers and businesses, including faster, more secure and considerably cheaper cross-border euro payments. In some Western Balkan countries already in SEPA, fees on certain international transfers have dropped by 50 to 94 percent.
The World Bank has estimated that BiH could save up to 100 million euros (115 million U.S. dollars) annually in payment costs. ■