C. Internal decision making and monitoring

The internal decision making structures within any institution, including a central bank, clearly need to be consistent with the respective law or legal framework under which they operate and to take into account the local environment. But this usually leaves considerable scope for variation.

The CBBiH has quite detailed and formalised decision-making and performance monitoring structures. For example, the CBBiH has a formalised annual planning process and plan execution is monitored on a regular basis during the year by the senior management and the board. This planning and monitoring process has been important for prioritising the CBBiH’s objectives, for setting and meeting deadlines, and for focusing staff efforts. It has also made the staff see that their good – and their poor – efforts will be noticed by the senior management and the board.