5 Konvertibilnih Maraka

The Convertible Mark was introduced in 1998 as part of the Dayton Agreement's economic provisions, pegged at exactly 1:1 with the Deutsche Mark and later, when Germany adopted the euro, re-pegged at 1.95583 KM to one euro — a rate it has held without adjustment ever since. The currency is jointly managed by the three constituent peoples of Bosnia and Herzegovina, a political arrangement that makes even routine central bank decisions subject to ethnic-bloc negotiation.

Bosnia has no independent monetary policy as a result. The fixed peg is maintained by a currency board structure that requires full foreign reserve backing for every mark in circulation.