Since 1997, the CBBH has been operating the Currency Board arrangement, under very strict criteria. Our currency, the convertible mark (BAM) was pegged to the Deutsche Mark and then, to euro, after its introduction. In addition, supervision of banks is not in the CBBH mandate, but nested in two separate Banking Agencies.
There are certain stands that operating under Currency Board arrangement means we have no independent monetary policy or exchange rate policy. At a surface it might seem true. But, we are far more  2 of 7  than a „big exchange office”, as some call us.