The Currency Board in Bosnia and Herzegovina (BiH) uses the euro as a reserve currency in the conditions of a negative nominal interest rate on deposits with the ECB. In this paper, we investigated the impact of negative interest rates on deposits and negative yields on bonds denominated in euro on the general advantages of the currency board and the consequences for the functioning of the currency board in BiH. The impact of negative interest rates was measured by the currency board coverage index (IC). A negative nominal interest rate on the reserve currency creates a negative seigniorage in the country of the currency board, increases the costs of issuing domestic money and reduces the competitiveness of the economy. The monetary policy of the ECB in the conditions of the COVID-19 crisis generates negative influences on the functioning of the currency board. The COVID-19 crisis poses a threat to currency board coverage in BiH. Technically, a currency board can also function in terms of negative interest on the invested reserve currency as long as it can cover the costs of its business.

中文翻译：

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储备货币负利率条件下波斯尼亚和黑塞哥维那货币委员会的可持续性

波斯尼亚和黑塞哥维那 (BiH) 的货币委员会在欧洲央行存款名义利率为负的情况下使用欧元作为储备货币。在本文中，我们调查了负利率对存款的影响和负收益率对以欧元计价的债券对货币委员会的一般优势的影响，以及对波黑货币委员会运作的影响。负利率的影响是通过货币局覆盖指数（IC）来衡量的。储备货币的负名义利率在货币委员会所在国造成负铸币税，增加发行国内货币的成本并降低经济竞争力。欧洲央行在 COVID-19 危机条件下的货币政策对货币委员会的运作产生了负面影响。COVID-19 危机对波黑的货币委员会覆盖面构成威胁。从技术上讲，货币发行局也可以在投资储备货币负利率方面发挥作用，只要它能够支付其业务成本。