Governor Ismaili welcomed a high-level delegation from the Federal Reserve Bank of New York – FED

The Governor of the Central Bank of the Republic of Kosovo (CBK), Mr. Ahmet Ismaili, accompanied by his associates, received a high-level delegation of the Federal Reserve Bank of New York (FED) for discussions related to CBK’s account at the FED.

Governor Ismaili welcomed the delegation during their visit to the CBK, expressing gratitude for the cooperation and the support provided by the FED regarding the management of CBK’s account at the FED, as well as capacity building for CBK staff in the form of trainings and exchange of experiences.

During the meeting, Governor Ismaili presented an overview of the main macroeconomic and financial developments in the country, the progress of strategic sectoral reforms, and internal institutional reforms aimed at advancing organizational capacities and improving internal governance, in line with recommendations from international partner institutions. The parties discussed CBK’s usage of reserve management services at the FED New York, reaffirming CBK’s interest in continued cooperation.

Afterwards, the Governor Ismaili informed the delegation about the actions undertaken by the CBK for the financial integration of the country into the European Union market, specifically into the Single Euro Payments Area (SEPA), as well as the developments in the fast payment system infrastructure – TIPS Clone, which is expected to increase efficiency and financial inclusion in the country. Advancements in the development of infrastructure for central securities depositories (CSD), the improvement of technical standards, and the implementation of QR Code and IBAN for non-bank financial institutions, which represent a high level of standardization according to international practices, were also highlighted. Furthermore, the strengthening of cooperation in capacity building for CBK staff was also discussed, through trainings and exchange of experiences with FED New York experts.

The New York FED delegation led by Senior Vice President responsible for account services for central banks, thanked Governor Ismaili and reaffirmed continued cooperation in terms of managing CBK’s account services from the FED, as well as advancing capacities and exchanging experiences. CBK’s FED relationship has contributed to the advancement of CBK’s reserve management programs and the strengthening of CBK’s professional capacities in reserve management and risk management.

In conclusion, Governor Ismaili expressed his gratitude to the Federal Reserve Bank for the fruitful cooperation on reserve management and the strengthening of professional capacities of the CBK.