CBK and MES sign Memorandum of Understanding

The Governor of the Central Bank of the Republic of Kosovo, Mr. Fehmi Mehmeti and the Minister of Education and Science, Mr. Ramë Likaj signed a Memorandum of Understanding to institutionalize the inclusion of 5 financial education textbooks in the school curriculum.

On this occasion, Governor Mehmeti said that the CBK is committed to promoting and maintaining financial stability in the country and that the financial sector is one of the main contributors to Kosovo's economy.

The CBK also pays special attention to Financial Education, for which it has worked and invested to advance it for many years.

“5 Book Collection Project, a project of the Central Bank of the Republic of Kosovo in cooperation with the Ministry of Education and Science and supported by the Department for Development of the European Fund for Southeast Europe, EFSE DF, aims to provide elementary school students with basic financial concepts, that they will follow throughout their life regardless of the profession they will select it in the future. The textbooks were prepared by relevant experts in the field, textwriters and illustrators, in accordance with the core curriculum for Kosovo primary education. The collection consists of five storybooks for children aged 6-10, respectively for students of grades I – V, of primary education. The focus of the books is financial education, where children have the opportunity to learn about basic financial topics selected for the respective ages, always based on standards recommended by the OECD. The focus of the books is financial education, where children have the opportunity to learn about basic financial topics selected for the respective ages, always based on standards recommended by the OECD. In addition to the written form, the books have been prepared with audio (audio), in order to be suitable for blind or visually impaired children ,and in addition to the Albanian language are translated into other languages as defined by law for the Use of Languages ", declared Governor Mehmeti.

“The books will be distributed in physical form in the primary schools of all municipalities of Kosovo, in electronic form through the communication channels of the CBK and with the Association / School for the Blind of Kosovo.

“The inclusion of financial education in the school curriculum is more efficient, sustainable and long-term way to achieve that financial knowledge and skills are properly learned and developed by all generations at the country level.

Students of Kosovo as well as students from all other countries of the world are already part of the assessments conducted by the Organization for Economic Cooperation and Development (OECD), within PISA, where as a separate chapter is the assessment of knowledge in the field of financial education ", said further Governor Mehmeti. Students in Kosovo as well as students in all other countries of the world are already part of the assessment conducted by the Organization for Economic Cooperation and Development (OECD), in the framework of PISA, where as a special chapter is part of the assessment of knowledge in the field of financial education ", said further Governor Mehmeti.

He thanked Minister Likaj and the Fund for Southeast Europe (Finance in Motion-EFSE), Office in Kosovo for the cooperation in the implementation of this project.

On the other hand, Minister Likaj expressed his commitment that the cooperation with the CBK for the benefit of students' financial education will continue in the future.

The Ministry of Education and Science is interested in raising the level of education in terms of financial education and we consider it very important to proceed further, in this regard so that children can gain knowledge, prepare and be aware of how to spend and manage money.“Students will be distributed books this year from grades 1-5 throughout the territory of Kosovo over 900 schools and in addition to the Albanian language, textbooks will be in community languages. Textbooks are in line with the curricula of our education system and are prepared by experts in the field, therefore the Ministry of Education and Science will always be in contact with schools and Municipal Directorates of Education to get the results of how these texts will affect our students, "said Minister Likaj.

Christoph Tiskens, Chairman of the Board of Directors of EFSE, in his opening remarks stressed the importance of the realization of this project, as well as expressed readiness to work on future projects.

"It is an honor that the Ministry of Education recognizes this work with today's signing. This shows the value that the Ministry pays to financial education as a fundamental tool for future success. "EFSE stands together with partners such as the Central Bank of Kosovo and the Ministry of Education to make a positive difference for today's entrepreneurs and the next generation of citizens," said Tiskens.

Markus Aschendorf, Chair of the EFSE Development Facility stressed: “This is a historic moment in our long cooperation with the Central Bank of the Republic of Kosovo. We have worked together for years in increasing the financial capacities of entrepreneurs and the general population as means to improve living conditions and develop the economy. Our collaboration includes the establishment of the Centre for Financial Education in 2017 - for which this phenomenal project is an essential pillar. Good skills in money management begin at an early age. As a fund committed to sustainable and accountable funding, we are pleased to contribute to projects that have a positive impact on the success and stability of Kosovo's next generation."

 The objective of the CBK Financial Education Program is to include all age groups of Kosovo citizens in educational activities and materials, however the primary focus is on students of all levels of education in Kosovo.

Creating adequate habits for money management is compared to creating essential life habits, therefore the institutionalization of financial education in schools is a very important step.

In this way, we will be able to ensure sustainability, continuity and success in installing a proper financial culture.