CBK delegation led by Governor Ismaili meets with high-level officials of World Bank and joins Cross-Border Payments Panel Discussion

18/04/2024

Governor Ismaili, Deputy Governor Fusha and the CBK team met with Ms. Xiaoqing Yu, Director for Western Balkans, Europe, and Central Asia, Mr. Paolucci, Country Manager, Mr. Natarajan, Practice Manager, Payments and Financial Inclusion, Mr. Guadamillas, FCI Europe and Central Asia, and their team at the World Bank.

The focus of the discussion was on cooperation and recent developments in payment system advancements as part of joint projects between the World Bank and the Central Bank of Kosovo (CBK) for the Modernization of Payment Systems and Remittances.

The discussion primarily centered on key topics such as concluding the regulatory framework and propelling the development of payment system infrastructure to facilitate fast payments for domestic and cross-border use cases. Additionally, specific deliberations revolved around preparations for CBK's application for membership in the Single Euro Payments Area (SEPA) and discussing the potential for advancements towards the integration with the European Central Bank’s Fast Payment System (TIPS).

Governor Ismaili expressed gratitude to the World Bank team for their ongoing support to CBK, while Deputy Governor briefed them on CBK's efforts and commitment towards the payment systems modernization agenda. It was concluded that the World Bank's support to CBK will continue through technical assistance and capacity-building efforts towards the higher objectives of SEPA and TIPS integrations.

In addition, Governor Ismaili participated in a World Bank event entitled "Unlocking the Power of Cross-Border Payments", alongside the Governor of the Central Bank of Montenegro, Ms. Radović, and the World Bank’s Global Director, Mr. Pesme, as well as other attendees.

During the discussion, he emphasized Kosovo's commitment to achieving the G20 target of reducing remittance costs. Governor Ismaili discussed SEPA integration efforts aimed at standardizing legal and regulatory frameworks to offer faster, easier, and more cost-effective payments. Technical infrastructure developments, including fast payment solutions, holds promise for enhancing financial inclusion, payment efficiency, economy’s formalization, and regional integration.

As the discussions concluded, Governor Ismaili reaffirmed Kosovo's commitment and its proactive engagement in fostering efficient cross-border payments, considering the significance and the benefits to the entire economy from to the integration with the EU’s payment systems.