Deputy Governor Fusha welcomed representatives of Banca d’Italia

14/03/2024

Deputy Governor of the Central Bank of the Republic of Kosovo, Mr. Dardan Fusha and his team hosted the representatives of the Bank of Italy (Banca d’Italia), Mr. Gianluca Maddaloni and Mr. Roberto Zuccala, as part of the mission to support the CBK in the field of cash operations, under the EU-funded Programme for Strengthening the Capacities of the Central Banks of the Western Balkan Countries for Integration into the European System of Central Banks and the European Central Bank (ECB).

The purpose of this two-day working visit is to assist the CBK in further developing the legal and technical infrastructure and practices for cash operations, as a follow-up to the preliminary mission carried out for this purpose in November 2023, which reviewed the CBK's legal framework for cash operations.

During this meeting, Deputy Governor Fusha briefed the representatives of the Bank of Italy on the current state of the country's financial system, the CBK's objectives and Strategic Plan, including the plan to advance the fight against counterfeiting and the modernization of the payment system with the objective to joining the EU's Single Euro Payments Area (SEPA).

On this occasion, the Deputy Governor of the CBK expressed the highest appreciation and consideration for Italy's support to Kosovo, with particular emphasis on the assistance provided by the Banca d’Italia to the Central Bank of the Republic of Kosovo, which through various projects has contributed to capacity building and the advancement of many processes and practices in the CBK.

Deputy Governor Fusha mentioned that this mission is particularly important in the context of the current developments related to the advancement of the legal framework and the activities undertaken in cooperation with other local institutions to combat the phenomenon of counterfeit currency and preserve the integrity of the euro.

The parties also discussed the CBK's plans and objectives for the digitalization of financial services, with a focus on reducing the use of cash, in line with the recommendations of the National Payments Council meeting. In the framework of these activities, the process initiated between the two central banks to further explore the possibility of cooperation in adapting a solution with the Bank of Italy to enable the initiation and settlement of fast payments at the local level and with the ultimate objective of connecting to the EU Payment System (TIPS), was also discussed.

In conclusion, Mr. Fusha expressed the CBK's gratitude for the Bank of Italy's continuous support at all levels of cooperation, in the journey towards sustainable and long-term developments through the advancement of the legal framework and technical infrastructure of financial services and integration with the European payment scheme and systems.