Development of cooperation with central banks of the European Union Member States in the field of financial consumer protection

As part of the current Programme for Strengthening the Central Bank Capacities in the Western Balkans with a View to the Integration to the European System of Central Banks, Central Bank of the Republic of Kosovo (CBK) and Banco de Portugal today commenced activities focused on enhancement of processes at the CBK for reviewing and examining complaints of financial consumers.  This component of the programme will be implemented by the end of the current year, and it will include the describing of the current status, the issuing of recommendations for convergence and harmonization with practices applied by central banks of European Union Member States and the laying out of the way on how to implement these recommendations.  Under the circumstances created by the Covid-19 pandemic, this component of the programme will be conducted mainly through video conference sessions and email exchange of documentation.

The CBK expects that, through the activities constituting this component of the programme, further contribution will be made to the development of its function of financial consumer protection.  Through this function, the CBK aims to enhance fair and efficient treatment of the clients of the financial institutions operating in the Republic of Kosovo.

The Programme for Strengthening the Central Bank Capacities in the Western Balkans with a View to the Integration to the European System of Central Banks was launched on 26 March 2019. It is funded by the EU and includes the 20 central banks of the EU Member States, European Central Bank, as well as 8 central banks and financial authorities from the Western Balkans region.  The Deutsche Bundesbank administers and coordinates all components of the programme.