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The CBK discussed with journalists about its role in supporting economic development

The CBK discussed with journalists about its role in supporting economic development In the course of mutual engagement and cooperation, the Central Bank of the Republic of Kosovo has organized a meeting with Kosovo media journalists regarding the sectors covered by the CBK. In addressing the attendees, Governor of the Central Bank of the Republic of Kosovo, Fehmi Mehmeti said that despite different positions, both journalists and the CBK have a common goal to make the best use of resources in ensuring acceleration of the country’s economic development. Governor Mehmeti stated that the banking sector enjoys high public trust and confidence, being manifested in steady deposit growth since the beginning of the banking sector functioning in our country. “In September 2018, the total value of deposits in the banking sector of the country reached 3.2 billion euros, recording an annual growth of 5.4%. This steady growth of deposits has enabled the continued expansion of loans, which in September 2018 amounted to 2.7 billion euros, which represents an annual growth of 11.4%. The insurance sector has also begun its consolidation; the value of gross written premiums, in September 2018 was 69 million euros, marking an annual growth of 4.8%. The value of gross claims paid in September 2018 was 31.5 million euros, with an annual growth of 8.2%. The microfinance sector indicators have also increased, with assets amounting 236.2 million in September this year, marking an increase of 28.6%, while loans amounted to euro 173.7 million, with an annual growth of 28.6%. The CBK has very carefully developed a modern banking regulation framework, which is in line with the Basel Framework and the European Union Directives, adapting to the specifics of the banking sector of our country. In addition, to ensure that banks behavior is in line with the regulatory framework, thus ensuring that their behavior is consistent to the principles of sound banking, the CBK has continuously advanced the banking supervision function, monitoring closely the activity of each bank”, pointed out Governor Mehmeti. He stated that as part of the continuous increase of transparency with the public, the CBK, on a regular basis, publishes various materials, such as the Financial Stability Report and other materials, which provide detailed information on the situation and developments in the financial system and the economy in general. Governor Mehmeti said that the stability of the euro as the currency used by Kosovo has given a very important contribution to the overall macroeconomic stability, especially in terms of price stability. During the discussions, Governor Mehmeti has mentioned the work the CBK is making regarding the opening of Investment Funds, which unlike the countries of the region, are not developed in the financial system of our country. “Given this fact and taking into account the addressed questions related to the licensing of these funds, the CBK based on the applicable legal framework, has drafted a regulation on licensing of investment funds, which defines the conditions, requirements, procedures and deadlines for licensing of these funds”. During the discussions with journalists from November 22 to November 24, details on different sectors covered by the CBK were provided, such as legal and regulatory framework of the financial sector, banking supervision, insurance, review of appeals of financial services users and functioning of the legal department. In the frame of the discussions, journalists visited the Bank of Albania, where they have been informed on the role and functions of BoA, since its establishment to this day, and have visited the Money Museum that functions within the BoA. As a part of its activities, in the function of correct communication and information, the CBK holds roundtable discussions with journalists since 2009.