General Function of Departments

General Function of Departments

Human Resources Department

The Central Bank of the Republic of Kosovo (CBK) attaches great importance to the recruitment, retention and professional development of its staff members. CBK's approach to its staff members is objective and fair in accordance with relevant provisions and best practices.

The Human Resources Department (HRD) is the organizational unit responsible for the administration of labour relations. In addition to the administrative function, this Department is also responsible for increasing and developing the knowledge and skills of personnel, as well as providing advice and recommendations related to various personnel issues.

The functions of the Human Resources Department are defined by relevant policies and rules, which are detailed and clear as well as known by staff members.

Personnel Administrative Division

The Personnel Training and Development Division has an important role in CBK and aims to ensure that employees have the skills and knowledge necessary to perform their duties successfully. The Personnel Training and Development Division has a direct impact on building the skills and competencies of employees, helping them to be more effective in their duties and to develop personally and professionally within the CBK.

The main responsibilities of the Personnel Training and Development Division are:

  • Compiles and manages personnel administrative documentation, including personal files,
    employment contracts, and other necessary documents.               

    Takes care of the procedures for the selection and employment of new personnel,
    including the creation of job profiles, the publication of job announcements, and the
    organization of recruitment processes.

    Prepares and monitors working hours, including leaves, flex schedules, and other work
    time-related matters.

    The administration and development of the processes of executing salaries and other
    benefits of personnel members (health and life insurance, pension contributions, tax
    obligations, etc.)

    Develops and monitors the implementation of the bank's policies and rules regarding
    labour relations as well as other internal HRD acts. This ensures fair and equal treatment
    for all employees.

    Ensures that it is an advisory and information source for employees regarding labour
    relations issues and other work-related issues.

    HRD has a role in ensuring a healthy work environment and supports the bank's social
    and responsible initiatives.

    Ensures accurate record keeping and compliance with data protection laws. It also
    protects personal information, creating trust in the bank.

Personnel Training and Development Division

The Personnel Training and Development Division has an important role in CBK and aims to ensure that employees have the skills and knowledge necessary to perform their duties successfully.

The Personnel Training and Development Division has a direct impact on building the skills and competencies of employees, helping them to be more effective in their duties and to develop personally and professionally within the CBK.

The main responsibilities of the Personnel Training and Development Division are:

  • Identifies the needs of CBK and employees for training and development. This includes
    identifying requests for the development of new skills, specialized knowledge, and
    performance improvements.

    Develops training programs and creates necessary materials to ensure that training is
    effective and appropriate for employees.

    Prepares and organizes training sessions, including classroom training, online training,
    seminars, and other development activities.

    Creates and manages employee development programs, including on-going training,
    mentoring, and specific career development programs.

    Monitors, through evaluations and analyses, the effectiveness of training and
    development programs to ensure that they help achieve CBK's goals and employee needs.

    Takes care of employee performance appraisal and provides support for their
    improvement. Through this process, they can help develop career plans and identify
    opportunities for advancement within CBK.

    Provides support to employees in developing their career plans and identifies
    opportunities for advancement within the organization.

    Through individual conversations and development plans, helps employees identify their
    paths for growth and career advancement.

    Identifies and implements initiatives to build employee capacities, including developing
    new skills and adapting to changes in the work environment.

    Collaborates with other departments to identify training and development needs, ensuring
    a responsive and effective approach.

    Uses information technology to provide online training, various e-learning platforms, and
    other modern training tools.

    Collects and analyses feedback from training participants to identify areas for
    improvement and ensures an improved training process in the future.

    Designing a structured program to familiarize new employees with the culture, values and
    work rules and procedures.

    Creating policies to encourage employees to share knowledge as well as create a
    database.

This Department currently has 8 people engaged, including the Head of the Department.

Consumer Protection Department

The Central Bank of the Republic of Kosovo (CBK) develops its policy for consumer protection by contributing to the development of the legal framework, exercising supervision of financial institutions within its competences in relation to the implementation of the legal framework for consumer protection and examining complaints addressed by users of financial services supervised by the CBK. The supervision of market conduct plays a key role in maintaining the stability and reliability of financial markets, fostering confidence among participants and protecting the interests of consumers. It is an on-going process that requires vigilance, adaptability and cooperation between regulatory authorities and market participants.

The Consumer Protection Department, established with the new organizational structure as a separate department, aims to protect consumers of financial services from unfair, misleading, fraudulent or abusive practices, as well as take measures against financial institutions that violate legal provisions of consumer protection regulations. The Consumer Protection Department is responsible for supervising market practices through on-site and remote examinations in terms of transparency and disclosure of financial services and products by financial institutions, addressing complaints and their possible solutions, and preparing the necessary regulatory framework for the right way of providing financial services. This Department supervises all financial institutions licensed and supervised by CBK.

Financial Services Consumer Complaints Division

The Financial Services Consumer Complaints Division (Complaints Division) is responsible for receiving, processing and reviewing financial services consumer complaints. Its duties 4 and objectives are oriented towards providing an effective dispute resolution mechanism and ensuring that consumers are treated fairly.

The main responsibilities of the Complaints Division are:

  • - Handling of complaints:
      -    receiving and systemizing complaints of consumers of financial services;
      -    reviewing relevant documentation related to the complaint;
      -    resolving consumer complaints in a fair, efficient and timely manner.

    - Documentation and reporting:
      -    maintaining the complaints system, including details of issues raised, actions taken
           and resolutions reached;
      -    preparing complaint reports, including identifying systemic issues that contribute to
           customer complaints;
      -    cooperating with the relevant units regarding the handling of important issues within
           the framework of consumer protection.


    - Communication:
      -    communicating with consumers and financial institutions regarding the status of
            complaints, required actions and resolutions;
      -    Managing communication channels to ensure transparency and access to all
            stakeholders.

Market Conduct Supervision Division

The strategic objectives of the Market Conduct Supervision Division are:

  • - Consumer protection:
      -   ensures that financial products and services are transparent, fair and meet the needs of
          consumers;
      -   prevents fraudulent practices of advertising and disclosing financial products and
          services

    - Market integrity:

      -   monitors and regulates the financial market in terms of consumer protection;
      -   ensures the integrity of the standards of financial products and services.

    - Fair competition:
      -   promotes fair and healthy competition between financial institutions;
      -   prevents anti-competitive practices that may harm market participants or consumers.

    - Compliance monitoring:
      -  regularly evaluates the compliance of financial institutions with the regulatory
         framework in force;
      -  investigates and takes corrective and administrative measures in accordance with the
         legislation in force.

    - Risk management:
      -  identifies and assesses risks related to market conduct issues.

    - Education and awareness:
      -  In cooperation with the relevant units, educates consumers about financial products
         and services to empower them to make informed decisions;

    - Data collection and analysis:
      -  collects and analyses data related to market conduct issues to identify emerging
          trends and risks;
      -  uses information from the data to improve the regulatory framework.

    - Continuous improvement:
      -  regularly reviews and updates market conduct rules and supervisory practices to adapt
          to evolving market conditions;
      -  conducts periodic evaluations of the effectiveness of the regulatory framework for the
          supervision of market conduct.

By implementing its policy for consumer protection, the Market Conduct Supervision Division exercises supervision and determines whether financial institutions comply with the legal framework in force and other provisions for consumer protection and apply good business practices.

The main responsibilities of the Market Conduct Supervision Division are:

    • On-site examination and remote monitoring of issues related to consumer protection
      and financial service delivery practices;
    • Consumer protection by ensuring that financial products and services are transparent,
      fair and meet consumer needs;
    • Prevention of fraudulent practices of advertising and disclosing financial products and
      services;
    • Promotion of fair and healthy competition between financial institutions;
    • Continuous assessment of compliance of financial institutions with the legal
      framework in force;
    • Identification and assessment of risks related to market conduct issues.
    • Participation and contribution to CBK and market initiatives to increase financial
      inclusion; and
    • Participation and contribution to CBK and market initiatives for the advancement of
      consumer financial education.

This Department is expected to include the staff of the current Complaint Handling Division within the pillar of financial supervision (3 in total, the manager and two staff members), and three new staff members.

Statistics Department

The Central Bank of the Republic of Kosovo (CBK) has as its primary objective (i) to promote and maintain a stable financial system and a sound, solvent and effective payment system, (ii) to contribute to achieving and maintaining price stability, (iii) to support the general economic policies in Kosovo and (iv) to act in accordance with the principles of the 6 open market economy and free competition, with the aim of the effective allocation of Kosovo's resources. The fulfilment of all these objectives of the CBK is related to the duties and responsibilities of the Statistics Department (SD). The SD is the main organizational unit responsible for the collection, compilation and publication of statistics by the CBK. In order to perform this duty, the CBK also has the authority to provide the necessary statistical data. This legal aspect is regulated by the Law on CBK, supplemented by the regulations on the statistical information extracted and based on this Law. The compilation and publication of statistics by the SD conforms to international standards and the best practices of other countries. The SD cooperates closely with the relevant units of the CBK and with other external parties in order to prepare accurate and reliable monetary and financial statistics, financial account and external sector statistics, as well as to further advance statistics system in accordance with international best practices.

The objectives of the CBK are defined in Article 7 of the Law on the CBK, while the corresponding duties are summarized in Article 8 and are detailed in the following articles. Of all the duties defined in Article 8 of the Law on the CBK, the Statistics Department is more involved in (1) collecting and publishing statistics; (2) informing the Assembly, the Government and the general public about the activity of the CBK; (3) cooperating and participating in relevant international councils and organizations; (4) acting as a financial advisor for the government and other public entities; (5) defining policies for promoting and maintaining the stability of the financial system; and (6) determining policies to contribute to achieving and maintaining price stability. The responsibility related to the collection and publication of statistics is detailed in Articles 25-28 of the Law on CBK.

The respective duties and responsibilities of the CBK are specified in more detail in the relevant CBK regulations. Likewise, the Law on Official Statistics of the Republic of Kosovo specifies that the CBK is the producer of official statistics. Based on the nature, volume and complexity of the activity of the Statistics Department, within this department there is the Balance of Payments Statistics Division, which is responsible for the field of statistics of the external sector, including the balance of payments, the international investments position, external debt and other external sector statistics. Other staff members in this department look after other fields of statistics. CBK is the country's coordinator for the General Data Dissemination System (GDDS) of the IMF and leads the Statistical Council of Kosovo, which is a collegial body to give advice on the preparation and implementation of the program of official statistics of Kosovo and on the general development of the statistical system of Kosovo.

The Statistics Department has the following main functions:

    • Drafts the legal basis to provide the necessary statistical data;
    • Identifies the reporters and their statistical obligations, the reporting forms, the
      reporting period and the way the relevant institutions must send statistical
      information;
    • Makes the production (collection, compilation, validation and distribution) of
      financial and external sector monetary statistics (balance of payments statistics,
      international investment position and external debt statistics) in accordance with
      international statistical standards;
    • Publishes the results of monetary, financial and external sector statistics in periodic
      and non-periodic publications of the CBK in accordance with international statistical
      standards;

    • Distributes financial and external sector monetary statistics to international
      institutions such as the International Monetary Fund, the World Bank, the European Central Bank, Eurostat, etc.;

    • Representing the CBK inside and outside the Republic of Kosovo, as well as
      creating and maintaining the necessary cooperation regarding statistical issues;
    • Developing new statistical projects and updating existing ones in accordance with
      market developments and changes in international statistical standards;
    • Compiling and updating statistical methodology, publication policy, work
      procedures and other administrative documents;
    • Contributing to the development of general statistical processes in Kosovo, as
      specified in the Law on Official Statistics of the Republic of Kosovo.
    •  

External Statistics Division

External Statistics Division performs the following activities:

    • Compiling the Balance of Payments (BoP) on a monthly basis. The international trade
      of goods and services, remittances and direct investments, among other things, are
      compiled within the Balance of Payments.
    • Compiling the International Investment Position (IIP) on a quarterly basis;
    • Compiling the External Debt (ED) on a quarterly basis,
    • Compiling the International Reserves on a monthly basis
    • Distributes external sector statistics to international institutions such as the
      International Monetary Fund, the World Bank, the European Central Bank, Eurostat,
      etc.
    • Developing and preparing statistical methodologies based on international standards
      for the compilation of BoP, IIP and ED and financial accounts, closely cooperating
      with the IMF and other relevant international institutions to ensure that these statistics
      are compiled and distributed in a manner that is consistent and comparable with other
      countries.
    •  

Financial Statistics Division

Financial Statistics Division performs the following activities:

    • Compiling and distributing monetary and financial statistics (MFS). This includes
      data on the monetary base, broad and narrow money, credit, interest rates as well as
      assets and liabilities of the financial sector, including:
    • Compiling banking sector statistics, including CBK and commercial banks.
    • Compiling other financial sector statistics, insurance companies, pension funds and
      other financial institutions.
    • Compiling financial soundness indicators (FSI), which are used to assess the
      soundness and stability of the financial system in Kosovo.
    • Compiling financial account statistics (FAS), which are an integral part of national
      accounts that record the internal and external interconnection of financial accounts in
      an economy classified by economic sectors and financial instruments.
    • Distributes monetary and financial statistics to international institutions such as the
      International Monetary Fund, the World Bank, the European Central Bank, Eurostat,
      etc.
    • Developing and promoting international standards for MFS, FSI and financial
      accounts by closely cooperating with the IMF and other relevant international
      institutions to ensure that these statistics are compiled and disseminated in a manner
      that is consistent and comparable with other countries.
    •  

This Department currently has 14 people engaged, including the Head of the Department.

Administration and Support Department

The Administration and Support Department is the main organizational unit responsible for the administrative work of the CBK. The Administration Department aims to create the right conditions for the normal exercise of CBK operations, ensuring and improving working conditions through good administration, maintenance and other support activities. The Administration Department cooperates and initiates all payments, requests - projects of all organizational units of CBK for the fulfilment of their functions and has reputational responsibility.

The Administration and Support Department consists of:

  • Procurement and Contracting Division

    Administrative and Support Services Division

    Procurement and Contracting Division

The Procurement and Contracting Division enforces and implements procurement procedures for using CBK funds and other funds allocated in a special manner through the implementation of procurement rules in the CBK. The Procurement Division draws up the annual procurement plan based on the CBK Budget in order to implement the planned projects and supplies on time. It organizes and follows the administrative procedures for the conclusion of contracts and monitors their implementation, as well as conducts the market study in order to estimate as accurately as possible the level of the necessary funds and determine the relevant procedures.

Administrative and Support Services Division

The Administrative and Support Services Division carries out, with its staff members and external contractors, the technical maintenance of the building and various equipment as well as the transportation of CBK personnel and tools. The Division makes evaluations and analyses based on which projects for repairs, remodelling and spatial use of the building are compiled and proposed. In cooperation with the relevant organizational units in CBK, it draws up the annual plan of works and services, as well as the plan for their implementation. This Division includes the maintenance unit, the transport unit, the archive and the cafeteria, as well as the employees dealing with Safety and Health at Work. Safety and Health at Work is carried out by employees who report to the Director of the Department and were engaged as a result of the approval of the Law on Safety and Health at Work. Law No. 04/L-161 "On Safety and Health at Work" aims to define measures aimed at guaranteeing the safety and health of employees at workplace. The purpose of this law is to guarantee safety and health protection through the prevention of occupational risks, the elimination of factors that constitute danger and accidents, provision of information, counselling, balanced participation, in accordance with the law, training of employees and their representatives, as well as to determine the general instructions for the implementation of this goal. This department currently has 41 people engaged, including the Head of the Department, heads of divisions and other personnel.

Information Management

Information Management is the unit that manages the creation, storage and control of information electronically and in hard copy. It functions through the System (IMS) and the main purpose of this system is to manage all information within the CBK and is within the organizational structure of the Administration Department. This system includes the management of documents, texts, images, and recordings and provides high security and efficiency for the storage and execution of instructions for all data.

The acceptance, protocol, archiving and access of documents are done in an efficient way in Information Management, through the system (IMS). Providing technical assistance to all CBK staff for IMS.

This division currently has 7 people engaged and includes the Head of the Division and other personnel within the Administration Department.

Physical Security Division

The Physical Security Division has the task of securing and protecting the personnel, facilities and assets of the CBK, taking measures and activities in order to enable uninterrupted work in the CBK's working premises. Its functions are based on the rules of physical security in CBK and it acts on the basis of the operational plan of physical security. The Security Division includes physical security guards, staff monitoring CCTVs and the receptionist. The Security Division includes the organization of the escort of the Kosovo Police when transporting cash, which is carried out with maximum dedication from the beginning of the process to its full completion.

In order to perform tasks with maximum success, the Security Division undertakes a series of measures which are interrelated or independent, such as:

    • Maximum protection of the lives of the personnel, property and assets of the CBK
      from crimes, attacks, thefts, kidnappings and other destructive factors;
    • Preventing and discouraging the commission of crimes against the property and assets
      of the CBK;
    • Promoting the protection of the personnel, property, and assets of the CBK from
      external attacks;
    • Identifying, evaluating, recording and managing risks in terms of physical security;
    • Implementing protective measures to eliminate the risk of physical security;
    • Providing assistance to law enforcement bodies in identifying, apprehending and
      prosecuting perpetrators and attempted perpetrators of crimes against the property and
      assets of the CBK;
    • Enforcing and implementing all legal, sub-legal and regulatory requirements; and
    • Meeting the highest security standards.

The ways of ensuring the physical security of the CBK through which it is possible to undertake the above measures include:

    • Security with physical security personnel;
    • Security with members of the Kosovo Police; and
    • Security with safety equipment.
    •  

This division will have the Head of the Division and Security Personnel, a total of 11 people.

Review Division

The duties and responsibilities of the Review Division are listed below:

    • Reviewing the requests for re-examination of the financial institutions regarding the
      preliminary notice for taking administrative punitive measures by the
      departments/divisions of the CBK;
    • Implementing the procedure for re-examining the requests of financial institutions
      related to the preliminary notice for taking administrative punitive measures by the
      departments/divisions of the CBK, provided by the legislation in force, specifically
      the requirements of the Regulation on the procedures for the imposition of
      administrative penalties;
    • Performing the duties defined so that the review of requests is done within the legal
      term defined by the legal and sub-legal acts in force;
    • Reviewing and analysing the objections presented by the Financial Institutions
      against the Preliminary Notice for taking administrative punitive measures by the
      departments/divisions of the CBK, as well as giving recommendations to the
      Executive Board of the CBK;
    • Cooperating with the departments/divisions of the CBK regarding the
      implementation of the legal acts of the legislation in force that are related to the
      issues of re-examination of the respective requests of the parties;
    • Following up on legislative changes so that they are applied in time;
    • Communicating and cooperating with departments/divisions inside and outside the
      CBK in order to help in the efficiency of the work to achieve the objectives and
      goals of the CBK.
    •  

This division currently has 6 people engaged and includes the Head of the Division and other personnel.