Governor Ismaili meets with Swedish Ambassador H. E. Jonas Westerlund

07/03/2024

The Governor of the Central Bank of the Republic of Kosovo, Mr. Ahmet Ismaili, along with his colleagues, welcomed the Ambassador of Sweden to the country, Mr. Jonas Westerlund, accompanied by his associate, Mr. Samuel Naumovski Vickius.

Governor Ismaili informed Ambassador Westerlund on the current developments in the country's financial system, macroeconomic developments, perspectives, objectives, and the Strategic Plan of the Central Bank of Kosovo, initiatives for the advancement of the financial system, including the project for the modernization of the payment system and the aim for membership in the European Union's Single Euro Payments Area (SEPA) and the European Instant Payment System (TIPS).

On this occasion, Governor Ismaili thanked the Ambassador for his Government's and the Swedish people's continued support for Kosovo's institutions and people.

During the meeting, the progress towards digitalization and potential cooperation with Swedish institutions in this area were also discussed, as well as the expansion of cooperation with the Central Bank of Sweden. Discussions also focused on the further development of the regulatory and legal framework, including the Law on Banks, the Law on Payment Services and other legislation which aim to align with EU directives.

Ambassador Westerlund was also informed about the completion of the Executive Board of the Central Bank of the Republic of Kosovo, and the activities for completing the Organizational Structure of the CBK, approved at the end of last year.

Challenges and opportunities for membership in the Green Card for vehicles were part of the discussion, as well as the need to find opportunities for the listing of the Republic of Kosovo on global payment platforms (PayPal, Apple Pay, Google Pay) and the ISO Code, for which support was also requested from the Swedish Government.

Governor Ismaili informed Ambassador Westerlund about the Regulation on Cash Operations, explaining its key aspects, effects, and arguments for its position. It was clarified that the regulation advances the integrity of the financial system and aligns the Republic of Kosovo with EU standards, and it does not prevent or limit the acceptance of funds in Euro bank accounts, nor does it restrict exchange activities conducted by financial institutions licensed by the Central Bank of the Republic of Kosovo.

In this regard, Ambassador Westerlund was also briefed on the CBK’s Plan for the implementation of this Regulation in practice, as well as the actions to ease its effects, in addition to the CBK’s constructive commitment to facilitate the transfer of funds according to the proposed model and the readiness to discuss possible legal options.

In the end, it was concluded that there would be further exchanges of information with a view to possible cooperation between the CBK and Swedish institutions in the area of interest.