Governor Ismaili met the Ambassador of France, Olivier Guérot

The Governor of the Central Bank of the Republic of Kosovo, Mr. Ahmet Ismaili joined by Deputy Governor Fusha met the Ambassador of the Republic of France in the country, H. E. Olivier Guérot accompanied by Mr. Pierre Grandjouan.

Governor Ismaili has informed Ambassador Guérot about the current events in the country’s financial system, macroeconomic developments, perspective, objectives and the Strategic Plan of the CBK, the 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 Single Euro Payments Area of the European Union, known as SEPA.

On this occasion, the Governor of CBK expressed the highest appreciation and considerations for the support from the Bank of France (Banque de France), which, through various projects, has contributed to capacity building and the advancement of many processes within the CBK, as well as the help of the people of France to the people of Kosovo.

The meeting also discussed the advancement of the regulatory and legal framework, including the Law on Banks, the Law on Payment Services and other laws, which aim to align with EU directives.

Also, it was discussed about the actions taken against counterfeit money, as well as other plans for strengthening the integrity of the financial system, in compliance with best international practices.

Governor Ismaili briefed Ambassador Guérot on the Regulation on Cash Operations, explaining its main aspects, effects, and arguments regarding its position. Clarifications were provided to explain that the regulation enhances the integrity of the financial system and aligns of the Republic of Kosovo with EU standards.

The French Ambassador was also informed about 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.

As for the concerns raised about its impacts on a specific community, it was explained that the Regulation does not prohibits nor limit the acceptance of funds into Euro-denominated bank accounts, nor does it limit currency exchange activities conducted by licensed financial institutions, whether bank or non-bank, regulated by the CBK.

In the end, it was said that the CBK is actively continuing its information and awareness activities, including the release of the toll-free line dedicated to our citizens and other informative materials, inviting those who do not yet have an account to open one at any bank, and for vulnerable groups and social schemes there are no tariffs for opening or maintaining an account as of 1 January 2024 with the CBK’s Regulation on Access to Payment Accounts for Basic Services.