Governor Ismaili met with banks to conclude a series of meetings with the heads of the financial industry: He reveals the demands and expectations for the following years

The Governor of the Central Bank of the Republic of Kosovo, Ahmet Ismaili, together with his associates, met with the heads of commercial banks operating in our country, while concluding a series of meetings held with the heads of financial sector institutions.

Governor Ismaili and Deputy Governor Dardan Fusha, during this meeting, announced the developments and activities of the CBK, with an emphasis on the legal and regulatory framework, such as the Draft Law on Banks, the draft Law on the Payment System and the main orientations of the new regulations for the financial system of the country.

The meeting focused on the aspect of access to finance and inclusiveness, the basic payment account and the beginning of the implementation of the part related to social and pension schemes. In addition to the digitization of services, the CBK also gave importance to suitable physical access for all groups of society.

Part of the CBK’s strategic plan is the modernization of the national payment system, towards instant payments, with the final goal of membership in SEPA and TIPS, for increasing the efficiency of international payments, which also includes remittances. The focus of the CBK’s strategy is creating opportunities for access to the payment system of non-bank service providers, increasing competitiveness as well as enabling the possession of IBAN, to increase access to finance, within the concept of “payment account”.

Facilitating the conversion of accounts with basic services, the operation of the inter-institutional group for combating counterfeit money, the fee for depositing coins in banks, the deposit guarantee scheme, the possibility of expanding membership in the KCGF, were part of the discussion at the meeting.

In this meeting were also discussed the adequate risk management practices and processes related to outsourced services, as well as increasing attention to the external ownership and origins of client funds, through screening mechanisms (Investor’s Screening Mechanism), taking into account the current geostrategic and cyber risks.

In the end, Governor Ismaili conveyed the message and expectations of the Central Bank of the Republic of Kosovo from banking institutions in compliance with the legislation, access to finance with competitive and affordable conditions, sound business practices, in function of financial stability and support of the economy, among the main objectives of the CBK.