Governor Ismaili met with the United States Ambassador to Kosovo, H. E. Jeffrey Hovenier

The Governor of the Central Bank of the Republic of Kosovo, Mr. Ahmet Ismaili, accompanied by Deputy Governor Mr. Dardan Fusha, welcomed His Excellency Jeffrey Hovenier, Ambassador of the United States to Kosovo, accompanied by the Head of Economic Section, Mr. Micah Savidge, to the meeting, during which he briefed him on the main developments in the financial system, the advancement of the legal and regulatory framework, activities related to the stability and integrity of the financial system, the implementation of objectives and the new Strategic Plan 2024-2028 of the CBK.

During this meeting, Governor Ismaili outlined the key aspects addressed in the new Regulation on Cash Operations and its effects, providing explanations and clarifications regarding its standing in the context.

The advancement of the regulatory framework to combat counterfeit money and ensure a transparent and regulated supply of cash to the economy, which contributes to maintaining and enhancing the integrity of the financial system and the Euro currency itself, were among the main topics of this informative meeting.

The Governor also listed other legislative acts approved by the CBK according to its plan, which, together with this Regulation, aim to adopt the best practices related to safeguarding the integrity of the Euro currency and the financial system in general.

In line with these changes, it was emphasized the need for effective and focused communication regarding the possible impacts and limitations of this Regulation, as well as the existing legal opportunities for accessing secure financial services.

The meeting also addressed the existing opportunities, alternatives, and access to finance through various licensed financial channels operating throughout the entire territory of the Republic of Kosovo. The CBK’s Governor informed more specifically that in four northern municipalities, there are four bank branches, three microfinance institutions (lending), as well as over 15 non-bank financial institutions for payments and exchanges. The number of branches and offices of financial institutions operating in that area is increasing, as financial inclusion is CBK’s objective.

Furthermore, it was explained that the Regulation in question neither prohibits nor restricts the acceptance of funds in Euro accounts at licensed banks nor does it limit currency exchange activities of any currency conducted by financial institutions, whether bank or non-bank, licensed by the CBK. Therefore, all individuals that have access to bank accounts can receive funds in their Euro accounts through various legal channels from any country.

Meanwhile, citizens who do not yet have an account can open one at any bank, as per the CBK’s Regulation on Access to Payment Account with Basic Services, which waives maintenance and opening fees for vulnerable groups and citizens within social schemes, from 1 January 2024.

Governor Ismaili, emphasized and recognized the partnership and support of partner countries, led by the USA, along with other supporting nations and international financial institutions, as it remains foundational to the CBK as an independent Constitutional institution, to be respected by all parties for achieving its legal objectives.

The CBK is determined to advance the legal and oversight framework in the implementation of its Constitutional mandate, as well as is committed to continuing with informative and awareness-raising activities for the public.