Acting Governor of the Central Bank of the Republic of Kosovo, Bashkim Nurboja has participated in the Summit of Ministers of Finance, Governors of Central Banks and Directors of Tax Administrations of the region that is being held in Bečić, Montenegro.
The topic of discussion of this Summit was: " Financial and Monetary Stability in the Region in Uncertain Times of the Prolonged Geopolitical and Economic Crisis”.
In this Summit, it was discussed about the efforts of the central banks to influence the relief of inflation through monetary policy, the effects of the measures of the FED and the ECB on the monetary policies of the central banks in the region, the relief of inflationary expectations, then the importance of the coordinated action of fiscal and monetary policies in times of crisis.
Acting Governor disclosed the experience of the Central Bank of Kosovo, including the challenges and mechanisms available in order to alleviate inflation and its impacts.
In front of those present, Governor Nurboja said that due to the use of the Euro as the official currency in Kosovo, the Central Bank of the Republic of Kosovo has limited opportunities to use monetary policy instruments, and thus to slow down inflation in the country while he emphasized that the movements of interest rates in international markets do not have a significant impact either, because the main source of financing of the banking sector of Kosovo are the deposits collected within the country, while the credit portfolio almost entirely consists of loans issued within the economy of the country, therefore the movements of interest rates in the international markets do not have a significant impact on the country's economy, as well as the changes in the Euro exchange rate.
Also, Acting Governor provided data regarding the structure of loans and interest rates.
In this discussion the Acting Governor also mentioned the measures taken by the Government during the period of inflation and the inter-institutional cooperation in our country.
During this Summit, Acting Governor Nurboja, held meetings with the Governors of the Central Banks of the region and beyond, who are participating in this event.
The Summit of Ministers of Finance, Governors of Central Banks and Directors of Tax Administrations will be held on May 29 and 30.