The Central Bank of the Republic of Kosovo gives additional instructions for increased caution from counterfeit coins in circulation

The Central Bank of the Republic of Kosovo (CBK), following the communication and instructions dated 7 November 2023, with the aim of additional instructions and clarification of the uncertainties raised, would like to inform the citizens and businesses that all denominations in Euro of genuine (authentic) banknotes and coins, without exception, are a valid means of payment in the Republic of Kosovo. No other authority can decide to prohibit or permit any legal instrument of payment.

CBK, recognizing the importance of supplying the economy of the Republic of Kosovo with cash and the need to maintain the reliability and integrity of the Euro in its use as a means of payment, is coordinating in an inter-institutional manner with the responsible bodies to support their actions in order to limit and prevent this illegal activity, providing all the necessary cooperation and professional and technical support.

As a result of the coordination of the activities arising from the tasks and the joint plan, and the effective action of confiscation of a large amount of €2 denomination coins by the law enforcement bodies, with the CBK also contributing, the citizens and businesses are further instructed to continue to be more careful during transactions with this denomination.

Authentic coins are distinguishable from counterfeits and there are several ways to identify them. Counterfeit coins generally have different magnetic properties from genuine ones, and, in terms of appearance, they have a poor quality of detail, usually different colour of the circle and surface inside the circle, and they lack letters on the edge. Therefore, CBK instructs citizens and businesses to rely on the manual published below for an easier verification:

https://bqk-kos.org/edu/materials/monedhat-euro-vecorite-dhe-tiparet-e-sigurise

Counterfeiting money is a criminal offense and is sanctioned according to Article 296 of the Criminal Code No. 06/L-074 of the Republic of Kosovo and Articles 19 and 20 of Law No. 03/L-209 on Central Bank of the Republic of Kosovo, anyone who produces, puts into circulation, transports, accepts, uses or possesses counterfeit money in order to put it into circulation as genuine, is punished by a fine or imprisonment. Therefore, in case of doubt, citizens and businesses are instructed to contact the Kosovo Police so that the suspected counterfeit coins are withdrawn from circulation and sent for analysis to the Kosovo Agency on Forensic, in order to combat the source of their origin and distribution within the country. The fight against this phenomenon will continue and such cooperation is necessary for effective results from law enforcement bodies.

CBK instructs businesses to be supplied with coins only through banks, to verify received coins before re-circulating them, to work on awareness and training of employees and the manner of identifying them.

In this regard, banks and other financial institutions must continue to increase their capacities in addressing this phenomenon, facilitate the supply of new coins to citizens and businesses and increase communication with customers and relevant authorities as effectively as possible. Also, banks and non-banking institutions, using their adequate and advanced equipment, should facilitate the deposit or replacement of coins that are detected as authentic with denominations in smaller coins or banknotes that are considered by citizens and businesses to be more easily circulated.

As far as possible, the recommendation is to avoid the use of cash and instead use electronic means of payment, but without hindering and limiting the right of everyone to choose the legal instrument of payment when making payments.

CBK, within its mandate and scope, remains committed to supporting law enforcement bodies in the implementation of all relevant institutional actions in combating money counterfeiting as an illegal and punishable act. In the meantime, we will continue to monitor, guide the public, assist and take measures to help fight this phenomenon, which has also appeared in other countries and which requires an adequate and effective response not only at the local level.

As for the complaints related to this issue, any potential obstacle that citizens or businesses may encounter from financial institutions can be addressed to the CBK,

while if business pose obstacles to citizens, they may address their complaints to the relevant (central or local) inspection institutions or law enforcement bodies.