Banking Operations Departments

Banking Operations Departments

Cash and Banking Relations Department

The Central Bank of the Republic of Kosovo (CBK) has as its primary objective the preservation and maintenance of a stable financial system. This objective is related to the duties and responsibilities of the Cash and Banking Relations Department. The Cash and Banking Relations Department is responsible for the management of cash operations and the maintenance and transactions of CBK's customer accounts.

The primary objective of the CBK is defined in Article 7 of the Law on the CBK, while the relevant duties are summarized in Article 8. Such duties to which the Cash and Banking Relations Departments contributes include ensuring an adequate supply of banknotes and coins in Kosovo, promoting safe, stable and efficient payment, clearing and securities settlement systems, holding and managing international reserves, acting as a banker, financial advisor and fiscal agent of the Government, collecting and publication of relevant financial information; informing the Assembly, the Government and the general public about the activity of the CBK; cooperation and participation in relevant international councils and organizations; and defining policies for promoting and maintaining the stability of the financial system. In particular, the duties related to the Cash and Banking Relations Department are specified in Articles 9, 10, and 16-21.

The work of the Cash and Banking Relations Department is divided into two separate divisions:

  • Cash Division

    Banking Relations Division

The Cash and Banking Relations Department has the following main functions:

    • Administration of the treasury area and the storage of cash;
    • Organization of relevant activities with the parties; management and handling of the parties' deposits;
    • Management and handling of the supply of cash to the parties;
    • Processing (counting, verification, classification, bundling and packaging) of cash received from the parties;
    • Withdrawal from circulation of obsolete cash accepted from the parties;
    • Circulation through commercial banks of new cash;
    • The daily tracking of the optimal amount and quality of cash and, consequently, the preparation of relevant imports and exports;
    • Coordination of activities related to the competent authorities (handling and reporting of counterfeits in cooperation with the police; organization of cash training with the police, etc.);
    • The compilation and publication of advice and educational materials for the public in order to ensure the protection of money from counterfeiting in the Republic of Kosovo;
    • Provision of storage services;
    • Acceptance and verification of applications for opening accounts;
    • Acceptance of updated signatures (authorized signatories) from customers;
    • Acceptance, validation and execution of outgoing customer payment orders;
    • Monitoring and notifying customers about incoming payment orders;
    • Verification and execution through the interface of local payment orders;
    • Distribution of customer account statements;
    • Acceptance and verification of requests for closing accounts;
    • Maintaining and developing good working relationships with all CBK customers.
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The role, duties and responsibilities in the context of services to CBK customers (opening and administration of accounts, initiation and execution of payments) will be examined.

Personnel

  • This Department currently has 12 people engaged, including the Head of the Department.