Within Phase II of the Program for Strengthening the Capacities of Central Banks in the Western Balkans with the Aim of Integration in the European System of Central Banks, the Central Bank of the Republic of Kosovo started implementing a bilateral measure with the Central Bank of Luxembourg. This bilateral measure will be focused on establishing the framework and practice of funds management at the CBK, and will include two expert missions of the Central Bank of Luxembourg to the CBK and a study visit of the CBK's professional staff to the Central Bank of Luxembourg. All three of these components of the bilateral measure are expected to be implemented within four months. Like the other components of the second phase of this cooperation program, this bilateral measure is administered and coordinated by the Central Bank of Germany (Deutsche Bundesbank)..
Through this bilateral measure, the assessment of the situation and the definition of recommendations will be aimed with the strengthening of the investment framework, strengthening of the roles of decision-making bodies, improving operational techniques, as well as improving reporting and risk management. The Central Bank of the Republic of Kosovo expects that through the component activities of this bilateral measure, it will contribute to the advancement of its funds' management function, adopting and aligning itself with the relevant standards and practices of the central banks of the EU countries.
Phase II of the Program for Strengthening the Capacity of Central Banks in the Western Balkans with the Aim of Integration into the European System of Central Banks was launched on 21 September 2022 and is expected to last three years. This program is financed by the EU and includes The European Central Bank, 20 central banks of EU countries, as well as 8 central banks and financial supervisory authorities from the Western Balkans region.