30/07/2015

Based on the Law No. 04 / L-093, on Banks, MFIs and Non-Bank Financial Institutions, in Article 5 it is specified and regulated the scope of operation of licensed financial institutions. Under the legislation in force, no person shall engage in any financial activity in territory of Republic of Kosovo without an effective license issued by the CBK, which has the exclusive legal responsibility for regulating, licensing, registration and supervision of all financial institutions in the Republic Kosovo. 

Yesterday, the police of the Republic of Kosovo undertook an action  in  the headquarter of "Jugobanka" in Gracanica, where officers of the Central Bank of the Republic of Kosovo (CBK) have assisted and have found that activity performed by "Jugobanka" Gracanica is in contrary to Article 5 of Law no. 04 / L-093 on Banks, Microfinance Institutions and Non-Bank Financial Institutions, which forbids involvement in banking activities or engagement in any financial activity without valid license issued by the CBK. Consequently it is concluded that the activity carried on by "Jugobanka" in Gracanica should be discontinued immediately.

Meanwhile, acting on the premises of the same bank in north of Mitrovica was impossible because of the resistance and obstacles presented to the officers of CBK from the staff of "Jugobanka" and the crowd of people gathered in front of it.

The CBK is open for new operators to enter the market if they respect the regulation in force.

Currently in Kosovo there are licensed institutions from Serbia, such as Komercijalna Banka ad Beograd, which has a valid license issued by the CBK and performs all activities in accordance with Kosovo legislation in force.

The CBK remains committed to cooperate with relevant state institutions in taking appropriate legal measures against any institution conducting unlicensed financial activity.