KOSOVO - The European Times

KOSOVOBusiness & Investment OpportunitiesCentral Bank of the Republic of KosovoCentral Bank Committed to BestKosovo built its financial sector from scratch beginningin 1999, employing the highest international standardsto build a strong foundation for future growth. Withthe support of the International Monetary Fund andother international organisations, the governmenthas succeeded in establishing a world-class regulatoryenvironment and a strong Central Bank of the Republicof Kosovo (the CBK).Hashim Rexhepi, the CBK’s Governor, says, “Wehave implemented international best practices withregards to regulation and supervision of all financialinstitutions in Kosovo. In only a short time, theCBK has built a strong management team, a solidlegal framework and excellent cooperation with theregional and international financial community, theabove will continue to constitute an important part ofthe CBK’s activities.The CBK’s main goals are to foster a sound, solvent,efficiently functioning, stable, market-based financialsystem; to encourage the emergence of safe financialinstruments on the Kosovo market; to provide servicesto the financial community by fostering an efficientand safe payment system; and to contribute toKosovo’s economic development through its analysisrelated to general policies in Kosovo.Adoption of euro boosted investors’confidenceAlong with applying international standards, Kosovoadopted the euro as its currency beginning in 2002,which has enhanced the financial sector performanceand created more confidence in the Kosovar economy.“Having the euro also means no exchange risks, andour monetary policy is built on that of the EuropeanCentral Bank. All this reassures foreign investors,”Hashim Rexhepi explains.Hashim Rexhepi, GovernorIn fact, the CBK has played a major role in attractingmore foreign investors to Kosovo’s financial servicessector. “Over 90% of financial sector assets areunder foreign ownership, around 67% of insurancesector assets are with foreign ownership, whereasthe banking sector now includes strong banks fromKosovo, elsewhere in the region and from the EU.This foreign presence has brought investments incapital, experience, good corporate governanceand stability to Kosovo’s financial sector,” HashimRexhepi points out.Increasing transparencyThe CBK has performed its tasks step by step. First, itfocused on simply establishing a new payments and16