Governor of the Central Bank of Kosovo, Ahmet Ismaili, met with the Austrian Ambassador to Kosovo, Georg Schnetzer, and briefed him on the Regulation for Cash Operations, its main aspects, effects, and arguments regarding its position.

It was clarified that the Regulation advances the integrity of the financial system and aligns Kosovo with EU standards, and it does not prohibit or limit the acceptance of funds into Euro-denominated bank accounts, nor does it restrict foreign exchange activities carried out by financial institutions, whether banking or non-banking, licensed by the Central Bank.

A press release issued by the Central Bank notes that “the Austrian Ambassador was also informed about the CBK’s Plan for the implementation of this Regulation in practice, as well as the actions to ease its effects, in addition to the CBK’s constructive commitment to facilitate the transfer of funds according to the proposed model and the readiness to discuss possible legal options. At the end of the meeting, it was emphasized that the CBK is actively continuing its information and awareness-raising activities, including the launch of the toll-free line dedicated to our citizens and other informative information materials, by encouraging those citizens who do not have an account to open one at any bank, whereas vulnerable groups are exempt from account opening and maintenance fees, in alignment that does not charge opening or maintenance fees for vulnerable groups, with the CBK’s Regulation on Access to Payment Accounts for with Basic Services, effective from January 1, 2024. briefed on the Regulation for Cash Operations, its main aspects, effects, and arguments regarding its position. It was clarified that the Regulation advances the integrity of the financial system and aligns the Republic of Kosovo with EU standards, and it does not prohibit or limit the acceptance of funds into Euro-denominated bank accounts, nor does it restrict foreign exchange activities carried out by financial institutions, whether banking or non-banking, licensed by the Central Bank of the Republic of Kosovo. In this regard, the Austrian Ambassador was also informed about the CBK’s Plan for the implementation of this Regulation in practice, as well as the actions to ease its effects, in addition to the CBK’s constructive commitment to facilitate the transfer of funds according to the proposed model and the readiness to discuss possible legal options.

At the end of the meeting, it was emphasized that the CBK is actively continuing its information and awareness-raising activities, including the launch of the toll-free line dedicated to our citizens and other informative information materials, by encouraging those citizens who do not have an account to open one at any bank, whereas vulnerable groups are exempt from account opening and maintenance fees, in alignment that does not charge opening or maintenance fees for vulnerable groups, with the CBK’s Regulation on Access to Payment Accounts for with Basic Services, effective from January 1, 2024.”