Governor Ismaili meets with the President of the European Central Bank, H. E. Christine Lagarde

The Governor of the Central Bank of the Republic of Kosovo (CBK), Mr. Ahmet Ismaili, accompanied by Deputy Governor Mrs. Nesrin Shileku-Shala, held a high-level meeting with the President of the European Central Bank (ECB), Ms. Christine Lagarde, and ECB Executive Board Member Mr. Piero Cipollone, on the sidelines of the Spring Meetings of the International Monetary Fund (IMF) and the World Bank (WB).

During the meeting, Governor Ismaili briefed President Lagarde on the latest macroeconomic developments and the progress of structural reforms in the financial sector, aligned with the CBK's Strategic Plan. He emphasized that these reforms have contributed to preserving the stability and integrity of the country's financial system.

The Governor also expressed his sincere gratitude and highest appreciation to the European Central Bank for its cooperation and support through mechanisms that have enabled the enhancement of institutional capacities and the strengthening of the country's financial stability, including the continuation of the REPO liquidity line.

Governor Ismaili informed Ms. Lagarde about the progress made toward finalizing Kosovo's pre-application process for membership in the Single Euro Payments Area (SEPA), highlighting that ECB's support is essential to achieving this strategic objective, which carries multiple benefits for the country's economy.

He also provided updates on the development of a fast payment system project. As part of this initiative, the CBK-alongside several Western Balkan countries-signed a Letter of Intent with the Bank of Italy in Rome on January 10, a project which is supported by the European Central Bank.

In the context of efforts to combat counterfeit money and strengthen the integrity of the financial system, the Governor presented developments in the drafting of a legal framework supported by the EU Office in Pristina and the National Bank of Croatia. This legislation will enable the establishment of the National Anti-Counterfeiting Center within the CBK and define the competent authorities responsible for combating this harmful phenomenon. He also noted that the new legislation would require signing a cooperation agreement with the ECB in this area and adopting the Geneva Convention for the Suppression of Counterfeit Currency.

Governor Ismaili reaffirmed the CBK's commitment to advancing the alignment of the banking regulatory framework with the latest EU regulations and directives, as part of the preparations for the equivalence process with the European Banking Authority (EBA). In this regard, implementation of the Supervisory Review and Evaluation Process (SREP) methodology is currently underway.

The preparation of a regulatory framework for cybersecurity was also emphasized, with technical assistance from the IMF, in line with the EU's Digital Operational Resilience Act (DORA) for the financial sector.

Governor Ismaili also discussed the possibility of CBK participating in supervisory colleges, stressing the importance of enhancing further cooperation under the memorandum of understanding with the European Central Bank (ECB).

Finally, on behalf of the CBK, Governor Ismaili expressed his appreciation to President Lagarde and the ECB's Governing Council for their continued support, reflecting the EU institutions' commitment to the economic and financial integration of the Western Balkans with the European Union economy and markets.

Governor Ismaili holds meeting with the Vice President of Clearstream during the International Monetary Fund and World Bank Spring Meetings