Kosovo to soon to have a Central Bank, says Adem Salihaj

Zëri quotes Deputy Prime Minister Adem Salihaj as saying that The Banking and Payment Authority of Kosovo (BPK) will transform into the Central Bank. Salihaj said the transformation is done with the direct engagement of SRSG Søren Jessen-Petersen and UNMIK Pillar IV head Joachim Ruecker as part of the transfer of competencies to local institutions.

The paper quotes unnamed sources as saying that a meeting was held yesterday between the heads of local and international institutions and a decision was made on this matter. The sources, who attended the meeting, said the procedures for transforming the BPK into a Central Bank would be finalized by the end of June. The sources also said that the transformation would need the approval of the United Nations Security Council.

According to the source, the Board of the Central Bank would consist of seven members, a representative of the Ministry of Economy and Finances, UNMIK Pillar IV, the International Monetary Fund, two deputy directors and two members of civil society.

In closing, the paper notes that bank experts in Kosovo have constantly reiterated that, like others countries, Kosovo needs to have a central bank. They claimed that without a genuine central bank there can be no economic development, social well-being and progress.