The CBK for Kosovo Online: Regulation applies regardless of the transitional period

The Central Bank of Kosovo announced to Kosovo Online that within the transitional period, over the next three months, efforts would be made to facilitate the financial inclusion and adaptation of members of the Serbian community to the Regulation on Cash Operations and Transfers, which would involve, as they stated, facilitating account openings, increasing the number of bank branches and ATMs in northern Kosovo. They emphasize that, regardless of the transitional period, the Regulation on Cash Operations is in force and being implemented.

"The Action Plan represents an additional initiative by the CBK to ease the effects of the Regulation on the community in the easiest possible way of financial inclusion and adaptation to the Regulation, such as facilitating account openings, increasing the number of bank branches, ATMs, mobile and remote POS terminals, etc. These actions will be implemented every day and completed within three months (such as, for example, opening bank branches in each municipality in the north of the country). Therefore, this is the time when the plan will be implemented to provide the greatest support and opportunities for financial inclusion," the CBK response states.

Regarding the question of what will happen to pensions and salaries coming from Serbia for those three months, the CBK states that they have announced their constructive engagement, offering a proposal to the National Bank of Serbia to facilitate the mechanism for transferring funds in the most efficient way from Serbia to Kosovo, through bank accounts and already known models.

"Therefore, it depends on the institution of the sender (Serbia) to transfer funds to the bank accounts of Serbian citizens in Kosovo," the CBK stated.

According to them, all citizens have access to bank accounts and can receive funds in euros in their accounts.

Citizens who do not have an account yet, they note, can open one at any bank, in accordance with the CBK Regulation on access to payment accounts for basic services.

"For vulnerable groups and social schemes, there are no tariffs for opening or maintaining an account as of January 1, 2024," the CBK emphasizes.

As they point out, if the option proposed by the CBK is taken into account and implemented, there will be no tariffs for citizens because it will be the same mechanism for providing salaries and pensions from the budget of Kosovo or even from the private sector.