The governor of the Central Bank of Kosovo (CBK), Ahmet Ismaili, met on Thursday with Xiaoqing Yu, director for the Western Balkans, Europe and Central Asia at the World Bank, where the focus of the discussion was cooperation and the latest developments in the advancement of the system of payments as part of joint projects between the WB and CBK for the Modernization of Payment and Remittance Systems.

"The discussion was mainly focused on topics such as finalizing the regulatory framework and promoting the development of the payment system infrastructure to facilitate fast domestic and cross-border payments. In addition, specific discussions were about preparations for CBK's application for membership in the Single Euro Payments Area (SEPA) and the potential for advancements towards integration with the Target Rapid Payments System (TIPS) of the Euro-System. , the announcement states.

Governor Ismaili thanked the WB team for their continuous support to CBK, while Deputy Governor Fusha informed them about the efforts and dedication of the Central Bank of the Republic of Kosovo in the agenda of modernization of payment systems. It was concluded that the WB's support to CBK will continue through technical assistance and capacity building efforts towards the higher objectives of SEPA and TIPS integrations.

Also, Governor Ismaili participated in a World Bank activity entitled "Unlocking the Power of Cross-Border Payments", together with the Governor of the Central Bank of Montenegro, Mrs. Radovic, and the Global Director of the WB, Mr. Pesme, as well as other participants.

"During the discussion, the head of the CBK emphasized Kosovo's commitment to achieving the G20 objective of reducing the costs of sending remittances. He discussed SEPA integration efforts aimed at standardizing legal and regulatory frameworks to provide faster, easier and more cost-effective payments. "Technical infrastructure developments, including fast payment solutions, promise increased financial inclusion, payment efficiency, formalization of the economy and regional integration," the statement said.  

At the end of the discussions, Governor Ismaili reaffirmed Kosovo's commitment and its proactive engagement in promoting efficient cross-border payments, taking into account the importance and benefits for the entire economy from integration with EU payment systems.