Why money and denarius are not converted by commercial banks in Kosovo

Kosovo residents when they go to Macedonia and Albania should be careful not to keep money from these states -- their currency -- because in Kosovo they are not converted.

Commercial banks operating in Kosovo do not provide this service.

While economic connoisseurs claim that all the financial markets in the world give customers strong and weak currency, while in Kosovo that does not happen and consider that even in the Kosovo market, the conversion of currency of neighbouring states should be made.

Central Bank officials do not want to comment on this lack of services in Kosovo banks. BQC spokesman Antifeit Ahmeti briefly claims it belongs to the operational nature, as well as the bank's business plans and policies.

Professor of the Faculty of Economics at UP, Nagip Skkueri, says that Macedonia's denarius or Albania's leku are not very much sought out in the Kosovo financial market, and of course that customers are not interested in this, so there is no well-developed financial market, so, according to him, even the interest for nonconversion.

“Right as in all other financial markets in the world, those monetary markets in the world, respectively, which are developed, give their clients both strong currency and weak currency, respectively. In certain cases, we have, for example, when an interested consumer has a denarius or a dinars in his pocket, or a money or some other currency, why not change like other banks in Western countries. But in the case of Kosovo, it's not a very developed market, and on the other hand, customers don't have much interest in these waves, so even banks don't make such an offer”, Sk everyone said.

Economics co-ordinator Jakup Bellaqa has said the responsibility for failing to convert denari and lek currency is carried by the BEC, which has a monitoring role for commercial banks. He adds that the CEC must more strongly monitor financial institutions.

Anyone who goes to Macedonia if he gets a bill or money from Macedonia should spend it there, or if he takes it to Kosovo, it is actually an obstacle. It has been good that even here in Kosovo to become a convert, that with the state of Macedonia we are very close... there is something that cannot be done”, Bellaqa has said.

While the executive director of the Association of Banks of Kosovo, Petrit Balija, has told Kosovo Press that because of the small demands of Kosovo's citizens, banks in the country do not convert the assigned currency.

In that sense, even converting foreign currency to bank branches is possible. However, due to the small demands of Kosovo citizens for converting certain currency, banks in the country due to the high cost it may have to keep foreign currency (the cost of deposit storage, transportation costs, security and other means), not always in their branches, banks have ready money denounced in other currency. Another aspect is that banks in Kosovo are oriented towards digitising their services and products, with banks stimulating the greatest use of electronic payment instruments, which is in line with the national strategy of the Central Bank of Kosovo.

As the official currency in Kosovo, it has been the euro since 2002. Commercial banks convert other currency, such as dollars, francs, pounds and others.