Businesses object 5 per cent to the deposit of metal money, BQK says this process is cost-making

The 5 - percent campaign is a problem facing businesses that have metal money to return to bank notes.

For 1,000 euros businesses are suffering 50 losses. This most confronts bread ovens and markets, which mostly possess metal money derived from the sale of their products.

Kosovo's Afarism Oda (OAK) has consistently accepted complaints from businesses which, on a daily basis, are confronting the problem of small money.

The “Businesses, which have metal money, for their return to the banknotes must pay an interest of 5% to 8% in commercial banks. The problem most of the bread ovens and marketings, which they possess all the time before metal money derived from the sale of their products”, has revealed the news.net Oda of Kosovo Afarism.

Such an OAK problem has now and sometimes addressed it to relevant institutions, as well as conducted several meetings with the Kosovo Central Bank (BQK), but no solution has been made to the same issue so far.

“We like the OAK re-quisition that the rate of 5% to 8% for the return of the single money from commercial banks imposed by the Central Bank of Kosovo (BQK). Breadwinners, stock markets and other businesses that use large amounts of money are forced to pay this present cash in advance. This projection is extremely bad at winning businesses, and it is very conditional on the latter”, considers the OAK.

The BEC's spokesperson Ahmeti told news reports that the tariffs applied by commercial banks to clients in case of depositing metal coins in most cases for depositing 50 to 100 pieces are 0% or free, always based on the current prices published on their respective websites.

Even so, he has justified this fee on the high cost of managing them.

“Despite the fact that metal currency transactions have a high cost of management involving processing, packing, storage, international transport etc., tariffs applying BQ to commercial banks in terms of depositing and withdrawing metal coins have to stimulate circulation in the market of metal coins and in two directions: a) The tariff application for the withdrawal of metal coins at 0% or for free degrees, to stimulate the carrying of metal coins in circulation and the compensation fee for the sale of the 5% degree of the currency for the depositing of their deposit and banking system, Ahmeti said at their default.

They say that the BQK's objective in relation to metal currency transactions is not profit, but the incentive and supply of sufficient amounts of the euro currency economy.

“Through its policies, the CEC consistently covers the cost of supplying the economy with metal coins, applying the rate of 0% or free to the demands of commercial banks. Furthermore, in the monthly and annual BQC series covers a considerable cost of spending and, as a whole, in the last five years, but even in previous years through currency operations, the CEC has failed to achieve access, rather, the BQ has covered significant costs of spending in order to secure currency circulation in the economy”, Ahmeti said.

Banks for most of their needs use the Kosovo Central Bank to make the deposit or withdraw the coins depending on the needs, a service offered by this institution. Some of the banks, for a certain number/limited, do not trafficking their clients for currency storage, yet the tax is done individually by each bank.