BQK Board Chairman: Postponing regulation implementation is being discussed, suspension in no way

The chairman of the Kosovo Central Bank Board, Bashkibano, has said the delay in implementing the regulation is being discussed, which excludes the dinar as currency for conducting transactions in Kosovo.

Nrbato said suspension “in no way”.

No way. Push is under discussion. Lajcak had no meeting with anyone from the CEC. As you know, the CEC is an independent institution. We're discussing it as a matter, there's no final decision yet, today we're going to come up with a decision that she's going into force from tomorrow”, Nurboro said about RELUI.

Total interview:

Radio Free Europe: QUINT States ( The US, Great Britain, Germany, France and Italy have called for delaying implementation of the Kosovo Central Bank's regulation of cash ready. Has the CEC considered such a request, and if so, what is the decision?

Bashkiba NubooActually, at first, it was seen that many people did not understand the regulation and demand of the QUIN embassies was its suspension. But after proper information they realized that the regulation is in the right of the CEC and in the right to regulate financial institutions and money circulation. Once they have accepted this, there has been a demand for delaying implementation.

In general, implementation and institutions of justice do not, the CEC does not.

We only have the legal obligation to regulate the financial system and we have made this regulation as an additional instrument for regulating an issue that has remained unregulated for a long time, which is state interest, which has to do with currency. It's also constitutional right, Article 11 mentions that Kosovo should have a currency. It also has to do with the cash flow in the country; it's very important for the CEC to know about the cash flow, because it's in its mandate.

This regulation regulates these and regulates certain things of the law... Now, other institutions, like Customs, empower the law.

Radio Free Europe: What institutions other than Customs?

Bashkiba Nuboo: When the euro is defined as the only payment instrument, then accounting items should be kept in euro currency. This means that shopping in stores must be done with euro currency. This never prevents other currency, they can be exchanged in exchange, the value of wealth can be kept in other currency if banks offer that product, such as dollar, franc or any other currency. It's not about a currency, but it's about the euro and other currency, it's not about a specific currency.

Radio Free Europe: The European Union's special envoy for Kosovo-Serbia dialogue, Miroslav Lajcak, has mentioned today as the deadline for any announcement of this regulation regarding implementation...

Bashkiba Nuboo: The suspension [of regulations] in no way. Push is under discussion. Lajcak had no meeting with anyone from the CEC. As you know, the CEC is an independent institution. We're discussing it as a matter, there's no final decision yet, today we're going to come up with a decision that comes into force from tomorrow.

Radio Free Europe: You mentioned institutions, but regulations don't say which mechanisms will monitor the implementation of this regulation...

Bashkiba Nuboo: Each institution has its own obligations. We've arranged the domain of the Central Bank, which has to do with the flow of money. Other domains, the case of the Inspectorate, regulate other relevant institutions. The Tax Administration has its own affairs, Customs has its own affairs... We've arranged the issues that belong to us as Central Bank. They have to do with the investigation of money and nothing else. It's not about a specific currency, it's about euro and other currency.

Radio Free Europe: You're being called to the Constitution, but why has there now been a regulation to enforce the laws that exist?

Bashkiba Nuboo: If the law hasn't been empowered, the regulation doesn't even empower it. But this regulation only defines relevant instruments and actors that have responsibility for law enforcement. Until yesterday it was the law that specified it, but the relevant actors did not. Now, after being in our domain and a law of the BQC, it defines that other institutions should help the CEC in implementing regulations and laws, then we've already measured things. There's nothing extra.

We have had public information, the governor [of the CEC] has been presented to various media where he has unveiled [the regulation]. We've shown it through different portals, through different media what it means.

The order is public. So that doesn't prevent anyone from accepting money from any state... means a citizen, whatever income he accepts, he goes to the bank and he gets the money... The dealer takes it, the receiver receives it. On the way, money is converted into euro currency.

Radio Free Europe: What are the punishment measures if this is not implemented?

Bashkiba Nuboo: We can't punish. We have arranged an issue we think is the obligation of other institutions to implement, but the CEC does not provide punishment for other institutions, except for institutions that regulate them and have to do with the financial sector.

Radio Free Europe: Is any bank interested in being licensed in the northern part of Kosovo, inhabited by Serb majority, as the Commercial Bank [of Serbia] there is closing?

Bashkiba Nuboo: In the northern part of the banks, which operate throughout Kosovo; there are non-bank institutions dealing with the payment system, various financial services issues that operate even in the north. It's enough of them. Although, there are banks now who have expressed a desire to open up the filters there.

A bank with voluntary liquidation has been closed in Kosovo, which has been Komerzylna Banka. It's closed by itself because of the group purchase. NLB's international level.

This is NLB operating and all banks are licensed. All financial institutions should be licensed for their services.

Radio Free Europe: But in commercial banks operating in Kosovo, if the client wants to open accounts in dinars, can he?

Bashkim Nurbonja: He's a banking product, depending on the bank. We never forbid them, nor restrict them. It's internal politics [of banks].

For example, you've got banks that open your accounts in dollars, in franca... If they see it with interest to open it in dinars, it's their case. We neither restrict them nor compel them.

This is an issue dealing with wave risk... are technical elements of financial institutions.

Radio Free Europe: Once again, what are the chances that regulation implementation will be delayed, or will it start tomorrow [February 1st]?

Bashkiba Nuboo: I can't comment on possibilities or probability. Discussions are open, although we see that we are on our own, it is serious that needs to be adjusted.

The European Union Progress Report is cited as a matter of money laundering, financing terrorism... So we were forced to finish, especially when we considered the things that happened last year. We must have more control over the financial system.