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Role of Central Bank in the Establishment and the Development of Financial System in Post-War Kosovo

The financial sector in Kosovo after 1999 was almost non-existent. At that time there were no banks functioning. On the 15 November on the same year has been established the Central Bank of Kosovo entitled as the Banking and Payment Authority of Kosovo (BPK). Now there are ten years past from the establishment of the Central Bank of the Republic of Kosovo and the initial functioning of Kosovo financial system. With the development of Kosovo economical environment in general and its financial system development in particular, the need for enlargement of objectives and functions of this institution showed up. As a result of this on August 24 of year 2006, BPK was transformed into Central Banking Authority of Kosovo – CBAK, through which functions were increased, contemporaneous governing was applied and “Kosovarization” process was made possible on CBAK governance. After the declaration of independence on the 17 February, by entering into force of the Kosovo Constitution on the 15 June 2008, the law on Kosovo Central Bank of Republic of Kosovo became effective, by ensuring full functional, operational, financial and personnel autonomy, by having one of the main objectives: Foster the soundness, solvency and efficient functioning of a stable market based financial system, encouraging market emergence of safe financial instruments. The objective of this paper is to explain the role of the Central Bank of the Republic of Kosovo in the establishment and the development of the ten year old post-war Kosovo financial system, how and what should be the mission and vision of CBK in function of further development of Kosovo financial system.

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Posted in Economics, Issue no. 5