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Annual Report 2019 F BANKA QENDRORE E REPUBLIKËS SË KOSOVËS CENTRALNA BANKA REPUBLIKE KOSOVA CENTRAL BANK OF THE REPUBLIC OF KOSOVO RaportiAnnual VjetorReport 20092019 PRISHTIN A , J U N E 2020 CBK Working Paper no. 4 Efficiency of Banks in South-East Europe: With Special Reference to Kosovo 2 | CBK Annual Report 2019 f BANKA QENDRORE E REPUBLIKËS SË KOSOVËS CENTRALNA BANKA REPUBLIKE KOSOVA CENTRAL BANK OF THE REPUBLIC OF KOSOVO Annual Report 2019 | 1 Raporti Vjetor 2019 BQK This page is intentionally left blank 2 | CBK Annual Report 2019 CONTENTS Foreword by the Chairman of the Board ....................................................................... 13 Foreword by the Governor ............................................................................................ 15 Central Bank Board and Executive Board ..................................................................... 16 Organizational structure of the CBK, as of 31 December 2019 ..................................... 21 1. Executive summary ................................................................................................... 22 2. External economic environment ................................................................................ 27 2.1. Eurozone and Western Balkans ...................................................................................................... 27 3. Kosovo's economy .................................................................................................... 30 3.1. Real sector ....................................................................................................................................... 30 3.2. Fiscal sector ..................................................................................................................................... 33 3.3. External sector ................................................................................................................................. 34 3.4. Financial sector ................................................................................................................................ 36 3.5. Macroeconomic projections for 2020 ............................................................................................... 49 4. Licensing and regulation of financial system ............................................................. 51 4.1. Licensing .......................................................................................................................................... 51 4.2. Regulation ........................................................................................................................................ 55 4.3. Regulatory framework on microfinance institutions and non-bank financial institutions .................. 58 4.5. Regulatory framework on pension funds ......................................................................................... 59 4.6. Other regulatory framework on financial services ............................................................................ 60 5. Supervision of financial system ................................................................................. 61 6. Services provided to the authorities, financial community and to the public .............. 66 6.1. Operations and cash management .................................................................................................. 66 6.2. Payment system ............................................................................................................................... 72 6.3. Assets management ........................................................................................................................ 79 6.4. Information technology ..................................................................................................................... 84 6.5. Credit registry of Kosovo .................................................................................................................. 84 6.6. Activities in the field of economic analysis and financial stability .................................................... 86 6.7. Main activities in the field of statistics during 2019 .......................................................................... 87 6.8. Review of the requests of financial institutions supervised by the CBK .......................................... 89 7. Internal developments ............................................................................................... 90 7.1. Internal audit .................................................................................................................................... 90 7.2. Human resources ............................................................................................................................. 91 7.3. CBK legal activities .......................................................................................................................... 92 7.4. Risk management function............................................................................................................... 93 | 3 Annual Report 2019 CBK 8. External relations and international cooperation ....................................................... 94 8.1. International cooperation ................................................................................................................. 94 8.2. Communication and financial education .......................................................................................... 95 8.3. Technical assistance ........................................................................................................................ 96 8.4. European Integration........................................................................................................................ 98 9. Financial Statements of the CBK............................................................................. 101 10. Statistical appendix ............................................................................................... 155 4 | CBK Annual Report 2019 LIST OF ABBREVIATIONS ACH Automated Clearing House ATM Automated Teller Machine ARS Accountancy Registry System BEC Broad Economic Categories BEEP Business Environment Enhancement BIC Business Identifier Code BIS Bank for International Settlements BKT Banka Kombëtare Tregtare BPB Banka për Biznes CAI Capital Adequacy Indicators CBK Central Bank of the Republic of Kosovo CEFTA Central European Free Trade Agreement CPI Consumer Price Index CRK Credit Registry of Kosovo DJI Dow Jones Industrial Average DLE Department of Labour and Employment EBRD European Bank for Reconstruction and Development ECB European Central Bank EFSE European Fund for Southeastern Europe ESCB European System of Central Banks EULEX European Union Rule of Law Mission in Kosovo EU European Union EUROSTAT General Directorate of European Statistics FDI Foreign Direct Investment GBP Great Britain Pound GDP Gross Domestic Product HHI Herfindahl-Hirschman Index IECS Interbank Electronic Clearing System IIP International Investment Position IAIS International Association for Insurance Supervisors IMF International Monetary Fund ICAAP Internal Capital Adequacy Assessment Process IPI Imports Price Index IOPS International Organisation of Pension Supervisors | 5 Annual Report 2019 CBK KAS Kosovo Agency of Statistics KIB Kosovo Insurance Bureau KEDS Kosovo Energy Distribution Services J.S.C. KEK Kosovo Energy Corporation J.S.C. KMB Komercijalna Banka KPST Kosovo Pension Savings Trust MF Ministry of Finance MFI Microfinance Institutions MTA Money Transfer Agencies MLSW Ministry of Labour and Social Welfare MTPL Motor Third Party Liability Insurance NPISH Non-profit Institutions Serving Households NLB Nova Ljubljanska Banka NPL Nonperforming Loans NPC National Payment Council NFA Net Foreign Assets ODC Other Depositing Corporations PPI Producer Price Index PAK Privatization Agency of Kosovo PCB Procredit Bank PTK Post and Telecommunication of Kosovo POS Point of Sale pp Percentage Point ROAA Return on Average Assets ROAE Return on Average Equity RBK Raiffeisen Bank of Kosovo RWA Risk Weighted Assets REER Real Effective Exchange Rate RTGS Real Time Gross Settlement SEE Southeastern Europe SEPA Single Euro Payment Area SFR Swiss Franc SKPF Slovenian-Kosovo Pension Fund SDR Special Drawing Rights SWIFT Society for Worldwide International Financial Telecommunication TAK Tax Administration Kosovo 6 | CBK Annual Report 2019 TEB Türk Ekonomi Bankasi TPL Third Party Liability UNMIK United Nations Mission in Kosovo USAID United States Agency for International Development VAT Value Added Tax VPN Virtual Encryption and Network Technology WB World Bank | 7 Annual Report 2019 CBK LIST OF FIGURES 1. Inflation rate in Euro area ----------------------------------------------------------------------------------------------- 27 2. Annual real GDP growth rate in Western Balkans---------------------------------------------------------------- 28 3. Annual increase of inflation in Western Balkans ------------------------------------------------------------------ 28 4. Real GDP growth rate --------------------------------------------------------------------------------------------------- 30 5. Inflation rate ---------------------------------------------------------------------------------------------------------------- 30 6. Price movements by main components ----------------------------------------------------------------------------- 31 7. Consumer, producer and import price indices ---------------------------------------------------------------------
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