DOCSLIB.ORG

Central Bank of the Republic of Kosovo Independent Auditor’S Report and Financial Statements As at and for the Year Ended 31 December 2016

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Central Bank of the Republic of Kosovo Independent Auditor’S Report and Financial Statements As at and for the Year Ended 31 December 2016 Central Bank of the Republic of Kosovo Independent Auditor’s Report and Financial Statements as at and for the year ended 31 December 2016 Content Page Independent Auditor’s Report 3 Statement of financial position 4 Statement of comprehensive income 5 Statement of changes in equity 6 Statement of cash flows 7 Notes to the financial statements 8-41 Deloitte Kosova sh.p.k. St.lidhja e Pejes, no.177 10000 Prishtina Kosova Tel: +381 38 760 300 Fax: +381 38 760 344 www.deloitte.com INDEPENDENT AUDITOR’S REPORT To the Management of Central Bank of Republic of Kosovo Opinion We have audited the financial statements of Central Bank of Republic of Kosovo (“the Bank”) , which comprise the statement of financial position as at December 31, 2016, and the statement profit or loss and other comprehensive income, statement of changes in equity and statement of cash flows for the year ended December 31, 2016, and notes to the financial statements, including a summary of significant accounting policies. In our opinion, the financial statements present fairly, in all material respects, the financial position of the Bank as at December 31, 2016, and its financial performance and its cash flows for the year ended December 31, 2016 in accordance with International Financial Reporting Standards. Basis for Opinion We conducted our audit in accordance with International Standards on Auditing (ISAs). Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the Audit of the Financial Statements section of our report. We are independent of the Bank in accordance with International Ethics Standards Board for Accountants Code of Ethics for Professional Accountants (IESBA Code) and with the ethical requirements that are relevant to our audit of the financial statements in Kosovo, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Responsibilities of Management and Those Charged with Governance for the Financial Statements Management is responsible for the preparation and fair presentation of the financial statements in accordance with IFRSs, and for such internal control as management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, management is responsible for assessing the Bank’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Bank or to cease operations, or has no realistic alternative but to do so. Those charged with governance are responsible for overseeing the Bank’s financial reporting process. Deloitte refers to one or more of Deloitte Touché Tohmatsu Limited, a UK private company limited by guarantee, and its network of member firms, each of which is a legally separate and independent entity. Please see http://www.deloitte.com/about for a detailed description of the legal structure of Deloitte Touché Tohmatsu Limited and its member firms. Member of Deloitte Touché Tohmatsu Limited Deloitte Kosova sh.p.k. St.lidhja e Pejes, no.177 10000 Prishtina Kosova Tel: +381 38 760 300 Fax: +381 38 760 344 www.deloitte.com Auditor’s Responsibilities for the Audit of the Financial Statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. As part of an audit in accordance with ISAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also: Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Bank's internal control. Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management. Conclude on the appropriateness of management’s use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Bank’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the Bank to cease to continue as a going concern. Evaluate the overall presentation, structure and content of the financial statements including the disclosures and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. Banka Qendrore e Republikës së Kosovës Pasqyra e të ardhurave gjithëpërfshirëse Për vitin e mbyllur më 31 dhjetor të vitit 2016 In thousands of EUR Note 2016 2015 Assets Cash on hand 7 154,800 15,282 Current accounts with non-resident banks 8 207,742 241,187 Treasury bills 9 572,375 127,319 Deposit accounts with non-resident banks 10 195,049 805,309 Assets related with IMF 11 275,561 268,277 Property and equipment 12 4,484 2,372 Intangible assets 13 2,271 1,552 Other assets 14 1,284 897 Total assets 1,413,566 1,462,195 Liabilities Due to domestic banks 15 296,399 316,406 Due to IMF related accounts 16 283,009 273,894 Due to governmental institutions 17 718,435 735,744 Due to public and commercial entities 18 58,867 82,649 Borrowings 19 2,133 680 Other domestic liabilities 20 2,040 1,799 Total liabilities 1,360,883 1,411,172 Capital and reserves Authorized capital 21 30,000 30,000 Reserve fund 21a 21,023 20,171 Revaluation reserve - 164 Retained earnings 1,660 688 Total capital and reserves 52,683 51,023 Total liabilities, capital and reserves 1,413,566 1,462,195 These financial statements set out on pages 4 to 41 were approved by the management of CBK on 17.Maj.2017 and signed on its behalf by: The accompanying notes from 1 to 33 are an integral part of these financial statements Faqe 4 prej 41 Central Bank of the Republic of Kosovo Statement of profit or loss and other comprehensive income For the year ended 31 December 2016 In thousands of EUR Note 2016 2015 Interest income Interest income 1,640 642 Interest expense (362) (48) Net interest income 22 1,278 594 Fees and commission income Fee and commission income 1,962 1,442 Fee and commission expense (294) (376) Net fee and commission income 23 1,668 1,066 Regulatory and other operating activities revenue Regulatory activity revenue 24 4,046 3,410 Grant revenue 25 80 77 Other operating income 26 517 1,139 Foreign exchange net gain / loss 29 (22) (298) Operating income 7,567 5,988 Operating expenses Personnel expenses 27 (3,991) (3,625) Depreciation and amortization 12,13 (713) (561) General and administrative expenses 28 (1,203) (1,114) (5,907) (5,300) Operating expenses Profit for the year 1,660 688 Other comprehensive income - - Total comprehensive income for the year 1,660 688 The accompanying notes from 1 to 33 are an integral part of these financial statements Faqe 0 prej 41 Central Bank of the Republic of Kosovo Statement of changes in equity For the year ended 31 December 2016 Capital Reserve Revaluation Retained Total fund fund Earnings In thousands of EUR Balance at 1 January 2016 30,000 20,171 164 688 51,023 Transfer to reserve fund - 852 (164) (688) - - 852 (164) (688) - Total transactions required by law Profit for the year - - - 1,660 1,660 Other comprehensive income - - - - - Total comprehensive income for the - - - 1,660 1,660 year Balance at 31 December 2016 30,000 21,023 - 1,660 52,683 Balance at 1 January 2015 30,000 19,561 389 385 50,335 Transfer to reserve fund - 610 (225) (385) - - 610 (225) (385) - Total transactions required by law Profit for the year - - - 688 688 Other comprehensive income - - - - - Total comprehensive income for the - - - 688 688
Load more

Recommended publications
  • Based on Articles 15, 16, 17, 18, 19, 20 and Article 35 Paragraph 1 Sub-Paragraph 1.1 of the Law No. 03 / L-209 on Central Bank
    Based on Articles 15, 16, 17, 18, 19, 20 and Article 35 paragraph 1 sub-paragraph 1.1 of the Law no. 03 / L-209 on Central Bank of the Republic of Kosovo (Official Gazette of the Republic of Kosovo, Law no. 03 / L-209, OG no. 77/2010, August 16, 2010), UNMIK Regulation no. 1999/4 on the currency permitted to be used in Kosovo (Official Gazette of UNMIK Regulation UNMIK / REG / 1999/4, 2 September 1999), UNMIK Administrative Regulation no. 2001/24 Amending UNMIK Administrative Direction no. 1999/2 on the implementation of the Regulation no. 1999/4 to allow the use of foreign currency in Kosovo (Official Gazette of UNMIK, UNMIK Administrative Direction / DIR. / 2001/24, 21 December 2001), the Board of the Central Bank of the Republic of Kosovo in its meeting held on March 31. 2016 approved: REGULATION ON CASH OPERTATIONS CHAPTER I GENERAL PROVISIONS Article 1 Purpose The purpose of this regulation is to establish regulatory standards for professional fulfilment of tasks of financial institutions in the area of cash operations. By means of this regulation are sets out the rules and procedures of treatment and withdrawal from circulation of euro banknotes and coins and other currencies suspected to be counterfeit, the criteria for substituting damaged euro banknotes and coins, the minimum standards for checking eligibility and resetting in circulation of banknotes and euro currencies and the standards for packaging euro banknotes and coins for deposit at the Central Bank of Kosovo. Article 2 Scope Subject to the scope of this regulation are the Central Bank of Kosovo - CBK, banks, branches of foreign banks and other financial institutions licensed to carry out banking and / or financial activities in the Republic of Kosovo.
    [Show full text]
  • World Bank Document Goes to the Board
    Document of The World Bank FOR OFFICIAL USE ONLY Public Disclosure Authorized Report No. 66877-XK INTERNATIONAL DEVELOPMENT ASSOCIATION INTERNATIONAL FINANCE CORPORATION AND MULTILATERAL INVESTMENT GUARANTEE AGENCY Public Disclosure Authorized COUNTRY PARTNERSHIP STRATEGY FOR THE REPUBLIC OF KOSOVO FOR THE PERIOD FY12–FY15 May 1, 2012 Public Disclosure Authorized South East Europe Country Unit Europe and Central Asia Europe and Central Asia International Finance Corporation This document is being made publicly available prior to the Board consideration. This does not imply Public Disclosure Authorized a presumed outcome. This document may be updated following Board consideration and the updated document will be made publicly available in accordance with the Bank’s Policy on Access to Information. CURRENCY EQUIVALENTS (Exchange Rate Effective April 16, 2012) Currency Unit = Euro (€) €1.00=US$1.30 SDR 1.00=US$1.54 GOVERNMENT’S FISCAL YEAR January 1 – December 31 ABBREVIATIONS AND ACRONYMS AAA Analytical and advisory activities ARDP Agriculture and Rural Development Plan BEEPS Business Environment and Enterprise Performance Survey CBK Central Bank of the Republic of Kosovo CEFTA Central European Free Trade Agreement CEM Country Economic Memorandum CPS Country Partnership Strategy DPO Development Policy Operation EC European Commission ECA Europe and Central Asia Region EIB European Investment Bank EPAP European Partnership Action Plan ESW Economic and sector work EU European Union EULEX EU Rule of Law Mission in Kosovo EUSR EU Special Representative
    [Show full text]
  • Kosovo Political Economy Analysis Final Report
    KOSOVO POLITICAL ECONOMY ANALYSIS FINAL REPORT DECEMBER 26, 2017 This publication was produced for review by the United States Agency for International Development. It was prepared by Management Systems International, A Tetra Tech Company. KOSOVO POLITICAL ECONOMY ANALYSIS FINAL REPORT December 26, 2017 IDIQ No. AID-167-I-17-00002 Award No: AID-167-TO-17-00009 Prepared by Management Systems International (MSI), A Tetra Tech Company 200 12th St South, Suite 1200 Arlington, VA, USA 22202 DISCLAIMER This report is made possible by the support of the American people through the United States Agency for International Development (USAID). The contents are the sole responsibility of the Management Systems International and do not necessarily reflect the views of USAID or the United States Government. CONTENTS Acronyms ...................................................................................................................................... ii Executive Summary .................................................................................................................... iii I. Introduction ............................................................................................................................... 6 II. Methodology ............................................................................................................................. 7 A. Foundational Factors ........................................................................................................................................... 7 B. Rules
    [Show full text]
  • Investment in Kosovo 2017 | 41
    Investment in Kosovo 2017 | 41 Investment in Kosovo 2017 KPMG in Kosovo kpmg.com/al © 2017 KPMG Albania Shpk Kosovo Branch, a branch of KPMG Albania Shpk, an Albanian limited liability company and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. Investment in Kosovo Edition 2017 Investment in Kosovo 2017 | 3 Preface Investment in Kosovo is one of a series of booklets published by KPMG member firms to provide information to those considering investing or doing business internationally. Every care has been taken to ensure that the information presented in this publication is correct and reflects the situation as of March 2017 unless otherwise stated. Its purpose is to provide general guidelines on investment and business in Kosovo. As the economic situation in the country continues to undergo changes, further advice should be sought before making any specific decisions. For further information on matters discussed in this publication, please contact Heris Jani, Managing Director. KPMG Albania Shpk Kosovo Branch 6 Pashko Vasa Str. 10 000 Pristina Kosovo Tel: +381 38 246 771 Fax: +381 38 246 772 kpmg.com/al © 2017 KPMG Albania Shpk Kosovo Branch, a branch of KPMG Albania Shpk, an Albanian limited liability company and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. 4 | Investment in Kosovo 2017 Contents
    [Show full text]
  • Reinvigorating Credit Growth in Central, Eastern, and Southern European Economies
    Haverford College Haverford Scholarship Faculty Publications Economics 2015 Reinvigorating Credit Growth in Central, Eastern, and Southern European Economies Bosjan Jazbec Cristopher Towe Marco Pinon Biswajit Banerjee Haverford College Follow this and additional works at: https://scholarship.haverford.edu/economics_facpubs Repository Citation Bostjan Jazbec, Christopher M. Towe, Marco Pinon, and Biswajit Banerjee, Eds. Reinvigorating Credit Growth in Central, Eastern, and Southern European Economies: Proceedings of a Conference Jointly Organized by the Bank of Slovenia and the International Monetary Fund. Washington, D.C.: International Monetary Fund, Publication Services, 2015. This Conference Proceeding is brought to you for free and open access by the Economics at Haverford Scholarship. It has been accepted for inclusion in Faculty Publications by an authorized administrator of Haverford Scholarship. For more information, please contact [email protected]. In Central, Eastern, and Southern European Economies In Central,Eastern,andSouthernEuropean Reinvigorating CreditGrowth REINVIGORATING CREDIT GROWTH In Central, Eastern, and Southern European Economies Edited by Boštjan Jazbec, Christopher M. Towe, Marco Piñón, and Biswajit Banerjee Marco Piñón, and Biswajit Banerjee Marco Piñón,andBiswajit ChristopherM.Towe, Edited byBoštjanJazbec, Reinvigorating Credit Growth Proceedings of a conference jointly organized In Central, Eastern, and Southern European Economies RCGMCMEA by the Bank of Slovenia and the International Monetary Fund
    [Show full text]
  • 78-Management Response (English)
    MANAGEMENT RESPONSE TO REQUEST FOR INSPECTION PANEL REVIEW OF THE KOSOVO POWER PROJECT (PROPOSED) Management has reviewed the Request for Inspection of the Kosovo Power Project (pro- posed), received by the Inspection Panel on March 29, 2012 and registered on April 12, 2012 (RQ12/01). Management has prepared the following response. May 21, 2012 CONTENTS Abbreviations and Acronyms ......................................................................................... iv Executive Summary .......................................................................................................... v I. Introduction .............................................................................................................. 1 II. The Request .............................................................................................................. 1 III. Project Background ................................................................................................. 2 IV. Management’s Response ......................................................................................... 5 Map Map 1. IBRD No. 39302 Boxes Box 1. Emergency Evacuation of an At-Risk Part of Hade Village in 2004/05 Annexes Annex 1. Claims and Responses Annex 2. Selected List of Meetings with Civil Society Organizations Regarding Ko- sovo’s Energy Sector Annex 3 List of Publicly Available Documents Regarding the Proposed Kosovo Power Project Annex 4. Country Partnership Strategy for the Republic of Kosovo FY12-15 Annex 5. Comprehensive Water Sector Assessment Annex
    [Show full text]
  • World Bank Document
    The World Bank Kosovo Financial Sector Strengthening Project (P165147) Public Disclosure Authorized Public Disclosure Authorized Combined Project Information Documents / Integrated Safeguards Datasheet (PID/ISDS) Appraisal Stage | Date Prepared/Updated: 07-Apr-2019 | Report No: PIDISDSA24654 Public Disclosure Authorized Public Disclosure Authorized Feb 11, 2019 Page 1 of 20 The World Bank Kosovo Financial Sector Strengthening Project (P165147) BASIC INFORMATION OPS_TABLE_BASIC_DATA A. Basic Project Data Country Project ID Project Name Parent Project ID (if any) Kosovo P165147 Kosovo Financial Sector Strengthening Project Region Estimated Appraisal Date Estimated Board Date Practice Area (Lead) EUROPE AND CENTRAL ASIA 27-Mar-2019 14-May-2019 Finance, Competitiveness and Innovation Financing Instrument Borrower(s) Implementing Agency Investment Project Financing Ministry of Finance Kosovo Credit Guarantee Fund, Central Bank of Kosovo Proposed Development Objective(s) The objective of the Project is to improve access to finance for Micro, Small and Medium Size Enterprises by strengthening the financial and technical capacity of the Kosovo Credit Guarantee Fund. Components Enhancing the Credit Guarantee Framework Project Implementation and Institutional Strengthening of KCGF PROJECT FINANCING DATA (US$, Millions) SUMMARY-NewFin1 Total Project Cost 25.00 Total Financing 25.00 of which IBRD/IDA 25.00 Financing Gap 0.00 DETAILS-NewFinEnh1 World Bank Group Financing International Development Association (IDA) 25.00 IDA Credit 25.00 Feb 11, 2019 Page 2 of 20 The World Bank Kosovo Financial Sector Strengthening Project (P165147) Environmental Assessment Category F-Financial Intermediary Assessment Decision The review did authorize the team to appraise and negotiate B. Introduction and Context Country Context 1. Kosovo has unique set of challenges and opportunities as one of Europe’s poorest countries and the youngest country in the continent.
    [Show full text]
  • Baseline Report
    “Boosting Adult System Education In Agriculture” AGRI BASE Erasmus+ KA2 Strategic Partnerships Baseline report SYSTEM OF ADULT EDUCATION AND TRAINING in the Field of Agriculture 2016 SYSTEM OF ADULT EDUCATION AND TRAINING in the Field of Agriculture AGRI BASE This document was created within the Erasmus+ project "Boosting Adult System Education In Agriculture" AgriBase Ref. No. 2015-1-MK01-KA204-002857 O1 leading institution:University of East Sarajevo, BH AgriBase participating institutions: OCULL „Vanco Prke“-R Macedonia, University of East Sarajevo-BH,University of Foggia-Italy, Polytechnic University of Cartagena-Spain, NGO Webin- R Serbia, College Iliria-Kosovo, University 1 Dec.1918 Alba Iulia- Romania, Technical University of Varna- Bulgaria, Estonian University of Life Sciences-Estonia, Cukurova University- Turkey Contributors: Dimitrova M, Mitasev G, Petrov T, Kulina M, Vukojevic D, Radovic M, Stasi A, Conte A, Beneduce L, Amodio ML, Acosta JA, Martinez S, Gomez- Lopez LD, Zornoza R, Stojanovic M, Reci A, Levente G, Iordacescu D, Drumeva M, Yankov P, Laikoja K, Tamm M, Cetin M Editor: Grujica Vico English lecture: Marijana Dimitrova CIP - Каталогизација во публикација Национална и универзитетска библиотека "Св. Климент Охридски", Скопје 37:63(062) COMPARATIVE baseline report on adult education in agriculture / [editor Grujica Vico]. - Stip : NI National library "Goce Delčev", 2016. - 231 стр. : илустр. ; 21 см Текст на повеќе јазици ISBN 978-608-242-026-4 а) Едукација на возрасни - Земјоделство - Зборници COBISS.MK-ID 101019402
    [Show full text]
  • Kosovo Country Report BTI 2012
    BTI 2012 | Kosovo Country Report Status Index 1-10 6.28 # 41 of 128 Political Transformation 1-10 6.70 # 43 of 128 Economic Transformation 1-10 5.86 # 58 of 128 Management Index 1-10 5.28 # 59 of 128 scale: 1 (lowest) to 10 (highest) score rank trend This report is part of the Bertelsmann Stiftung’s Transformation Index (BTI) 2012. The BTI is a global assessment of transition processes in which the state of democracy and market economy as well as the quality of political management in 128 transformation and developing countries are evaluated. More on the BTI at http://www.bti-project.org Please cite as follows: Bertelsmann Stiftung, BTI 2012 — Kosovo Country Report. Gütersloh: Bertelsmann Stiftung, 2012. © 2012 Bertelsmann Stiftung, Gütersloh BTI 2012 | Kosovo 2 Key Indicators Population mn. 1.8 HDI - GDP p.c. $ - Pop. growth1 % p.a. 0.6 HDI rank of 187 - Gini Index - Life expectancy years 70 UN Education Index - Poverty3 % - Urban population % - Gender inequality2 - Aid per capita $ 436.5 Sources: The World Bank, World Development Indicators 2011 | UNDP, Human Development Report 2011. Footnotes: (1) Average annual growth rate. (2) Gender Inequality Index (GII). (3) Percentage of population living on less than $2 a day. Executive Summary After three years of independence much progress has been made in Kosovo, but many challenges remain for the new country. Elected representatives continue to share power with an international presence, while territorial integrity and security is maintained by the NATO-led Kosovo Force (KFOR) peacekeeping mission. The state’s administrative structures are effective, but not efficient.
    [Show full text]
  • Negative Euro Area Interest Rates and Spillovers on Western Balkan Central Bank Policies and Instruments
    Bank of Albania International Monetary Fund NEGATIVE EURO AREA INTEREST RATES AND SPILLOVERS ON WESTERN BALKAN CENTRAL BANK POLICIES AND INSTRUMENTS The book represents the proceedings of the conference co-hosted by the Bank of Albania and the International Monetary Fund (IMF), in Tirana on May 4-5, 2017. The conference was organized with the financial support of Switzerland. Edited by: Guido Della Valle, Erald Themeli, Romain Veyrune 1 ©International Monetary Fund. Not for Redistribution Published by: © Bank of Albania Address: Sheshi “Skënderbej”, Nr.1, Tirana, Albania Tel.: + 355 4 2419301/2/3; + 355 4 2419401/2/3 Fax: + 355 4 2419408 E-mail: [email protected] Reproduction is permitted provided that the source is acknowledged. Printed in: 300 copies Printed by: ISBN 978-9928-4453-9-1 The views expressed herein are of the authors and do not necessarily reflect those of the International Monetary Fund or Bank of Albania The organizers of the conference would like to express gratitude to Switzerland for the financial support provided and Enri Herri of Bank of Albania and Anna Vlassova of the International Monetary Fund for the invaluable logistical support provided for the organization of the conference. 2 ©International Monetary Fund. Not for Redistribution CONTENTS INTRODUCTION 9 Guido Della Valle, Erald Themeli, Romain Veyrune CONFERENCE AGENDA 17 WELCOME ADDRESSES 23 Gent Sejko, Bank of Albania, Governor 25 Christoph Graf, Ambassador of Switzerland in Albania 31 Miguel Savastano, International Monetary Fund, Monetary and Capital
    [Show full text]
  • O Nas/Govori/SEMINAR BOS-IMF.Pdf
    WELCOME We would like to welcome you all to this beautiful town of Portorož for the High Level Seminar on “Rethinking Monetary-Fiscal Policy Coordination” which is being jointly organized by the Bank of Slovenia and the International Monetary Fund. The Seminar brings together a distinguished group of Central Bank Governors, senior officials of other international institutions, leading academics and practitioners to discuss a very critical issue that we face today. The current global environment has heightened the challenges that policymakers in the euro area face in fostering growth and financial stability. Monetary policy has been assuming an increasingly expanded role. This has raised new questions and concerns about new risks for the conduct of both monetary policy and fiscal policy going forward. The aim of the seminar is to explore current thinking on the roles and coordination of monetary and fiscal policies, both generally and in the context of the euro area, drawing on the perspectives of policymakers and other experts. Boštjan Jazbec José Viñals Governor Financial Counsellor Bank of Slovenia Director of the Monetary and Capital Markets Department International Monetary Fund 1 PROGRAMME THURSDAY, 19 MAY 13.00 – 14.00 Registration & Flying lunch 14.00 – 14.30 Opening remarks Boštjan Jazbec, Governor, Bank of Slovenia Giovanni Dell`Ariccia, Deputy Director, Research Department, IMF 14.30 – 16.15 First Panel: The coordination of monetary and fiscal policy − principles and practical experience Lead: Steven Phillips, Advisor, IMF Chair:
    [Show full text]
  • Regulation 16 (Formerly Rule X) of the Central Bank of Kosovo On
    SECRETARIAT GENERAL DIRECTORATE GENERAL HUMAN RIGHTS AND RULE OF LAW DGI(2013)16 Strasbourg, 11 October 2013 TECHNICAL PAPER OF THE DIRECTORATE GENERAL HUMAN RIGHTS AND RULE OF LAW Information Society and Action against Crime Directorate Action against Crime Department prepared on the basis of the expertise by Mr Herbert Zammit LaFerla ON Regulation 16 (formerly Rule X) of the Central Bank of Kosovo1 on the prevention of money laundering and the financing of terrorism, including Advisory Letter 2007/1 And Drafting of administrative directives regarding employee training programmes, and the collection and processing of statistics as set out in Financial Action Task Force (FATF) recommendation 18. ECCU-BO-Kos-5/2013 1 “All reference to Kosovo, whether to the territory, institutions or population, in this text shall be understood in full compliance with United Nations Security Council Resolution 1244 and without prejudice to the status of Kosovo.” Table of contents 1. Executive Summary ................................................................................................................................. 4 2. Introduction .............................................................................................................................................. 6 3. Methodological Basis and Approach adopted ..................................................................................... 6 4. Relevant legal issues .............................................................................................................................
    [Show full text]