CBK: The three financial sector laws approved in the Assembly advance Kosovo's path to SEPA

With the approval by the Assembly of the Republic of Kosovo of three key laws for the development of the country's financial sector: the Law on Banks, the Law on Payment Services and the Law on the Prevention of Money Laundering and Combating Terrorism, the way for the next steps has simultaneously been opened for the membership of the Republic of Kosovo in the Single Euro Payments Area (SEPA).

The three basic laws adopted in harmony with the legislation of the European Union constitute an important step towards integration into the EU financial market and the advancement of transparency and all financial inclusion, and will have a significant impact on the economy of our country, especially for the free movement of capital with the largest partner of the Republic of Kosovo, the European Union, as well as with the countries of the region.

The Central Bank of the Republic of Kosovo will proceed with the approval of the regulations arising from these laws and update the pre-application made on October 14 to DG FISMA and the European Payments Council (EPC) with additional information including the new regulations approved.

The adoption of these laws and the integration into SEPA are expected to bring significant economic benefits, but also other benefits, including an estimated annual saving of about 55 million euros from fees for international transfers, simultaneously increasing the efficiency and speed of transactions, competition and all inclusion in the payment market, as well as transparency, protection of consumers of financial services and the integrity of the financial system.

The CBK expresses its gratitude to the institutions of the Republic of Kosovo, for their support in finalizing its legal initiatives, but also European ones, such as the European Commission, in particular DG FISMA and DG NEAR, as well as the teams of the World Bank for their contribution and support during the process of preparing the laws and regulations necessary to fulfill the criteria for membership in SEPA.