The Central Bank of Kosovo (Albanian: Banka Qendrore e Republikës së Kosovës, Serbian: Централна банка Републике Косова / Centralna banka Republike Kosova) is the central bank of Kosovo.
03/L-074 on the Central Bank of the Republic of Kosovo says that the CBK is a fully authorized legal organization, which has the capacity to "enter into contracts, institute legal proceedings and be subject to such proceedings; and acquire, administer, hold and dispose movable and immovable property."
[5] The main tasks of the Central Bank, as in Article 8 of the same chapter, include maintaining a stable financial system; regulating the financial institutions as specified by law; promoting a safe payment system; maintain an appropriate supply of banknotes and coins within the country; holding and managing the international reserves; collecting and producing statistics; working on achieving price stability; informing the Government about its activities, and acting as an economic and financial adviser/banker for the Government, etc.
The currency applied in the general as well as financial market is determined by the Constitutional authority, and the Central Bank single-handedly controls the issuance of banknotes and coins, with no other institution having that right.
This idea was initially supported by the International Monetary Fond (IMF) through their professional payment consultants.
This phase was characterized with the manual exchange of payments, with settlements based on NET balance between debit and credit.
The committee's obligation was to set the operating rules, the procedure, and standards for Interbank Clearing System.
[8] The change into manual and semi-manual exchange led to other developments and transformations of the Electronic Interbank Clearing System (EICS).
The second phase was also categorized with another success, which was the transition to the Standard Numbering System of the Kosovo Banking Accounts.
Direct Debit, as the center's newest instrument of payments was first introduced in January 2009, after the approval of the Central Bank's Rule nr XXXI.
[15] [16] On 23 July 2010, Hashim Rexhepi, then the governor of the Central Bank of the Republic of Kosovo, was arrested based on grounds of "corruption and money laundering".
[17] [18] According to EU's Rule of Law Mission EULEX, "the probe concerned suspected bribes, tax evasion, influence-peddling and money laundering".
[19] The accusations and imprisonment, however, cost Hashim Rexhepi to lose his job as governor of Kosovo's central bank.