Governor Ismaili receives Mr. Helmut Ettl, Executive Director of the Austrian Financial Market Authority and incoming IMF Executive Director

The Governor of the Central Bank of the Republic of Kosova (CBK), Mr. Ahmet Ismaili, received Mr. Helmut Ettl, Executive Director of the Austrian Financial Market Authority (FMA) and Deputy Chair of the European Banking Authority (EBA), accompanied by Ms. Sandra Dvorsky of the Oesterreichische Nationalbank (OeNB). The visit marks Mr. Ettl's first official visit to Kosovo following his nomination as IMF Executive Director for the Constituency of which Kosovo is a member.

Governor Ismaili congratulated Mr. Ettl on his nomination and emphasized Kosovo's active participation in the IMF Constituency, expressing confidence that his extensive experience in financial stability, banking supervision and regulation, and international financial affairs will contribute to the effective representation of all Constituency members on the IMF Executive Board.

The parties highlighted the excellent cooperation between the CBK, the Austrian Financial Market Authority and the Oesterreichische Nationalbank, including the exchange of expertise and Governor Ismaili's visit to the FMA headquarters last year.

During the meeting, Governor Ismaili briefed Mr. Ettl on recent macroeconomic developments, the performance and resilience of Kosovo's financial sector, as well as the CBK's key reforms and strategic priorities. He highlighted the continued stability of the financial system, supported by well-capitalized and liquid financial institutions, sound supervision and a strengthened regulatory framework.

Governor Ismaili presented the progress achieved in risk-based supervision and the Supervisory Review and Evaluation Process (SREP), as well as ongoing preparations for the introduction of FINREP and COREP reporting from 2027. Particular attention was given to the continued alignment of Kosovo's banking regulatory and supervisory framework with EU prudential standards and the Basel framework, including work related to the EBA equivalence assessment and the assessment of remaining gaps against EU and EBA requirements.

The meeting also addressed broader financial-sector reforms, including the strengthening of AML/CFT supervision, cybersecurity and operational resilience, consumer protection, financial inclusion and the digital transformation of financial services.

Governor Ismaili highlighted the CBK's priorities in the modernization of Kosovo's payment infrastructure, including progress toward SEPA integration, development of the TIPS Clone instant payment platform and further advancement of innovative digital payment services. These reforms contribute to bringing Kosovo's financial system closer to the European payments ecosystem and supporting greater efficiency, accessibility and integration.

In the area of financial stability, Governor Ismaili presented the CBK's work to further strengthen macro-financial analysis, stress testing and the monitoring of systemic, emerging and climate-related risks, in line with international standards and IMF recommendations in the areas of financial regulation and supervision, systemic risk oversight, crisis management and the financial safety net.

The parties also discussed the establishment of the CBK's Resolution function under the new Law on Banks, which designates the CBK as Kosovo's bank resolution authority, as well as the ongoing development of the legal, institutional and operational framework for effective recovery and resolution planning, supported by the World Bank through FinSAC.

Governor Ismaili highlighted the extensive cooperation between the CBK and the IMF through technical assistance and capacity development in banking supervision, financial stability, macroeconomic analysis and forecasting, emergency liquidity assistance, cyber risk management, central bank governance, transparency and crisis preparedness. He emphasized the importance of IMF support in strengthening the CBK's analytical, supervisory and operational capacities and in advancing the implementation of financial-sector reforms.

Governor Ismaili expressed his appreciation to IMF management and to the current IMF Executive Director, Mr. Yigit Yasar, for the IMF's continued support to the CBK and Kosovo's broader reform agenda, while welcoming Mr. Ettl's future contribution as IMF Executive Director in further strengthening the cooperation built on these strong foundations.

Mr. Ettl commended the CBK's progress in strengthening its institutional capacities, advancing regulatory and supervisory reforms and aligning its financial stability framework with European and international standards. He reaffirmed the importance of maintaining close cooperation between the IMF and Kosovo's authorities.

The meeting concluded with a shared commitment to further strengthen cooperation with the IMF and international partners in support of financial stability, institutional development and the continued modernization and European integration of Kosovo's financial sector.

The CBK remains committed to implementing the highest international standards and advancing reforms that contribute to a stable, resilient, innovative and inclusive financial system in Kosovo.