Annual Report 2010 03 August 2011 - Banka Qendrore e ...

CBK
Annual Report 2010
CONTENTS
Cover letter of the CBK Governing Board Chairman -------------------------------------------------- 11
Cover letter of the Governor ---------------------------------------------------------------------------------- 13
Central Bank Board, Executive Board and Audit Committee -------------------------------------- 15
Organizational Structure of the CBK ----------------------------------------------------------------------- 17
1. Executive Summary ---------------------------------------------------------------------------------------- 19
2. External Economic Environment ------------------------------------------------------------------------ 21
2.1. World Economy ------------------------------------------------------------------------------------ 21
2.2. Southeastern Europe ------------------------------------------------------------------------------ 23
3. Kosovo Economy -------------------------------------------------------------------------------------------- 25
3.1. Real Sector ------------------------------------------------------------------------------------------ 25
3.1.1. Gross Domestic Product ------------------------------------------------------------------ 25
3.1.2. Prices ------------------------------------------------------------------------------------------ 26
3.1.3. Labor Market -------------------------------------------------------------------------------- 27
3.2. Fiscal Sector ---------------------------------------------------------------------------------------- 27
3.2.1. Budget Revenues -------------------------------------------------------------------------- 28
3.2.2. Budget Expenditures ---------------------------------------------------------------------- 29
3.3. Financial Sector ------------------------------------------------------------------------------------ 30
3.3.1. General Characteristics ------------------------------------------------------------------- 30
3.3.2. Structure and Activity of the Banking System --------------------------------------- 29
3.3.3. Insurance Companies --------------------------------------------------------------------- 45
3.3.4. Pension Funds ------------------------------------------------------------------------------ 47
3.3.5. Microfinance Institutions and Financial Auxiliaries --------------------------------- 47
3.4. External Sector ------------------------------------------------------------------------------------- 48
3.4.1. Current Account ---------------------------------------------------------------------------- 49
3.4.2. Capital and Financial Account ---------------------------------------------------------- 54
4. Supervision of Financial Institutions -------------------------------------------------------------------- 57
4.1. Licensing and Methodology --------------------------------------------------------------------- 57
4.1.1. Licensing --------------------------------------------------------------------------------------- 57
4.1.2. Methodology ---------------------------------------------------------------------------------- 61
4.2. Banking Supervision ------------------------------------------------------------------------------- 61
4.3. Insurance Supervision ---------------------------------------------------------------------------- 66
4.4. Pension Supervision ------------------------------------------------------------------------------- 70
5. Services Provided to the Authorities, to the Financial Community and to the Public ------- 72
5.1. Operations and Cash Management ----------------------------------------------------------- 72
5.2. Account Maintenance and Transactions ----------------------------------------------------- 75
5.3. Asset Management -------------------------------------------------------------------------------- 78
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