Rezana Bozhlani
Some services for citizens have been made more expensive by commercial banks operating in Kosovo, while according to economists, this country offers a favorable operating environment, enabling them to make 3.5 times more profit than in European Union countries. However, the CBK said that since Kosovo is a free market, the determination of tariffs is not subject to supervision. Of these, one has announced new tariffs for new clients, from October 1. The advanced package, which is 5 euros, will be made more expensive by three euros, while the standard package + will cost 3.99 euros. Meanwhile, another commercial bank has raised the price for withdrawing money at ATMs outside its branch. The withdrawal service used to cost 20 cents, and now it will be more than double, 48 cents.
The Association of Banks of Kosovo has not provided an answer to the reasons that have prompted banks to change service fees for clients. Meanwhile, the CBK's position is that since Kosovo is a free market, fees are determined by commercial banks themselves and are not subject to approval by this institution.
"In accordance with legal and regulatory requirements, the CBK requires that fees be disclosed in a transparent manner, based on reasonable methodologies and related to the cost of providing banking products and services," the CBK response states.
Meanwhile, economist Fidan Qerimi says that the decisions of banks in Kosovo are contrary to the free market.
"A free market does not mean that market actors can act according to their wishes, but a free market means that there is supervision of competition, so a free market means that prices are formed under the pressure of real competition," said Qerimi.
also
Interest rates are soaring.
According to Qerimi, the situation of the banking sector in Kosovo is complex, due to the benefits that, according to him, are very high.
"The banking sector in Kosovo is extremely profitable. That is, much more profitable, approximately 3.5 times more than the European market, and this change, this increase in fees, for me is an alarm, that the CBK needs to see if there is sufficient competition in the market," said Qerimi.
Banks' income from fees continues to be considerable. According to data presented in the reports of five banks for the first three months of this year, income from commissions has reached over 24.6 million euros.
