Leaders of commercial banks in Kosovo have stated that they are not afraid of the crisis that has engulfed large banks in the West, because the money deposited by Kosovo savers have not been invested outside.
“Considering that the Kosovo [banking system] has not been exposed to
the foreign financial markets, Raiffeisen Bank has not lost any money
and the savings are safe," stated its spokesperson Asdren Rrahmani.
Officials of the other major bank in Kosovo, ProCredit Bank have also stated for the media that there are no problems with credit return and that it is managing wisely its clients’ money.
Savings of the Kosovo Pensional Trust, however, which have been invested outside Kosovo, have slided downward with the general market. The Trust has come under criticism from the public for failing to respond to the crisis and for investing money outside Kosovo while Kosovar banks lend at very high interest rates.
Kosovar economic analysts say that the Kosovar economy will not be touched directly by the global financial and economic crisis because it less interconnected with the world. However, the level of remittances from the large Kosovar diaspora, which is disproportionately involved in construction, will be affected, says Shpend Ahmeti, of the GAP Institute.
Officials of the other major bank in Kosovo, ProCredit Bank have also stated for the media that there are no problems with credit return and that it is managing wisely its clients’ money.
Savings of the Kosovo Pensional Trust, however, which have been invested outside Kosovo, have slided downward with the general market. The Trust has come under criticism from the public for failing to respond to the crisis and for investing money outside Kosovo while Kosovar banks lend at very high interest rates.
Kosovar economic analysts say that the Kosovar economy will not be touched directly by the global financial and economic crisis because it less interconnected with the world. However, the level of remittances from the large Kosovar diaspora, which is disproportionately involved in construction, will be affected, says Shpend Ahmeti, of the GAP Institute.
Comments (5)
hreffa
said:
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Sebaneau
said:
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... Capitalism, the universal respect for property rights, is by definition "brutal" only towards thieves and murderers. The usurpation of the citizens' right to decide for themselves by governments necessarily replaces responsible and local decision-making by irresponsible and centralized --i. e. ignorant impositions, which can only concentrate risks and engender huge losses. In the present financial crisis, the management of risk was made irresponsible by government guarantees, its perception was damped by the erratic behavior of the central banks --by their blind attempts at central planning of money production -- and its diversification was thwarted by centralized monetary policy and regulation. As government guarantees, monopolies and regulations violate property rights, they are by definition socialist. In 19th century free banking systems --in Scotland until 1844 and in New England, banks had an equity ratio of more than 60 percent and never experienced any financial crisis while such crises multiplied in monopoly-plagued England and France. |
www.preshevavalley.blogspot.com
said:
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... Read Fatos Lubonja's analysis on the financial crisis and how it effects us (Albanians). Even though he writes as a citizen of Albania, the same goes for Kosova. We have adopted the most brutal/flawed form of neoliberal capitalism. What Asdren Rrahmani is saying for Kosova, the same exact thing was uttered in Albania by another financial spokesperson. |
Arjan
said:
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... Government of Kosovo is probably the only one of Earth that has not provided even the smallest bit of information of the anticipated effect of the global financial crisis. it is like they don't consider Kosovo as being a part of this globe! |
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