APPLICATION OF GENERAL PRINCIPLES IN KOSOVO FOR THE WORLD BANK CREDIT REPORTING

Abstract

This topic deals with the Credit Reporting and importance that it poses for institutions of financial system and positive effects on micro and macroeconomic level. Kosovo's credit reporting began in 2000; it was taken over by the Central Bank of Kosovo on the establishment of the Credit Registry of Kosovo in 2005 and the further advancements to date. On the other hand, the World Bank published in 2011 the General Principles for Credit Reporting which represent essential elements for the efficient functioning of credit reporting. In this publication 5 basic principles are given for credit reporting: data, data processing, efficient governance, legal and regulatory environment and cross-border flow of data. The subject analyzes the application of General Principles for Credit Reporting by responsible institutions in Kosovo and considers that recent developments in the Credit Registry of Kosovo have brought credit reporting in the high level of efficiency, utility to borrowers and lending institutions and has also helped Kosovo to be high ranking in the Doing Business Report.