Today, the National Bank Council has held its regular session and adopted the Report on the implementation of the Plan of Activities of the National Bank for 2018. The Report shows that, also during the last year, the central bank successfully implemented its program activities, within the strategic objectives set in the Strategic Plan for the period 2018-2020. At the session, the Council emphasized that the good organization, efficient utilization of dedicated resources and timely disclosure of all relevant information enabled successful implementation of the regular program activities of the National Bank, as well as implementation of a large number of projects for introducing changes to the operations and compliance with the new legal requirements, European regulations and international standards, and the IMF requirements.
At today’s session, the Council has discussed and adopted the Internal Audit Report for 2018. The Council ascertained that the Internal Audit Department fully implemented its work program. It has also concluded that the Internal Audit performed its objectives through systematic assessment and giving recommendations for improvement of the risk management process, adequacy and effectiveness of internal controls, giving assurance of efficient and economical use of resources, safeguarding of assets, reliability and integrity of financial and other information, and compliance with the laws and regulations, internal policies and operating procedures.
The Council also approved the Annual Account and the Financial Statements of the National Bank for 2018. In the opinion of the independent auditor, considered at the session, the Financial Statements present the National Bank’s financial position as at 31 December last year fairly in all material aspects, and the results of its operations and cash flows for the year that ended, in accordance with the International Financial Reporting Standards (IFRS).
At the session, the Council also adopted the Decision on amending the Decision on the manner and the terms under which residents that are not authorized banks may open and hold accounts abroad, which is a harmonization with the Law on Foreign Exchange Operations after the beginning of the implementation of the Decision on the transition to the second phase of the association between our country and the European Community and its member states. The Decision enables free opening and holding of accounts with foreign banks for residents that: have sold property abroad, lease real property abroad, have acquired real property abroad and that should pay costs for the real property abroad, hold securities abroad and should recover claims based on sale of securities abroad, dividends, interest or other proceeds based on securities.
The Council also adopted the Decision amending the Decision on issuing licenses and the Decision amending the Decision on Issuing Approvals, that include harmonizations with the Law amending the Banking Law from January 2019.
At the session, the Council also discussed other matters within its jurisdiction.
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