i am honored to be with you today, to inaugurate the opening of the new raiffeisen bank head office. your investment in this facility is a clear indicator of your commitment to continue operating successfully in kosovo's banking and non - banking systems, in the future as well. raiffeisen bank has played a very important role in creating a safe and sound financial system that has contributed to kosovo's economic growth. we are very honored with your presence and the success you have shown so far and we hope you will continue with this success in the future. raiffeisen bank has greatly contributed to the development of fair competition, continuous improvement of products and development of new products, by increasing access to finance, contributing to the development of trade relations with other countries, helping to attract more foreign investors and, as well, in improving the reputation of kosovo in general. we are thankful for this. raiffeisen bank has also helped in the development of human capital, and continues to use the potential of our youth. among other things, raiffeisen bank remains an example of a good employer, for which, we are all proud of. the cbk as a financial system supervisor will continue to work on maintaining a safe and sound financial system and will continuously improve the economic environment, in which the financial industry operates. the financial sector is a sector with great dynamic development and rapid changes in the economic environment that surrounds it. the financial systems of different countries are constantly integrating and this requires increased cooperation between these countries. the cbk remains committed to cooperating, with the aim of overcoming challenges in the future and integrating kosovo's financial system into the systems of developed economies. banks in kosovo, as in all other countries, have a special status in the economy. this status is associated with different regulatory requirements and greater requirements for social responsibility, and i am pleased to say that banks in kosovo successfully meet these requirements. today in kosovo our savings are safe and advancements in technology allow us to access them faster. banks are an example of success in kosovo, so i urge them to promote their success even further, in order to attract and increase foreign investments in other sectors as well. this would affect the economic development that is most needed for financial stability, as well as the further advancement of the banking sector in which raiffeisen bank plays a very important role. at the end, i would like to thank you for your contribution to the economic development of kosovo and wish you success in the future

karnit flug : money and technology – means of payment in israel main points of a speech by dr karnit flug, governor of the bank of israel, at the money and technology conference ( taking place as part of israel ’ s national science day ), tel - aviv university, tel - aviv, 26 march 2014. * * * in this conference, which deals with innovation and technology, i will not speak about monetary policy, fiscal policy or about the macro situation, nor will shall i speak about any challenges to the macro economic policy, but rather about part of the economy which is rarely discussed – its “ plumbing ”. we always take it for granted, and only speak about it when something goes wrong – when it either leaks or is clogged. this piping, which we call “ payment and settlement systems ”, comprises a number of levels, which include the payment systems, the means of payment – which the public uses on a daily basis – and the communications infrastructure between the system ’ s various components. when making a payment in one way or another, we all assume that the infrastructure ( or piping ) ensures that transactions are performed efficiently and swiftly. the payment and settlement system is a key element of the financial infrastructure, making sure that each and every payment or credit we make or receive arrives at its destination quickly, efficiently and securely. the bank of israel, through its accounting, payment and settlement systems department, serves as its oversight entity and is responsible for its regulation, for operating some parts of it ( zahav [ the real time gross settlement system ] and paper - based ( checks ) clearing house ), as well as for its security and efficiency. i will focus today on those parts of the system, their development in the last few years, as well as on expected developments. the means of payment include both traditional ones – paper based – such as cash, checks and vouchers, and the more advanced – electronic – ones, which include electronic debits and credits, payment cards, web - based payments and mobile payments. each group has its advantages and disadvantages : paper - based means are characterized by ease of use, by availability to all parts of the population, by their immediacy and the finality of a transaction, as well as by being anonymous. under certain conditions, anonymity may become a disadvantage, if used to commit offenses ( such as money laundering, tax evasion, etc. ) other disadvantages of