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Kosovo Banks to offer better loan conditions

Prishtinë, Aug 22, 2006 – According to a report published today in Koha Ditore the three main Kosovo banks, ProCredit Bank, Raiffeisen Bank and Kasabank, have announced they would soon start granting long-term loans of over 10 years, for the purchase of houses or flats. However, none of the banks gave details on the interest rates for these loans.

According to the Head of Public Relation of Raiffeisen Bank, Shkurta Kastrati, any employed Kosovar, with a salary higher than €250, is entitled to obtaining a loan for buying a house or a flat at the amount of €10 thousand to €100 thousand. Raiffeisen Bank has announced they would officially launch this new product within this week.

ProCredit Bank has up to now offered loans over a period of up to 84 months, and started now considering all prospects of the financial and social market for launching loans for longer than 84 months soon.

The only local bank that aspires to offer similar loans is Kasabank. According to its officials, Kasabank will start offering loans for a period of up to 10 years, for the purchase of houses-flats from October.

The representatives of the Banking and Payment Authority of Kosovo, BPK, say commercial loans are under the competency of the commercial banks, hence these banks are free to run the activities based on their strategies.

Sources of this institution say there is no regulation, which keeps the banks from giving long-term loans. The BPK presented data, which show an increase of loans offered by the commercial banks, in particular long term-loans, in 2005 compared to 2004.

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