Introduction
This research highlights the importance of using the Internal Rate of Return (IRR) in decision-making for investments. It is an essential tool for assessing the profitability and comparing different investment opportunities. Companies can make informed decisions that maximize profit and align with their overall business strategy by utilizing the IRR method.

Basic Information on Investment Evaluation
Investment evaluation refers to the process of assessing the risks and potential returns of a specific investment opportunity. It is a critical aspect of financial management, and investors use various methods to evaluate different investment possibilities. A real example illustrating the significance of investment evaluation is provided by a study from Sofi Learn, stating, “The S&P 500 index has yielded an average annual return of 9.89% since 1992.”

Research Questions

1. What is the Internal Rate of Return (IRR) method, and how is it used to assess potential investments?
2. What is the importance of IRR in investment decision-making, and how does it compare to other methods?
3. How can IRR be used to understand if a project will generate sufficient returns to meet its financial goals and return expectations?
4. What are the benefits of using IRR calculations in investment decision-making?
5. How do companies use IRR to make informed decisions about investments?

Explanation of the IRR Method
With IRR, we aim to find a single rate of return that encapsulates the merits of a project. Furthermore, we want this rate to be “internal” in the sense that it depends solely on the cash flows of a specific investment, not on rates offered elsewhere. “Corporate Finance Essentials,” Bradford D. Jordan, Randolph W Westerfield, and Stephen Ross. Internal Rate of Return (IRR) is a financial method used to calculate the profitability of a potential investment. It is the discount rate at which the Net Present Value (NPV) of expected cash flows from an investment equals zero. In other words, it is the rate of return an investor would expect to receive from an investment over its life. It is called the internal rate of return because it does not depend on anything other than the cash flows of the project. Internal Rate of Return (IRR) is the discount rate that makes the Net Present Value (NPV) of a project zero. In other words, it is the expected annual rate of return that will be earned on a project or investment. Corporate Finance Institute “What is the internal rate of return?”
Internal Rate of Return (IRR) is the annual growth rate expected to be generated by an investment. Investopedia 2023

We have a project with an initial investment of 100
Cash Flow year 1: 60 Cash Flow year 2: 60 IRR: 13.1%
• If we have an IRR of 13.1%, then the actual return generated by the investment in any given year may be higher or lower than 13.1%, depending on the timing and amount of cash flows in that year. IRR is simply a way to calculate the average annual rate of return that accounts for all cash flows during the investment period. This includes both positive cash flows, such as various income streams, and negative cash flows, such as the purchase and operation costs of the investment.
• The firm should accept the project if the discount rate is below 13.1%. The firm should reject the project if the discount rate is above 13.1%. The general investment rule is clear: Accept the project if IRR is greater than the discount rate. Reject the project if IRR is less than the discount rate.

Importance of Using the IRR Method in Investment Decision-Making

Until 1999, academic research revealed that three-quarters of CFOs always or almost always use IRR when evaluating capital projects. John R. Graham and Campbell R. Harvey. The Internal Rate of Return (IRR) method is a crucial tool for investment decision-making. Its ability to assess the profitability of potential investments, compare different investment opportunities, consider the time value of money, and calculate all cash flows makes it a valuable tool for investors. Studies have shown that investment decisions based on IRR calculations are more likely to lead to profitable outcomes.

Methodology
This research project will be conducted using various methods, all involving data collection through literature reviews, mixed-method approaches to qualitative and quantitative data collection and analysis. We also gathered data from sources such as academic articles, reports, and studies related to investment evaluation and the IRR method, as well as real-life statistics and sources emphasizing the importance of using the IRR method in investment decision-making.

Literature Review
The most important and widely used approaches in capital budgeting are Net Present Value (NPV) and Internal Rate of Return (IRR). Christian Kalhoefer (2010). Ranking mutually exclusive investment projects, “Journal of Investment Management and Financial Innovations.”
“It’s a good rule of thumb to always use IRR in conjunction with NPV to get a fuller picture of what your investment will yield.” Amy Gallo 2016, A refresher on the internal rate of return, “Harvard Business Review.”
“The internal rate of return is important because it can help companies make informed decisions about investment opportunities, comparing the expected return on investment with the opportunity cost of capital.” Richard A. Brealey, Stewart Myers, Franklin Allen “Principles of Corporate Finance”

Advantages of the IRR Method

1. Easily understood by investors: According to a study by the National Bureau of Economic Research, the IRR method is one of the most widely used techniques for evaluating investment opportunities because it is easy for investors to understand and interpret.
2. Accounts for the time value of money: The IRR method takes into account the time value of money, meaning it considers that money received in the future is worth less than money received today due to inflation and other factors.
3. Provides a single measure of profitability: The IRR method provides a single percentage figure that represents the return on investment. This makes it easy for investors to compare different investment opportunities and choose the most profitable one.
4. The simplicity of the IRR method makes it easy to compare IRR with the required or expected rate of return from investors. It is also easy to understand as it shows the actual profit of the project after calculating all cash flows. This ease of understanding helps make informed decisions regarding project selection, where a project with a higher IRR than the required rate of return is accepted.

Limitations of the IRR Method

1. Assumes reinvestment at the same rate: A limitation of the IRR method is that it assumes that every cash flow generated by the investment will be reinvested at the same rate as the IRR. However, this may not always be the case, and the actual return on reinvested cash flows may differ from the IRR.
2. Ignores changes in project size: The IRR method does not consider the size of the investment or the scale of the project. This means that two projects of different sizes may have the same IRR, but one may require a much larger initial investment.
3. Multiple IRRs may arise, causing confusion in choosing the right rate of return.
4. In some cases, problems may arise even when using IRR to compare projects with different time lengths. For example, a project with a shorter duration may have a high IRR, making it appear as an excellent investment. In contrast, a longer project may have a low IRR, earning slow and steady returns.
5. IRR is a relative measure of project profitability and does not provide information about the absolute amount of profit.

Case Studies

“SSR MINING” ANNOUNCES THE ACQUISITION OF UP TO 40% INTEREST IN THE OWNERSHIP AND OPERATION OF HOD MADEN MAY 8, 2023 SSR Mining has announced the acquisition of up to a 40% ownership interest and operational control of the gold and copper development project Hod Maden in northern Turkey. The acquisition is structured as a profit transaction, with a total consideration of $270 million. The project or investment is expected to generate a return of at least 15% after considering all expenses and taxes related to its acquisition.

“MICROSOFT” FINALIZES THE ACQUISITION OF “GITHUB” FOR $7.5 BILLION OCTOBER 26, 2018 Microsoft’s acquisition of GitHub for $7.5 billion was a strategic move aimed at expanding the company’s presence in the software development space. To assess the investment possibility of acquiring GitHub, Microsoft used IRR as a method to evaluate the potential return on investment. According to Microsoft’s 2018 annual report, the company’s required rate of return for investments was 9.9%. Microsoft estimated that the acquisition would generate an IRR of approximately 11%, making it a financially sustainable investment. Since the calculated IRR was higher than the company’s required rate of return, Microsoft decided to proceed with the acquisition of GitHub.

“AMAZON” TO ACQUIRE “WHOLE FOODS” FOR $13.4 BILLION JUNE 16, 2017 Amazon’s acquisition of Whole Foods Market for $13.7 billion in 2017 was a move aimed at expanding the company’s presence in the food industry. According to Amazon’s 2017 annual report, the minimum rate of return the company sought for its investments was approximately 9%. Amazon used this as a benchmark to assess the expected IRR of the Whole Foods acquisition. Based on its analysis, Amazon estimated that the acquisition would generate an IRR of approximately 13%. This was higher than the company’s required rate of return, indicating that the acquisition would fulfill Amazon’s financial goals and generate a positive return on investment.

“GENERAL ELECTRIC CO.” INVESTS $1 BILLION IN RAPID DIGITAL GROWTH JUNE 29, 2016 General Electric’s (GE) $1.4 billion investment in a new software development center in San Ramon, California, in 2016 aimed at expanding the company’s digital capabilities. According to GE’s 2016 annual report, the required rate of return for the investment was approximately 15%. Based on its analysis, GE estimated that the San Ramon project would generate an Internal Rate of Return (IRR) of around 20%. This was higher than the company’s required rate of return, indicating that the investment would meet GE’s financial goals and generate a positive return.

Multiple IRR Issues

We have a project with an initial investment of $60.
CashFlow year 1: $155 CashFlow year 2: -$100 IRR: 25% and 33.33%
• In our current example, the IRR rule is completely broken. Suppose our required return is 10%. Should we take this investment? Both IRRs are higher than 10%, so according to the IRR rule, maybe we should. However, NPV is negative at any discount rate lower than 25%, so this is not a good investment. When should we take it? We see that NPV is positive only if our required return is between 25% and 33.33%.

Time Problem

We have two projects: Project A and Project B
Initial Investment: $100 for both
CashFlow year 1: $50 for A, $20 for B
CashFlow year 2: $40 for A, $40 for B
CashFlow year 3: $40 for A, $50 for B
CashFlow year 4: $30 for A, $60 for B
IRR: 24% for A, 21% for B
• We find that the NPV of Investment B is higher at lower discount rates, and the NPV of Investment A is higher at higher discount rates.
• This is not surprising when you look closely at the cash flow patterns. Large cash flows for A occur early, while large cash flows for B occur later.
• Assuming a high discount rate, we favor Investment A because we implicitly assume that the early cash flow (for example, $10,000 in year 1) can be reinvested at that rate. Since most of the cash flows of Investment B occur in Year 3, the value of B is relatively high at low discount rates.
• 11.1% is the intersection point of the two curves. If the discount rate is below 11.1%, we should choose Project B because B has a higher NPV. If the rate is above 11.1%, we should choose Project A because A has a higher NPV.

Hypothesis
Why IRR is Better Than NPV: A Comprehensive Analysis

When it comes to evaluating investment opportunities, two well-known methods used by finance professionals are the Internal Rate of Return (IRR) and Net Present Value (NPV). IRR is the discount rate that makes the net present value of all equal cash inflows equal to zero, while NPV is used to determine whether an investment will generate a positive or negative return and helps investors understand the value of their investment.

Downsides of NPV

1. NPV can be sensitive to changes in the discount rate used to calculate the present value of cash flows. This is because NPV assumes that cash flows are discounted at a constant rate, which may not always be the case. Small changes in the discount rate can lead to significant changes in NPV.
2. The biggest disadvantage of the net present value method is that it requires some assumptions about the cost of the firm’s capital. Assuming a capital cost that is too low will result in suboptimal investment decisions. Assuming a capital cost that is too high will result in the rejection of many good investments.
3. Complexity in project comparison: NPV requires the comparison of different projects using a common discount rate, which can be challenging if the projects have different risk profiles or time horizons. For example, a $1 million project is likely to have a much higher NPV than a $1,000 project, even if the $1,000 project provides much higher returns in percentage terms. If capital is limited — and it usually is — NPV is a weak method to use because projects of different scales are not immediately comparable based on the outcome.
4. Difficulty in interpretation: NPV is expressed in dollars, which can make interpreting the result in a straightforward way without additional context difficult. For example, an NPV of $10 million may seem like a large number, but it is difficult to determine whether this represents a good or bad investment without knowing the size of the initial investment, the time horizon of the project, and the required rate of return.

IRR and NPV

1. IRR calculates uncertainty in cash flow predictions, which is an important consideration as future cash flows are never certain. IRR uses a single discount rate that represents the project’s cost of capital, or the minimum rate of return the investment must earn to be considered worthwhile. This discount rate reflects the time value of money and accounts for the risk associated with investing in the project. Therefore, IRR provides a measure of the expected rate of return on the project by also calculating the risks and uncertainties involved in the investment.
2. IRR is a better method for potential returns of a project as it takes into account the cash flows of the project throughout its investment life. NPV, on the other hand, considers the difference between cash inflows and outflows at a specific time. While both measures are used to assess the potential benefit of an investment project, IRR is often preferred over NPV because it considers the timing and magnitude of all cash flows, making it a more comprehensive measure of the potential return on a project.
3. IRR can be used to compare the profitability of different investments as it provides a measure of the rate of return of an investment. This can be useful when evaluating multiple investment opportunities and trying to determine which investment is more profitable.
4. IRR can help determine the CRITICAL RATE OF RETURN for an investment, which is the point at which the net present value of cash flows is equal to zero, resulting in neither profit nor loss. This can be useful when trying to determine the minimum rate of return that an investment must earn to be profitable.

Conclusion

Investment evaluation is a critical aspect of financial management that assesses and reviews possible investment opportunities. The Internal Rate of Return (IRR) is the annual growth rate expected to be generated by an investment. IRR calculations take into account the time value of money and all cash flows, making it a valuable tool for investors. Despite its limitations, IRR remains widely used for evaluating investment opportunities due to its ease of use and ability to provide a single measure of profitability.

Reference

• FUNDAMENTALS OF CORPORATE FINANCE, Bradford D. Jordan, Randolph W Westerfield, and Stephen Ross
  •PRINCIPLES OF CORPORATE FINANCE, Richard A. Brealey, Stewart Myers, Franklin Allen
  •CORPORATE FINANCE, Randolph W Westerfield, Stephen Ross, Jeffrey F. Jaffe
  •INTERNAL RATE OF RETURN: A CAUTIONARY TALE. John C. Kelleher dhe Justin J.MacCormack
  •RANKING OF MUTUALLY EXCLUSIVE INVESTMENT PROJECTS. Christian Kalhoefer
  •THE REINVESTMENT RATE ASSUMPTION FALLACY FOR IRR AND NPV. CARLO ALBERTO MAGNI Dhe JOHN D. Martin
  •A BETTER WAY TO UNDERSTAND INTERNAL RATE OF RETURN. McKinsey & Company
  •INTERNAL RATE OF RETURN: A cautionary tale. McKinsey & Company
  •https://www.macrotrends.net/stocks/charts/MSFT/microsoft/net-income
  •https://www.macrotrends.net/stocks/charts/AMZN/amazon/revenue
  •https://www.macrotrends.net/stocks/charts/GE/general-electric/revenue
  •WHAT IS INTERNAL RATE OF RETURN (IRR) AND HOW IS IT CALCULATED? FinanceStrategists
  •INTERNAL RATE OF RETURN (IRR) RULE: DEFINITION AND EXAMPLE. Investopedia

-Nebih Haziri

Introduction
The dynamic evolution of marketing in the banking sector is a continuous process influenced by technological advancements, regulatory changes, and ever-evolving customer expectations. Recognizing and addressing customer needs are essential for banks seeking sustainable relationships and a competitive advantage in today’s financial landscape. The diverse functions of marketing management play a crucial role in this process, from acquiring and retaining customers to promoting financial products, building the brand, and market research. Embracing data analysis, strategic marketing not only meets the diverse needs of customers but also transforms banks into dynamic and adaptive entities, positioning them as reliable partners during customers’ financial journeys. As the industry continues to navigate transformative changes, strategic marketing remains a key driver for fostering loyalty and ensuring the long-term success of financial institutions.

Financial Needs
Bank Response to Consumer Needs
Understanding the intricacies of customer needs is crucial for financial institutions seeking to offer tailored and effective services. A detailed examination of these requirements is essential for banks aiming to foster long-term relationships and maintain a competitive advantage in the dynamic financial landscape.

To effectively meet customer needs, financial institutions must delve into a comprehensive analysis of the various financial demands of their clientele. This includes understanding different income levels, risk appetites, financial goals, and life stages of customers. Conducting thorough market research and leveraging data analytics, banks can gain invaluable insights into the specific needs of different customer segments.

The complex dimensions explored in the banking field highlight the necessity for adaptability and customer focus. Analyzing income and expenditure patterns provides a foundational understanding that enables banks to tailor their offerings to align with the diverse financial realities of their clientele. Delving into risk tolerance and investment objectives is essential for creating personalized solutions that resonate with individual preferences, fostering not only customer satisfaction but also a sense of financial security.

Considerations of life stages emerge as a guiding principle, acknowledging that different phases of life require different financial products and services. By acknowledging and accommodating these diverse needs, banks position themselves as essential partners throughout their customers’ developmental journeys. This multifaceted approach transforms banking from a transactional effort into a dynamic and adaptive relationship, strengthening customer loyalty and positioning financial institutions as formidable forces in an ever-evolving landscape.

Meeting customer needs through strategic marketing is a comprehensive approach that empowers financial institutions to build a strong connection with their clientele. By deepening their understanding of customers, these institutions can not only develop targeted products but also personalize their communication strategies. This tailored approach, encompassing educational initiatives and personalized communication, not only attracts and retains customers but also positions the financial institution as a trusted partner in the customer’s financial journey. Ultimately, the symbiotic relationship created through strategic marketing efforts ensures that the institution is not merely a service provider but a facilitator of financial empowerment and education for its customers.

Coverage and Complexity for Bank Marketing
The Concept of Marketing
The concept of marketing encompasses the business philosophy of an institution or individual, characterized by a focus on the consumer expressed through continuous and harmonious efforts throughout the entire process of fulfilling consumer needs and desires and achieving the objectives of the enterprise. If we want to know what our job is, then we must start with the mission. There is only one correct definition for the mission of the enterprise: customer satisfaction. What the enterprise thinks to produce is not of primary importance, especially not for its future and success. Crucial is what the consumer thinks to buy, specifically what represents value for them, determining what your enterprise produces. To understand the concept of marketing correctly, it should be emphasized that the activities of the enterprise begin and end with the consumer. Through marketing, the enterprise identifies and analyzes their needs and demands and pursues them until fulfillment.
Given that the key concept of marketing focuses on the consumer, any business entity engaged in the production of products and services for success never dares to forget that:

In a free market economy, the consumer is king.
Every time, we must put ourselves in the consumer’s shoes.
By fulfilling the needs and demands of the consumer, the permanent goal is the satisfaction of their desires, etc.
Dr. Philip Kotler defines marketing as the science and art of exploring, creating, and giving preference to the achievement of market needs toward profit. According to Kotler, marketing identifies unfulfilled needs and desires, determining the measures and quantity of the market.

Peter Drucker says that if we want to know what our job is, then we must start with the mission. There is only one correct definition for the mission of the enterprise: customer satisfaction. What the enterprise thinks to produce is not of primary importance; what it presents as value determines what your enterprise is.

The American Marketing Association states that marketing is the process of planning and implementing the concepts of pricing, promotion, and distribution of ideas, goods, and services with the aim of creating an exchange that satisfies the needs of individuals and organizations.

How was marketing created in banks!?
The evolution of marketing in the banking sector reflects a dynamic interaction between economic, technological, and regulatory forces over time. In the early stages, when banking services were basic and few in number, personal relationships and trust were paramount. However, with the development of industrialization at the end of the 19th century, competition among banks intensified, prompting the recognition of the need for marketing efforts. After World War II, an increase in consumption and economic growth pushed banks to diversify their services, and marketing strategies shifted towards creating brand identities and promoting a wider range of financial products.

The second half of the 20th century witnessed a transformative impact of technological advances in banks. Computers, the internet, and later digital channels revolutionized how banks conducted business. Marketing strategies adapted to this changing landscape, incorporating digital channels for advertising, communication, and customer interactions. Globalization and deregulation further increased competition, requiring sophisticated marketing approaches, including market segmentation and targeted advertising. In the 21st century, digital transformation accelerated, with online banking, mobile applications, and digital payment systems becoming integral. This led banks to adopt digital marketing strategies, emphasizing social media and personalized approaches through Customer Relationship Management (CRM) systems.

As the banking sector continues to evolve, marketing strategies remain dynamic, shaped by continuous technological innovations, regulatory changes, and shifts in consumer expectations. Striking a balance between maintaining trust, adhering to regulations, and embracing advanced marketing techniques is likely to define the future landscape of marketing in the banking industry.

What were the changes in the banking sector over the past 10 years?
The banking sector has undergone significant changes in the past decade, primarily driven by rapid advancements in technology. The shift towards digital transformation, the emergence of fintech disruptors, and the integration of innovative technologies such as blockchain and AI have reshaped the industry. This evolution has led to a more interconnected and customer-focused banking landscape.

As banking institutions navigate these changes, the impact on marketing approaches is evident. Personalization, digital marketing strategies, content creation, and the integration of AI-driven tools in customer service have become integral components of the industry’s marketing. The use of social media and influencer marketing reflects a broader effort to engage with customers on platforms they frequent, creating a more dynamic and interactive relationship.

Looking ahead, the banking sector is likely to remain on this trajectory of technological innovation, adapting marketing strategies to meet evolving customer development expectations. Emphasis on data security and regulatory compliance will continue to be paramount, and the industry will need to strike a delicate balance between embracing innovation and addressing potential risks. Overall, the banking sector will continue to be shaped by the dynamic interaction between technological advancements, regulatory frameworks, and the evolving needs of the modern consumer.

Functions of Marketing Management in Banks
The diverse functions of marketing management within the banking sector emphasize its critical role in the success and sustainability of financial institutions. The foundational pillar of acquiring and retaining customers underscores the importance of identifying and attracting targeted customer segments through strategic campaigns, ensuring a strong customer base during the implementation of programs to cultivate customer loyalty. At the same time, promoting financial products involves developing and communicating various product portfolios, using different channels to effectively reach and engage the targeted audience.

The second crucial dimension involves building and positioning the brand, emphasizing the creation and maintenance of a positive brand image. This includes strategic differentiation from competitors and the careful management of the overall brand experience. The third dimension, market research, implies the need for continuous adaptation to stay aligned with customer needs, industry trends, and competitive landscapes.

Use of Marketing in Financial Institutions
Case Study — ProCredit Bank

We aim to be the “house bank” for very small and small businesses because we believe these enterprises create numerous job opportunities, contributing to the development of the Albanian economy. We strive to promote a culture of savings among families and individuals, as well as to provide transparent and responsible banking services for people living and working in the areas served by our bank. For ProCredit Bank employees, implementing responsible standards and principles is not just a way of working; it’s a way of life. We offer more than just a job: we provide an opportunity to be part of an ethical institution, focused on responsible banking.

For ProCredit Bank, responsibility means:
Transparent communication and respect for our clients and colleagues.
Providing a reliable, understandable, and easily usable financial service designed to meet our clients’ needs.
Creating a positive and sustainable impact on the development of local businesses, promoting environmental sustainability, and the well-being of our employees.
This responsibility in banking allows us to build a long-term relationship with our clients based on mutual trust. We believe in these principles, and their implementation in our daily work sets us apart.

Brief History of the Enterprise
It is the successor of MicroEnterprise Bank, the most successful bank in Kosovo since 2000, founded through the initiative of several internationally renowned financial institutions. It was the first bank opened in the post-war period in Kosovo, quickly transforming into a true commercial bank offering a wide range of banking services. In its early years, this bank received significant donor funds for Kosovo and became the leading savings bank. In 2002, it became the first bank to offer card services to its customers, making Kosovo one of the most developed regions in terms of card usage in banking. In 2003, this institution was rebranded as ProCredit Bank, joining the ProCredit Bank network. It continues to maintain a high pace of providing consumer services, ensuring quality and satisfaction. ProCredit Bank receives the Corporate Social Responsibility 2021 award from Kosovo CSR Network.
This award comes as a result of ProCredit Bank’s dedication to achieving sustainable development objectives within the UN’s 2030 Agenda, as well as its continuous contribution over the years to improving community well-being and implementing ongoing policies aimed at environmental protection. “For ProCredit Bank, this award is an additional confirmation of the implementation of many projects that clearly outline our strategy and high social responsibility, deeply embedded in each of our colleagues,” emphasized Besar Pllana from ProCredit.

Mission of the Bank
ProCredit Bank is a development bank that offers comprehensive banking services. We provide quality services for private individuals and businesses. In our operations, we adhere to a set of basic principles:
-We value transparency in communication with clients.
-We do not promote consumer loans.
-We offer services based on each client’s situation and sound financial analysis.
By offering simple deposit services for private clients and making substantial investments in financial education, we aim to promote a savings culture that can bring stability and security to families. Our shareholders expect sustainable long-term returns on investment and are not interested in maximizing short-term profits. We make significant investments in staff training to create a pleasant and efficient working atmosphere, offering the most honest and competent services to our clients.

Internet Marketing
Internet marketing at ProCredit Bank is well developed. One notable service is E-Banking, an electronic banking service that allows consumers to perform banking services 24 hours a day from home or office. Through this electronic service, consumers can check their bank balance and conduct various transactions within and outside Kosovo. With these services, clients can save time and have direct access to their accounts for any transaction at any time. E-Banking is highly convenient for individuals working during the day and unable to visit a physical bank. The security of funds is high, and it is widely used by many reputable banks.

Through the internet banking system, clients can use the following services:
-Execution of institutional payments within ProCredit Bank branches
-Execution of national payments with other local banks in euros
-Execution of international payments for commercial transactions.
Information on accounts:
-Account movements and balance
-Daily statements of accounts
-Viewing the latest orders through E-Banking
-Viewing all orders made through our bank.

Media Used by the Bank
Various media are utilized for marketing purposes, including online platforms, TV, print media, etc. Through the internet, different websites provide a platform where enterprises can advertise for free, reaching a broader audience. TV marketing involves airing various commercials, but unlike internet websites, TV advertisements are paid. Print media, whether newspapers or magazines, also involves paid marketing.

Communication and the media used for communication by ProCredit Bank are diverse. The bank communicates effectively with its consumers through various media, including print media such as newspapers and magazines, billboards, TV, various videos, and its website on the internet.

Promotion
Promotion is the communication process between the business and buyers with the aim of creating a positive perception of products and services. Promotion at ProCredit takes various forms, such as advertising, publicity, personal selling, sales promotion, online promotion, in newspapers, on billboards, etc. Personal selling at ProCredit Bank occurs when the sales force or ProCredit Bank staff collaborates with consumers to build good relationships and aims to achieve sales. Personal selling is carried out through sales channels such as TV, radio, newspapers, new media, direct advertising, and is a primary form at ProCredit Bank. Promotion is also done through various advertisements on TV, such as ProCredit Bank appearing daily on RTK, which consumers see and may be interested in purchasing a bank product. Promotion is also done in daily newspapers, such as in the widely-read newspaper “Kosova Sot,” and on the internet, where the bank’s website presents all information and data for consumers to be informed about all bank rules. Advertisement analysis. The main advertising media are newspapers, magazines, television, radio, direct advertising, etc. Newspapers are the most widely used medium for distributing advertising messages. Newspapers have their advantages and disadvantages. Advantages include the possibility of various announcements, reliability, etc. Disadvantages include not being read by everyone, a short lifespan, poor material quality, etc. ProCredit Bank consistently runs advertisements, indicating that its promotion is well developed. Advertisements for this company are presented on occasions such as holidays, the introduction of new services, products, new packages, with advertisements mainly appearing on the last page of the newspaper or on its back cover. The advertisement covers the entire newspaper page, informing consumers on how they can contact the bank, directly by visiting the bank, via phone, and through its website. Company “ProCredit Bank”

Products
ProCredit Bank offers excellent services for clients and a wide range of banking products:
-Money transfers
-Current account
-Savings account
-Savings Plan
-Time deposit account
-Cards — Credits
-Overdraft for private clients
-Banking packages
-E-banking — SMS services
-General terms and conditions
-Sales point terminals
-Contracting partners
-Pricing — private clients
-SMS Top Up
-Recommendations on security measures for using E-Banking.

Prices
Prices include all information and fees of the bank, such as:
Prices for opening and maintaining the account, including:
-Account opening
-Minimum balance
-Account maintenance fee
-Interest rates, etc.
As of June 1, 2017, the bank applies a monthly commission on the current account. This monthly commission for private clients includes the maintenance of the current and savings account, issuing and maintaining the debit card, e-Banking service, token, and Customer Identifying Code. For business clients, the monthly commission on the current account includes maintaining the current account, issuing and maintaining the debit card, e-Banking service, token (up to two tokens if necessary), and the Customer Identifying Code. All the mentioned services are necessary to operate with your bank accounts in the 24/7 Zones and other alternative channels offered by the bank. If you do not have any of the mentioned services, you can visit the nearest bank branch to acquire these services.

Distribution
Distribution is one of the 4Ps of the marketing mix that is responsible for:

Creating contacts with consumers
-Selling products
-Delivering products to the consumer
-The distribution of the bank is done in the following way:

-The funds of the loan up to €10,000 initially must be distributed to the borrower’s account.
-The withdrawal of the loan in cash is allowed up to the amount of €10,000.
-Funds of the loan over €10,000 from the borrower’s account must be distributed only through bank transfers supported by valid documents.
To be in compliance with the paragraphs of this clause (as read above), the bank must ensure an internal control system that will distribute the loan in accordance with the specified regulations.

SWOT Analysis

Strengths:
-Loaded website with abundant information for clients.
-Easy and fast way to find information.
-Multilingual content.
-Business loans.
-Loans for vehicle purchases.

Weaknesses:
-Irregular functioning of E-banking.
-Delay in electronic payment if made over the weekend.

Opportunities:
-Adjustment of the electronic payment system.
-Faster information retrieval, etc.

Threats:
-Threats from competition in E-marketing.
-Irregular management of the website.

Comparison of ProCredit Bank with Teb Bank
The main branches of ProCredit are in Pristina, Gjilan, Peja, Prizren, Ferizaj, and Mitrovica, while Teb has 27 branches and sub-branches in various countries. ProCredit allows you to get higher loans than other banks to help improve your business efficiency. The best opportunities are with ProCredit Bank.

Being among the most recognized and largest companies in our market means that you will face a series of competitors aiming to come in first. ProCredit faces not only one but several competitors, including Teb, Raiffeisen Bank, etc., well-known in our market. However, consumers and various social networks make us aware of the competition and the preference for these two giant companies.

Conclusion
ProCredit Bank is a quality service bank that works to meet consumer demands. Our policies are based on the philosophy of open and transparent communication between the staff, a philosophy that is the focus of all ProCredit banks worldwide. We place special emphasis on transparency in the recruitment and selection process, as well as ongoing professional development for our employees. We believe that the commitment and competence of our employees are essential to providing a very high-quality and responsible service to our clients. ProCredit Bank emphasizes the importance of building an honest and mutually respectful relationship between employees, as well as creating a pleasant working environment, with open communication and a long-term perspective. We seek employees who are not only interested in a specific position but also interested in understanding our long-term objectives. Applicants must also have a desire for continuous development within the institution and demonstrate a commitment to our ethical and moral approach in providing banking services.

Reference
Promocioni –Prof.As.Dr. Artan Duka ,Dr Niko Pano
Strategjitë e marketingut- Prof .Nail Reshidi, Prishitnë, 2007
www.procreditbank-kos.com — Kompania “ProCredit Bank”

-Nebih Haziri

Introduction
The public sector provides goods and services to the public and includes government agencies, institutions, and state enterprises. Its services encompass healthcare, education, transportation, infrastructure, social welfare, and public safety. The sector is funded by taxes and aims to serve the public interest. It provides a career landscape, enables social engagement, and holds elected officials accountable for their actions.

What is the public sector?
The public sector is the part of the economy owned and operated by the government, responsible for providing essential services and goods to the public. It includes government agencies, public institutions, state enterprises, and regulatory bodies overseeing various industries. Financed by taxes, the primary goal of the public sector is to serve the public interest and promote the overall well-being of society.

Some key specifics about the public sector in brief:
Owned and controlled by the government.
Financed through taxes and fees.
Provides essential services and goods to the public.
Regulates various industries and activities.
Accountable to the public and subject to regulations.
A significant source of employment with a substantial impact on the economy.

Units of the public sector
The public sector comprises various units responsible for providing essential services to the public. These include government agencies, public institutions, and state enterprises that implement laws, offer services, and operate companies in various industries. Key units in Kosovo include government agencies, public corporations, and non-profit organizations. Examples include the Ministry of Finance, the Kosovo Energy Corporation, and the Women’s Network of Kosovo.

Government agencies
Government agencies in Kosovo are units within the public sector responsible for specific government functions. They are organized based on their areas of responsibility, such as education, healthcare, transportation, and public safety. Government agencies develop and implement policies and programs, enforce laws and regulations, and provide essential services to the public. Examples in Kosovo include the Ministry of Finance, Ministry of Education, Science and Technology, and the Ministry of Internal Affairs.

Non-profit organizations
Non-profit organizations in Kosovo are entities that operate for the public good and do not have profit motives. They work with the government and other interested parties to address social and environmental issues, offer essential services, promote human rights, and advocate for policy changes. Examples include the Women’s Network of Kosovo, the Balkan Green Foundation, and the Mother Teresa Society, working on various social and environmental issues.

Challenges facing the public sector
The public sector in Kosovo faces challenges such as limited funding, political interventions, bureaucratic inefficiency, lack of human resources, and a lack of transparency and accountability. These challenges can hinder the effective delivery of services and erode public trust in government institutions. Addressing them requires continuous efforts to improve funding, reduce intervention, streamline processes, invest in human resources, and promote transparency and accountability.

FINANCIAL REPORT OF THE MUNICIPALITY OF PRISHTINA FOR THE PERIOD JANUARY 1 — DECEMBER 31, 2022

Total revenues increased significantly from 2020 to 2021 but slightly decreased in 2022. Property tax was the largest revenue source, followed by property sales tax and motor vehicle taxes. Rental income and property sales revenues were relatively low and showed a slight decline in 2022.

Analysis of these items indicates fluctuations in revenues from various programs during the period 2020–2022. Revenues from inspections and taxes for certificates and official documents showed continuous growth. However, revenues from vehicle confiscation and road infrastructure experienced a significant decline.

Overall, the data show an increase in revenues from various programs and taxes between 2020 and 2022, with some areas experiencing significant growth, such as the health services tax, which increased by 11.09%. However, there were also areas with declines, such as municipal environmental permit revenues, which decreased by 49.82%.

The program experienced a significant increase in revenues from 2020 to 2022, mainly driven by the Cadastre. However, revenues through the Treasury decreased significantly. To ensure long-term success, the program needs to explore new revenue sources while continuing to use existing successful ones.

In 2022, total actual revenues exceeded the budget plan by 3.60%, reaching 31,593,203.98. Program revenues (1.1) contributed the most to total revenues with 11,034,556.98 but were less than planned by 20.96%. Program Inspection revenues (1.2) also fell below the plan by 33.73%, realizing 99,402.31.

Program revenues have shown a positive trend with a significant increase in taxes collected for certificates, road infrastructure, and business licenses. However, revenues from other categories, such as horticulture, have room for improvement.

The described programs have generated considerable revenues for the government. Various taxes, including those for building permits, unauthorized construction legalization, municipal environmental permits, as well as donations, have contributed to these revenues. The trend is positive, indicating a promising outlook for government finances from these programs.

EXPENDITURES FOR 2022 AND COMPARISON WITH PREVIOUS YEARS

There is also an increase in capital spending allocation from 2020 to 2022. It is important to monitor current expenses to ensure financial objectives are met and to adjust the budget in line with circumstances.

In conclusion, the data presented show a total expenditure increase for each year from 2020 to 2022. The majority of budget expenditures for all three years are allocated to salaries, administration, goods, services, and municipal expenses.

Conclusion
In conclusion, the public sector in Kosovo is a vital part of the economy, offering essential services and goods to the public and regulating various industries. It includes government agencies, public institutions, and non-profit organizations, all of which play crucial roles in promoting the overall well-being of society. Despite facing some challenges, the public sector in Kosovo continues to work towards improving citizens’ lives and creating a more equal and sustainable future.

-Nebih Haziri

Abstract:
• Risk plays a crucial role in the realization of any project. The aim of this research is to understand the importance and evaluation of general risks.
• An experiment has been conducted, presented in Figure 1, showing 4 different scenarios of events and how an event in the foreign exchange market may result in a 40% risk of loss for each position.

1.Introduction:
• This paper addresses the topic of Risk Management.
• From the beginning, we will familiarize ourselves with the term Risk, and throughout the paper, we will touch upon points regarding Risk Management and whether we can use Risk to our advantage.

2. Research Objective:
• The importance of Risk Management
• Exposure to Risk
• Risk Management Process
• Benefits of Risk Management
• Risk Management Plan

3. Research Methodology:
• To achieve the research objective, I based this work on a review of academic literature and scientific papers on risk management and the effects achieved through quality corporate and NVM management.

3.1. Research Questions:
The importance of risk management.
The impact of risk on our lives.
The relationship between probability and risk.

3.2. Research Hypotheses:
As a summary of the questions, we take the example of financial investments, and from this experiment, we understand that there is a random distribution between gains and losses for each specified group of variables determining a strategy (higher probability of profit).

4. Literature Review:
• Risk is a perceived event today that may occur in the future with a probability “worn” by humans and has a evaluated or measured impact on an unspecified objective. Orfea Dhuci. (2011), Basic Knowledge of Risk and Its Management, OMBRA GVG
• Risk management is the process of identifying, assessing, and controlling threats to the capital and profits of an organization.
• A risk management program should be integrated with organizational strategy. To connect them, risk management executives must first define the organization’s risk appetite — that is, the amount of risk it is willing to accept to achieve its objectives.
• Mike Chapple, Senior IT Director at the University of Notre Dame, expressed in his article on “RISK APPETITE VS. RISK TOLERANCE”: “The big task is to determine which risks fit within the organization’s risk appetite and which require additional controls and actions before they are acceptable. Some risks will be accepted without any further necessary action. Others will be mitigated, transferred to another party, or avoided altogether.”

5. Importance of Risk Management:
• Risks faced by modern organizations have become more complex, driven by the rapid pace of globalization.
• A recent external risk that appeared as a supply chain issue in many companies — the coronavirus pandemic — quickly turned into an existential threat, affecting the health and safety of their employees, business operations, the ability to collaborate with customers, and the corporate reputation.
• Ron Shinkman, a professional journalist, stated: “The pandemic is an excellent example of a risk issue that is very easy to ignore if you don’t take a strategic holistic (overall) view and a long-term view of the types of risks that can harm you as a company,” and after the pandemic, he said: “Many companies will look back and say: ‘You know, we should have known about this, or at least thought about the financial implications of something like this before it happened.’”

6. Exposure to Risk:
What is exposure to risk?
• Exposure to risk is the possible loss in quantity from ongoing or planned business activities.
How it is calculated:
• The level of exposure to risk is calculated by multiplying the probability of a risk incident by its potential loss. Exposure to risk = risk impact x probability.
Why exposure to risk is important:
• Exposure to business risk is used to rank the probability of different types of losses and to determine which losses are acceptable or unacceptable.
What are the most common types of exposure to risk?
• Brand damage, compliance failures, security breaches, and liability issues.

Graph 1: The graph shows 4 different scenarios of how the event may unfold.
• Example:
 We open 100 investment positions, with a 1% risk of total capital, where the probability of winning is 60%, and the Risk and Return are 1:1 (meaning we put at risk $100 to win $100).

7. Risk Management Process According to ISO:
ISO 31000 standard, Risk Management — Guidelines
• 1. Identify risks
• 2. Analyze the likelihood and impact of each
• 3. Prioritize risks based on business objectives
• 4. Treat (or respond to) risk conditions
• 5. Monitor results and adjust as needed
IOS — The International Organization for Standardization

8. Benefits of Risk Management:
• Effective risk management that may have a negative or positive impact on capital and income brings many benefits.
• Benefits of risk management include:
1. Increased awareness of risk throughout the organization;
2. More confidence in organizational objectives and goals because risk is factored into the strategy;
3. Better and more efficient compliance with regulatory and internal compliance mandates because alignment is coordinated;
4. Improved operational efficiency through more sustainable application of processes and risk control;
5. Enhanced workplace safety for employees and customers; and
6. A competitive differentiator in the market.

9. Risk Management Plan:
• A risk management plan outlines elements such as the organization’s risk approach, roles and responsibilities of risk management teams, resources to be used to manage risk, policies, and procedures.
• The 7-step ISO 31000 process is a useful guide to follow. Here is a summary of its components:
1. Communication and consultation
2. Establishing context
3. Identifying risks
4. Risk analysis
5. Risk assessment
6. Risk treatment
7. Monitoring and review

• Risks falling in the green areas of the map require no action or monitoring. Yellow and orange risks require action. Risks falling in the red parts of the map require urgent action.

10. Conclusion:
• Risk management is the process of identifying, assessing, and controlling threats to the capital and profits of an organization.
• Risk management enables the success of the project.
• Employees can reduce the likelihood and severity of potential project risks by identifying them early. If something goes wrong, there is already an action plan to address it. This helps employees prepare for surprises and maximize project outcomes.
• A successful risk management program helps an organization consider the full range of risks it faces.
• Exposure to business risk is used to rank the probability of different types of losses and to determine which losses are acceptable or unacceptable.

Reference
• Orfea Dhuci — Njohuritë bazë për riskun dhe drejtimin e tij
• https://www.techtarget.com/searchsecurity/definition/what-is-risk-management-and-why-is-it-important
• https://www.clearrisk.com/risk-management-blog/risk-management-matters-for-all-employees-0-0-0-0#:~:text=Risk%20management%20enables%20project%20success&text=Employees%20can%20reduce%20the%20likelihood,unexpected%20and%20maximize%20project%20outcomes.
• https://trader.ftmo.com/equity-simulator

What is Forex?
Forex (Foreign Exchange) is a network where people from around the world access to exchange their currencies with each other at agreed-upon prices.
Whether willingly or not, we are part of Forex. Here’s an example: We are going to the United States with €1,000. When we arrive in the U.S., the exchange rate for (EUR/USD) is 1.20. We convert it into dollars and get $1,200. After staying there for a week without spending any money, when we convert back to Euro, we get €1,043.

What is traded in Forex, and who controls it?
Currencies traded in Forex include the US dollar, Euro, Japanese yen, and many other smaller currencies. Forex also offers trading of cryptocurrencies, stock indices, metals, futures, etc. The Forex market is decentralized, so it is not under the control of any single authority. However, four major banks — JPMorgan, Citi, Deutsche Bank, and UBS — constitute the largest markets in Forex and have significant influence.

Why does the exchange rate move?
In Forex, news and economic data play a significant role in market movements, and currency traders can profit from these factors.

Why Fiat Currency and not Cryptocurrency?
Trading cryptocurrencies and fiat currencies have similarities and differences. Cryptocurrency trading involves buying and selling digital assets, while fiat currency trading involves exchanging one fiat currency for another. Prices move higher when there are more buyers than sellers and fall when sellers outnumber buyers. Both markets are driven by the supply-demand balance. But which one is safer?

The blue indicator shows the average movement of Bitcoin each month since 2019, while the red indicator shows the average movement of Forex (EUR/USD). In this case, Bitcoin’s movement varies between 7.5% and 25%, while the movement of EUR/USD ranges from 1.1% to 1.4%.

Is Forex a game of chance that can lead to success?
Forex separates a thin line between a game of chance and a factor called Probability. For example, if we set a random trade with (1% risk, 1% reward), the probability of winning or losing the trade is 50–50. But can we implement a strategy to increase the likelihood of success? Strategy involves the likelihood of an event occurring more than another event. Searching “Forex Strategy” on Google yields around 57,800,000 different articles.

So, does using these strategies increase our chances of winning? Statistically, about 95% of Forex traders fail and give up in the first few years. Perhaps they do not study the strategies, leading to their failure? On the contrary, everyone uses well-studied strategies. Let’s take a probability example with a random outcome:

The Forex Head-Tail Paradox
Consider a novice trader who knows only Buy and Sell. Let’s guide them as follows: Flip a coin for each trade; if it’s heads, open a Buy position; if it’s tails, open a Sell position. Maintain a 1% risk and 1% reward for each trade. It would be very challenging, if not impossible, for them to avoid failure in Forex.

So, these pieces of information lead us to two subjects:
•Risk Management
•Market Manipulation

Risk Management
Risk management can be defined as: Are we emotionally and financially okay if we lose the percentage we risked on a trade? If the answer is yes, continue with the trade. If the answer is no, reduce the risk percentage. For example, with a €100,000 account and a 20% risk per trade, it would take only 5 consecutive losing trades to wipe out the account. In the same case with a 1% risk, it would take 100 consecutive losing trades to wipe out the account.

Five Basic Principles for Risk Management:
•Anything can happen.
•You don’t need to know what will happen in the future to make money.
•There is a random distribution between wins and losses for any given set of variables that define an edge.
•A strategy is nothing more than a marker of a probability that an event will occur more than another event.
•Every moment in the market is unique.

Market Manipulation
The Forex scandal (known as “Forex Rigging”) is a financial scandal from 2013 that involves the discovery and subsequent investigation that banks collaborated for at least a decade to manipulate exchange rates in the currency market for their financial gains. A trader with over a decade of experience mentioned that if they placed an order at 3:30 p.m. to sell €1 billion in exchange for Swiss francs at 4:00 p.m., they would have two objectives: to sell their euros at the highest price and also lower the rate so that at 4:00 p.m., they could buy the currency from their client at a lower price. On November 12, 2014, the UK’s Financial Conduct Authority imposed fines totaling $1.7 billion on five banks: Citibank $358 million, HSBC $343 million, JPMorgan $352 million, RBS $344 million, and UBS $371 million.

“Be Fearful When Others Are Greedy And Greedy When Others Are Fearful” — Warren Buffett

Summary
•Forex is the safest global market that allows the exchange of one currency for another.
•FOREX is not a quick enrichment scheme.
90% of traders lose 90% of their capital in the first 90 days.
•There is no crisis in Forex because currencies are always quoted in pairs.
•Low entry and transaction costs.
•Trading is a probability game.
•Risk management is crucial.

References
•https://www.businessinsider.com/what-is-forex
•https://www.babypips.com/learn/forex
•https://www.bbc.com/news/business-30003693
•https://www.bloomberg.com/news/articles/2013-06-11/traders-said-to-rig-currency-rates-to-profit-off-clients
•Mark Douglas — Trading in the zone
•https://forexclientsentiment.com/instrument/eur-usd

Introduction
• COVID-19 caused economic disruptions and accelerated digital adoption. Changes in trade models require a better understanding. Restrictions on free markets and the need for government intervention have been emphasized. The financial sector is crucial for a sustainable economy. Changes in currency value affect trade and investments. This research specifically investigates the impacts of COVID-19 on the global economy.

Objectives
What are the key drivers of digitalization growth in financial services post-COVID-19?
How have global trade models changed post-COVID-19, and what are the implications for economies and trade relations between countries?
What are the benefits and potential drawbacks of increased government intervention in mitigating the negative impacts of the pandemic on economic and social recovery post-COVID-19?
What are the opportunities and challenges for green finance growth in the post-COVID-19 era, and what is the potential for supporting sustainable development?
How have changes in currency values affected global trade and investments post-COVID-19, and what strategies can countries and businesses adopt to manage currency risk?
Methodology

This research project will be conducted using various methods, including literature reviews, mixed-method data collection and qualitative and quantitative data analysis approaches, including online surveys and focused group discussions with consumers and industry experts. The study will analyze the government intervention impacts on economic and social recovery in different countries using a social data analysis approach.

Expectations from Objectives
• The research will analyze the impact of digital financial services on traditional financial institutions, including the benefits, drawbacks, and financial inclusion post-COVID-19.
• Study on changes in global trade post-COVID-19 and their impact on the economy, trade relations, and adaptation strategies.
• Research on how increased government involvement post-COVID-19 affects economic and social recovery, including examining challenges and risks associated with greater government intervention to find a balance between intervention and potential obstacles.
• Study on green finance post-COVID-19, exploring opportunities, challenges, and the roles of financial institutions, governments, and investors in promoting sustainable finance.
• Research on how changes caused by COVID-19 in currency values will impact global trade and investments, suggesting risk management strategies for countries and businesses, and its benefit for policymakers, central bankers, and business leaders.

Literature Review
• The global digital transformation market is expected to grow from $469.8 billion in 2020 to $1009.8 billion in 2025, with a compound annual growth rate of 16.5% (Source: MarketsandMarkets).
• According to a survey by McKinsey, 85% of executives reported that their companies had accelerated the implementation of digital technologies during the COVID-19 pandemic.
• The global e-commerce market is projected to grow from $3.5 trillion in 2019 to $6.5 trillion in 2023 (Source: Statista).
• The pandemic disrupted global supply chains, with 94% of Fortune 1000 companies reporting COVID-19-related supply chain disruptions in 2020 (Source: Institute for Supply Management).
• The U.S. trade deficit increased by 18.1% in 2020, reaching $678.7 billion, the highest level since 2008 (Source: U.S. Census Bureau).
• The pandemic also led to a shift towards regionalization in the global market, with countries seeking to reduce dependence on distant suppliers and strengthen their domestic supply chains (Source: McKinsey & Company).
• Government spending as a percentage of GDP increased in many countries during the pandemic, with the average growth in OECD countries being 7.5% (Source: OECD).
• The U.S. government provided over $5 trillion in fiscal stimulus in response to the pandemic, including direct payments, loans, and grants (Source: Committee for a Responsible Federal Budget).
• In Europe, the European Union approved a €750 billion ($880 billion) recovery fund to assist member countries in recovering from the pandemic and stimulate economic growth (Source: European Commission).
• The pandemic led to an increase in demand for sustainable investments, with global assets of sustainable investments reaching $35.3 trillion in 2020, a 15% increase from 2018 (Source: Global Sustainable Investment Alliance).
• Green bonds, used to finance environmentally friendly projects, reached a record level of $269.5 billion in 2020, up from $255.1 billion in 2019 (Source: Climate Bonds Initiative).
• The European Green Deal, aiming to make the EU climate-neutral by 2050, includes an investment plan of €1 trillion ($1.2 trillion) for sustainable growth (Source: European Commission).
• The U.S. dollar, the world’s most traded currency, experienced significant fluctuations during the pandemic, with the U.S. dollar index falling to its lowest level in 27 months in January 2021 (Source: The Economist).
• The euro remained relatively stable during the pandemic, with the European Central Bank implementing measures to support the Eurozone economy (Source: European Central Bank).
• Cryptocurrencies like Bitcoin experienced considerable volatility during the pandemic, with Bitcoin reaching an all-time high of $64,863 in April 2021 before falling to around $30,000 in July 2021 (Source: CoinDesk).

Conclusion
• COVID-19 accelerated digital adoption in finance, impacting society and cybersecurity with associated risks and challenges.
• COVID-19 disrupted global trade with supply chain interruptions and regionalization shifts, affecting small and medium enterprises.
• COVID-19 emphasized the need for government intervention to mitigate economic and social negative impacts, addressing inequalities.
• Green finance supports sustainable projects and economic growth, with governments and businesses promoting investments in environmentally friendly projects.
• COVID-19 influenced global currency values, driven by factors like debt, recovery, and consumer behavior, highlighting the need for international cooperation for stability.

References
• https://www.nytimes.com/interactive/2022/03/11/us/how-covid-stimulus-money-was-spent.html
• https://www.forbes.com/advisor/business/ecommerce-statistics/
• https://www.gsi-alliance.org/
• https://digitalisationworld.com/blogs/57261/five-trends-changing-the-future-of-digital-transformation#:~:text=As%20numerous%20industries%20embrace%20this,from%20%24469.8%20billion%20in%202020.
• https://www.ecb.europa.eu/home/html/index.en.html
• https://www.mckinsey.com/featured-insights/future-of-work/what-800-executives-envision-for-the-postpandemic-workforce
• https://www.wto.org/english/news_e/pres20_e/pr855_e.htm
• https://www.cnbc.com/2023/01/17/chinas-earlier-reopening-means-earlier-recovery.html