The Governor of the Bank of Albania, Gent Sejko, held on Monday a meeting with publicists, analysts, well-known journalists, and representatives of the print and electronic media in Albania.

In his welcoming speech, Governor Sejko thanked the guests for their participation, as well as for reflecting realistically and truthfully on all the activities of the Bank of Albania during 2024, including its decision-making in the field of monetary policy.

"Your professionalism has enabled us to communicate effectively, helping the transmission of our policies in the economy, and consequently, in maintaining the stability of prices, that of the financial sector, and the macroeconomic stability of the country in general," said the Governor.

He emphasized that new technological developments and global uncertainties make the communication of central banks with the public even more important.

Furthermore, Sejko said that the latest data for 2024 on macroeconomic developments in Albania, show that the positive performance of the economy coupled with the increased employment and revenues, have led to elevated income for businesses and households, which in turn are reflected in higher household's spending and business investments.

“In parallel with these developments, inflation has been rapidly declining, fully recovering from the shock it experienced due to the surge in prices in international markets, and reached 2% in November 2024. This return to price stability has been accompanied by a reduction in the cost of living for households and an increase in business investments. Also, overall inflationary pressures have been reduced, on the back of declined inflation in trading partners, appreciated exchange rate and the normalization of monetary policy stance over the past two years,” Sejko noted.

“During 2024, the Bank of Albania has achieved significant progress in two key initiatives in the areas of payments and banking supervision: joining SEPA on November 21, 2024, and advancing open banking. Participation in SEPA will enable the conduction of cross-border financial transfers with European Union countries, making them faster and at lower costs – an important step towards economic integration and improving services for businesses and consumers. Also, the Bank of Albania, in line with EU regulations, has advanced in implementing open banking, by promoting the use of digital platforms to enhance financial inclusion and establish a more open ecosystem for clients and businesses. Open banking will empower citizens with higher and more transparent access to financial services. This development is part of a broader strategy to improve financial infrastructure and digitalize the economy,” said the governor.

Both initiatives aim to expand financial inclusion, by directly contributing to the reduction of informality, in turn supporting long-term sustainable growth.

“Regarding the future, our forecasts remain positive, mainly based on positive developments in terms of economic activity growth. The financial environment, characterized by ample liquidity, relatively low and stable interest rates, and contained risk premiums, thus transforming bank credit into an important and reliable source of financing for the Albanian economy has played an important role in this regard. To this end, the Bank of Albania will continue to remain vigilant to accurately react and promptly to the economic and financial developments,” said Sejko.