The Governor of the Bank of Albania, Gent Sejko received on Tuesday in an official meeting the Vice-President of the European Bank for Reconstruction and Development (EBRD), Mark Bowman, accompanied by Charlotte Ruhe, Director for Central and South Eastern Europe and Ekaterina Solovova, Resident Representative of the EBRD in Albania.

The vice-president of the EBRD is conducting an official visit to Albania on September 19-21, 2022, within the framework of the support that this institution gives to Albania, especially for the compliance of the regulatory framework with the standards of the European Union, the development of renewable energy, as well as the development of tourism and agriculture sectors.

At the beginning of the meeting, Governor Sejko introduced Vice President Bowman and other EBRD representatives to the main economic and financial developments in the country, the Bank of Albania said in a press release.

During his speech, Sejko stated that the forecasts of the Bank of Albania estimate that the Albanian economy will continue to grow in the medium term, despite the challenging external environment and its effects.

Regarding the banking sector, the Governor emphasized that the ability of this sector is considered strong in conditions where the liquidity situation is quite good and when the banking activity is profitable and well capitalized.

Furthermore, the Governor focused on the challenges faced by the economy in the conditions of a world situation with high prices, the progress of inflation in the country and the measures taken by the Bank of Albania to keep it under control.

According to Sejko, the Bank of Albania has reacted through the instrument of monetary policy to maintain the stability of prices in the country - which is the main objective of the Bank of Albania - as well as to minimize the consequences that price shocks can have on the cost of living, on the exchange rate and on the health of the banking sector in the medium and long term.

During the meeting, a special focus was on the policies undertaken by the Bank of Albania in the field of de-euroization, reducing the ratio of non -performing loans and digitizing payment systems, aiming at enhancing the effectiveness of monetary policy and the efficiency of payment systems in service of citizens and businesses.

The governor added that the Bank of Albania has evaluated and encouraged the application of information technology and digitalization in the financial system.

Furthermore, Governor Sejko expressed his gratitude to the Vice-President of the EBRD for the support provided to the Bank of Albania.

Currently, the EBRD is supporting the BoA with technical assistance in its efforts to self-assess the compliance of the supervisory regulatory framework with EU standards according to the methodology of the European Banking Authority.

The EBRD vice-president appreciated the cooperation with BoA. He added that the EBRD will continue to remain a key partner and provide support in key areas of the country's economy.

During 2022, the EBRD is expected to invest around Euro 200 million, especially for the financing of private sector projects.