Functions and duties

The Supervisory Council has the following powers:

1. to adopt the monetary policy of the Republic of Albania, including the limits of open market operations by the Bank of Albania, the interest rates for deposits at the Bank of Albania and for discounts and loans by the Bank of Albania, and the reserves and levels of reserves that banks are required to maintain with the Bank of Albania;
2. to establish the exchange arrangement, the exchange rate policy and the procedures for determining the exchange rates of the Albanian currency against other currencies;
3. to adopt all regulations, guidelines and instructions of general application that are to be issued by the Bank of Albania;
4. to approve all reports and recommendations that the Bank of Albania is to make to the Council of Ministers or to the People's Assembly of the Government of the Republic of Albania;
5. to determine the face value and design of bank notes and coins, and the conditions of any currency recall;
6. to approve each of the Bank of Albania's loans to the Republic of Albania;
7. to conclude for the approval and revocation of any banking preliminary permission or licenses;
8. to approve the discounting of instruments having a maturity of more than three months from the date of their acquisition by the Bank of Albania pursuant to Article 32, and with the consent of at least three-fifths of the Supervisory Council members present, each of the Bank of Albania's loans to, or contingent commitments for the benefit of a bank pursuant to Article 16;
9. to adopt Charter and By-laws of the Bank of Albania;
10. to determine the administration policy in general and establish rules and procedures for using its own financial resources during its operational activity of the Bank of Albania;
11. to determine the organization of the Bank of Albania;
12. to approve the appointment of the department heads of the Bank and to decide in general the terms and conditions of employment of Bank of Albania employees, agents and correspondents;
13. to establish and close subsidiaries, branch offices and agencies of the Bank of Albania;
14. to determine the budget of the Bank of Albania;
15. to propose increases in the authorized capital of the Bank of Albania, to establish special reserves on the books of the Bank of Albania, to determine the net income of the Bank of Albania, and to decide what amount of such net income shall be transferred to any reserve;
16. to approve the annual reports and financial statements of the Bank of Albania;
17. to determine the debt securities that shall be suitable for investment of the Bank of Albania's financial resources;
18. to establish the policy and proceeding of international reserves administration.