NJOFTIM PËR SHTYP
Decisions by the Supervisory Council, 22 November 2023

In its meeting on 22 November 2023, the Supervisory Council of the Bank of Albania reviewed and decided to:

• Approve the Medium-term Development Strategy of the Bank of Albania for 2024-2026

The Medium-term Development Strategy of the Bank of Albania 2024-2026 updates the existing strategy (2023-2025), by extending the implementation deadline of this document beyond 2025 and setting out the objectives for the next medium-term period.

The purpose of this Strategy is to provide a proactive response to the challenges triggered in the environment where the Bank of Albania carries out its activity; enhance the cooperation within the institution; uphold the effective and efficient use of resources; as well bolster public transparency and accountability.

The Strategy encompasses the main functions of the Bank of Albania: the policies (monetary policy, foreign currency reserve, banking supervision, macroprudential policy); the financial infrastructure (currency issue, payments systems); horizontal functions (research, statistics); and supporting services (human resources, legal issues, internal audit and IT).

Information on the implementation of the Medium-term Development Strategy is a regular part of the annual reports of the Bank of Albania.

• Approve the budget of the Bank of Albania for 2024 and the planned medium-term budget for the period 2025-2026

The budget approved for 2024 and the planned medium-term one for 2025-2026 guarantees the accomplishment of the strategic objective of the Bank of Albania envisaged in its Medium-term Development Strategy. The drafting of budget takes into account the current situation in international financial markets, the economic and financial developments in Albania, as well as current and capital expenditure, which are indispensable for a good management of assets and human resources.

The budget of the Bank of Albania for 2024- 2026, among other things, aims to further perfect the monetary policy and operational framework, further develop the professional capabilities of the Bank of Albania, supply the economy with qualitative banknotes, careful processing of the banknote, as well as perfecting public communication and transparency. At the same time, the budget supports the necessary investments for the improvement of the technological infrastructure, security and the premises where the Bank of Albania exercises conducts its activity.

The Supervisory Council was also informed on the daily functional and operational activities of the Bank of Albania.