PRESS RELEASE
Decisions by the Supervisory Council, 26 December 2018

In its meeting on 26 December 2018, the Supervisory Council of the Bank of Albania reviewed and decided to:

• Approve the Medium-term Development Strategy of the Bank of Albania for 2019-2021

The Medium-term Development Strategy of the Bank of Albania 2019-2021 manifests the ambition of the Bank of Albania for the next three years. The Strategy provides adequate programmatic support to the planned Medium-term Budget for 2020 and 2021. It aims to: provide a proactive response to the challenges of the context in which the Bank of Albania operates; foster cooperation within the institution; promote an effective and efficient use of resources; and promote public transparency and accountability.

The Strategy includes the main functions of the Bank: policies (monetary policy, foreign currency reserve, banking supervision); financial infrastructure (money issue, payment systems); good governance (audit, financial communication and education); other functions (research, statistics); and supporting services (human resources, legal issues, accounting and finance, procurement and services, 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 2019 and the planned medium-term budget for the period 2020-2021.

The Budget approved for 2019 and the planned medium-term one for 2019-2020 guarantees the fulfilment of strategic objectives of the Bank of Albania set out in the Medium-term Development Strategy. The budget takes into account the current situation in international financial markets, the economic and financial developments in Albania, as well as current and capital expenditures, which are indispensable for a good management of assets and human resources.

The Budget of the Bank of Albania for 2020-2021, among other things, aims to further perfect the monetary policy and operations frameworks, further develop the professional capabilities of the Bank of Albania, supply the economy with qualitative banknotes, careful processing of the banknote, as well as enhancing public communication and transparency. At the same time, the budget supports the necessary investments for the improvement of the technological infrastructure, security and the environments where the activity of the Bank of Albania is exercised.

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