PRESS RELEASE
Speech by Governor Sejko at the Hearing of the Ad-hock Parliamentary Committee

Honourable Chair,

Honourable members of the Committee,

First of all, I would like to thank you for this very important initiative addressing a phenomenon that may become a concern if not prevented in time.

The Global Risks Report 2024, published by the World Economic Forum, qualifies misinformation and disinformation as the most severe global risks anticipated over the next two years.

Allow me to start my speech with a presentation of the work of the Bank of Albania in terms of transparency and communication with the public, as one of the cornerstones for an independent institution that is accountable in a serious manner to the Parliament of Albania, and to the Albanian citizens.

The Law No. 8269, dated 23.12.1997 “On the Bank of Albania”, as amended, lays down the primary objective of the Bank of Albania, to achieve and maintain price stability, as the best support that monetary policy can provide for economic growth. For the purposes of this objective, the Bank of Albania also carries out a number of other important functions, thus contributing, among other things, to the stability and effectiveness of the financial system and to the safety of our money in banks.

Public communication is a crucial aspect of the activity of the Bank of Albania, in terms of both fulfilling the obligation to provide maximum transparency and achieving the permanent objective of building-up the confidence of the institution. In this framework, interactive communication with the public is a primary issue of strategic importance to the Bank of Albania, for transmitting its monetary policy directly and comprehensively to the public.

Beyond the legal obligations, the Bank of Albania aims at informing citizens and particularly the Albanian Parliament regarding its role and activity, from the decision-making of the Supervisory Council to its daily operational activity. This transparency helps to strengthen the effectiveness of the policies implemented by the Bank of Albania, enabling public to understand in a timely manner and correctly the decisions taken by the Bank in order to evaluate them in the right manner.

In this context, the Bank of Albania uses a variety of communication channels, in order to explain the role and its main objective more clearly – maintaining price stability - as well as the way of its realisation.

The activity of the Bank of Albania is communicated to the public mainly through public announcements, press releases, speeches, interviews and participations in TV shows. Citizens may find comprehensive and up-to-date information on the financial and economic situation as well as on main macroeconomic developments, the role and the contribution of the Bank of Albania in this regard, on the official website: www.bankofalbania.org. Nowadays, this website ranks amongst the top 100 clicked webpages in Albania and counts around 250. 000 visitors per month.

In addition, the survey conducted in the last years by the National Bank of Austria, ranked the Bank of Albania first among the central banks of Central, Eastern and South-eastern European countries, in terms of its transparency and communication with the public. In the relevant published report, the National Bank of Austria identifies the Bank of Albania as quite active compared to its counterpart banks, despite the low number of the population.

Dear members of the Committee,

Over the years, the Bank of Albania notes that the reflection with realism and authenticity of all its activity has increased, including the decision-making in the field of monetary policy. The enhanced professionalism of the media has backed the more efficient pass-through of monetary policy in the economy and the strengthening of the banking sector stability in Albania. The image of the Bank of Albania and its activity, overall, have been conveyed to the public in an adequate manner. However, despite our ongoing efforts for transparency and information, there have been cases of misinformation regarding our work and activity.

Disinformation is not a new phenomenon. It has evolved in enabling paths for the creation and circulation of false or manipulated information, as it is supported by the advancements in technology.

In this digital age, where information and media play a major role in shaping public opinion, disinformation is a concerning phenomenon for the country's democracy. According to a 2018 European Union survey, 83% of respondents concurred that fake news represents a threat to democracy.

Nowadays, disinformation – by using democracy and citizens' right to information - can develop into a strong weapon for undermining the stability of financial institutions. Thus, it may pose a threat to the institution of the central bank by eroding public confidence in it and to the whole banking system, by restraining citizens' ability to make informed decisions and distorting citizens' right for information.

In more concrete terms, disinformation can severely damage a country's financial stability, by misinforming citizens and businesses about the safety and stability of banks where they store their savings and hold their accounts. In this context, risks posed by disinformation are similar and as serious as cyber-attacks to financial systems. Therefore, it is necessary for all institutions to jointly coordinate a national strategy accompanied by a concrete action plan to prevent, detect and respond in timely manner to the threats of disinformation.

In addition, young people are particularly exposed to misinformation, as they are the largest consumers of social media where fake news spreads quickly. In this context, based on our long experience in the financial education field, we consider that the awareness campaigns for the public as well as the education of younger generations to strengthen their navigation skills on the internet and social platforms are very important to better understand the dangers of disinformation and to encourage critical thinking about fake news.

Increasing media literacy is another point that could receive special attention.  The more correct and ethical the media's position towards the facts and checking the authenticity of the source, the less disinformation there will be.

The workshop organised these days by this Committee, which we consider rather useful and with a very valuable content for a deeper understanding of the phenomenon and the best practices in this field, is an added value in this regard.

Dear members of the parliament,

The battle against disinformation is absolutely long and difficult. Therefore, I re-emphasise that this initiative undertaken by this honourable Committee to address this issue of today's times should be congratulated.

Concluding, on behalf of the Bank of Albania, I assure you that the Bank of Albania will provide its firm contribution and collaboration in this regard.

Thank You!