PRESS RELEASE
Governor Sejko meets foreign ambassadors accredited in Albania

On 17 May 2016, the Governor of the Bank of Albania, Mr Gent Sejko, held an official meeting at Bank of Albania premises with foreign ambassadors accredited in Albania. The meeting was organised in the framework of Bank of Albania's commitment for a productive and consultative communication with various groups of interest, which may play a positive role in contributing to the Albanian financial system in particular and the economy in general. In addition to foreign ambassadors accredited in Albania, resident representatives of international financial institutions attended.

During the meeting, Governor Sejko presented an overview of the macroeconomic situation in Albania pointing out that, notwithstanding the unfavourable international environment, Albania has recorded an improving positive trend of economic growth. Its macroeconomic stability has been supported by the harmonisation of the accommodative monetary policy with the consolidating fiscal policy. Governor Sejko reiterated Bank of Albania's commitment to support financial stability and economic growth in Albania through a stimulating monetary policy. In this context, he considered the continuation of structural reforms as highly important. These reforms would contribute to further improving the business climate and accelerating economic development.

In his presentation, Governor Sejko focused on developments in the Albanian financial sector and the reforms undertaken to enhance financial intermediation in the economy. He said: “... Albania has been characterised by financial stability. The banking sector has been one of the drivers of this development, sustaining the economy and businesses in the course of economic development. The sector is liquid, well capitalised and capable to satisfy market demand for funds. These optimal parameters provide the necessary conditions for the sector to support all initiatives by both Albanian and foreign investors."

A central topic of discussions was on stirring the interest for enhancing economic cooperation and considering possibilities for promoting foreign direct investments in Albania. In this context, Governor Sejko invited representatives of diplomatic missions accredited in Albania to present this overview to investors to persuade them that the Albanian economy offers great investment potential.

Albania is on its path to a new development model focused on production sectors, which need support. “...the financial ambit in Albania is characterised by ample liquidity, low interest rates, stable exchange rate, eased credit standards; this ambit enhances the perspective and potential of the Albanian economy.” said Governor Sejko. It is, therefore, important that the ambassadors use their influence to promote Albania and foreign investments in the Albanian financial system and beyond.

Concluding, Governor Sejko thanked the ambassadors for the support offered by the respective country institutions, EU institutions, international financial institutions and they personally to the Bank of Albania with regard to strengthening institutional capacities, improving internal corporate governance, and approximation to international standards on central banking.

The ambassadors considered Bank of Albania's initiative for this meeting as a very fruitful one for exchanging ideas and opinions on Albania's economic development.

In response to the interest of the ambassadors, the Governor shared his views on issues such as Albania's development perspective, central bank independence, perception of the economic reality, impact of the reform in the justice system, strengthening of law enforcement and banking sector integrity. On their side, ambassadors underlined that it is important for Albanian institutions to be more vocal in promoting Albania, a country that has seen evident progress over the years.

In the end, they visited the Museum of the Bank of Albania, commending this initiative as a tangible contribution to enhancing education and financial literacy in Albania.