PRESS RELEASE
Launching ceremony of the Money Week 21-27 March 2022

This Week is an international initiative of the Organisation for Economic Co-operation and Development (OECD), which aims at raising the awareness of the young generation to be financially responsible future citizens.

For almost 10 years, the Bank of Albania and the Albanian Association of Banks (AAB), with the support of the Ministry of Education and Sports, the Albanian Deposit Insurance Agency (ADIA) and other partners, have become part of this event by organizing each year, at the end of March, educational and awareness activities tailored to the age groups of pre-university and university students. 

The international theme for this year is: “Build your future, be smart about money.” The theme highlights the importance of a prudential and pro-active thinking about money, as a premise for a safe and prosperous future, empowering children and youth with the adequate know-how and skills for an evolving digitalised and innovative financial market.

The Bank of Albania, through its commitment in the field of financial education, over this decade, has shown to consider financial education of public, an integral part of its institutional duties. Financial education enables the resilient welfare and safeguards the financial soundness of everyone, even in critical situations. The unprecedented events in recent years have driven to the need for cultivating financial literacy, as part of the overall formation of everyone.

The Governor of the Bank of Albania, Mr Gent Sejko, the Minister of Sport and Education, Ms Evis Kushi, and the Chairman of the Albanian Association of Banks, Mr Bledar Shella addressed the ceremony.

In his address, Governor Sejko stated that being aware and making the right financial choices, everyone - banks, institutions, enterprises, households and individuals - may play an important role in dealing with the consequences of extraordinary situations that the world is suffering. The Bank of Albania - in the light of this role - has become a promoter for the organisation of Money Week - considering it an additional activity and instrument to awareness-increasing for enhancing financial literacy in Albania.

First, Governor Sejko highlighted the great importance of using the national currency against foreign currencies. Lek plays a crucial and direct role in transmitting the positive effects of monetary policy to our economy. The higher the use of Lek, the bigger is the part of economy which feels the effects of the central bank’s policies.  Furthermore, the use of the national currency helps to amortise the shocks that steam from external sector through minimising the shocks on income, consumption and investments. 

The Governor underlined the importance of growing and promoting financial literacy as a counter-response to informality, and emphasised that: “This objective belongs to the central banks, and to all economic agents, educational institutions and media, to enhancing financial awareness and ability of public. These joint efforts, in addition to strengthening the monetary policy effectiveness, directly affect the financial inclusions of population”.

Concluding, Mr Sejko, pointed out the social inequality and the effect that the current situation has on its deepening. The crisis, particularly pandemics and wars, mostly and more rapidly affect the poor population in need, which are at the same time the population with the lowest level of both financial education and inclusion. He said that: “For these reasons, the Bank of Albania has turned the financial literacy and inclusion in one of the important objectives of its mandate. We are proactive in developing financial products market and infrastructure, as well as enhancing knowledges on these products and the overall financial literacy. It is indispensable that households with minimum income to access and benefit the basic banking products, such as current accounts”.

Minister Kushi, in her address, underlined that we should give the right place and value to money. Ms Kushi stated that: “How to spend and also how to save, how to gain honestly also how to invest, but in honest entrepreneurship, how to fight corruption, money laundering, evasion and abuses. Thus, not only the Bank of Albania, the Albanian Association of Banks, also other enterprises and commercial banks should be included in an awareness camping for the entire society”.

The ceremony continued with the awards for the winners of the contests organized by the Bank of Albania and the Albanian Association of Banks on the occasion of the Money Week.

In the framework of this week, various contests were organised based on the selected theme of this year. The first “Best Drawing” contest targeted third and fourth graders across the country; the second contest was with the best photo-montages targeted to the ninth graders of 9-year schools, across the country. The third contest was on the best video, targeted to high school students; and the fourth contest on “Challenge of the week: 7 questions on money and banks” taking place on Facebook with various questions targeted also for high-school students The fifth contest was for the best essay on "Digital bank and its impact on increasing financial inclusion?", targeted to university students.

Also, in the framework of the Money Week 2022, on 30 March 2022, the European Money Quiz will be organized for the fourth time in a raw. This Quiz is a pan-European competition aimed at improving the financial literacy of children aged 13-15 (9th grade) regardless of the subjects they develop. The quiz is expected to involve hundreds of students. The national winners will compete in the European final of the European Money Quiz, which will take place virtually.