About the Bank of Albania
The Bank of Albania is the central bank of the Republic of Albania. The Constitution of Albania (Article 161) defines the status of the Bank of Albania and the Law No. 8269, dated 27.12.1997 "On the Bank of Albania" lays down its objectives, duties, relationships with the banking system and state institutions in Albania, organisation and management, financial statements, capital and profit allocation.
The primary objective of the Bank of Albania is to achieve and maintain price stability. The Bank of Albania is autonomous and independent from any other authority in the pursuit of its objectives and the performance of its duties.
The Bank of Albania is accountable to the Assembly of the Republic of Albania and its paid-up capital is owned exclusively by the State of Albania. The Bank of Albania is governed by the Supervisory Council, which is chaired by the Governor. The Governor also serves as the General Executive Director of the Bank.
The vision of the Bank of Albania is to promote good governance through fostering independence, increasing accountability and enhancing transparency, with a view to boosting public confidence in the Bank of Albania.
The principal objective of the Bank of Albania is to achieve and maintain price stability, which is the best contribution of monetary policy for sustainable and long-term economic growth, employment and welfare. In light of this objective, the Bank of Albania preserves the value of savings and contributes to the stability and development of the financial system. The objective of price stability is achieved through the independent formulation and implementation of the monetary policy.
As the issuer of the national currency, the Bank of Albania promotes the smooth operation of payments systems to: ensure a safe and fast circulation of the currency in the economy at minimum costs, prevent systemic risk, and safeguard the stability of financial institutions and markets.
The Bank of Albania promotes financial system stability - public confidence in institutions, markets, and financial infrastructure - through regulating, licensing, and supervising banks and other financial institutions, as well as regularly identifying and analysing risks and threats to financial stability.
The activity of the Bank of Albania to enhance public confidence in the institution shall be guided by these principles:
- integrity and ethics
- competence and professionalism
- effectiveness and efficiency
- team work and innovation