Law No.8269 dated 23.12.1997 ''On Bank of Albania''

Type: Law
Approved by: Parlament
Number: 8269
Date: 23.12.1997
Enter into force: 22.01.1998
Published in: Official Journal
on: 07.01.1998
Category: Other
Department: Not Defined
This is the core law that regulates the organization and function of the Bank of Albania as the country’s central bank. The law stipulates the Bank’s independence, sets its objectives and legal powers. In addition, it specifies that the Bank is independent in attaining its main objective and in accomplishing the tasks assigned. According to specifications in the law, the Bank of Albania is responsible towards the People’s Assembly and its main target is achieving and maintaining price stability. The law defines the Bank’s legal status as a public legal person, basic lines of its activity, functions and purposes, its placement in the first tier of the banking system, granting thus the powers to license and supervise the entire Albanian banking system. Furthermore, the law provides for the Bank’s rights and powers under the framework of enhancing transparency and independence, as well as provisions reflecting on its organization and management.