Bank of Albania in brief
The Bank of Albania is the central bank of Albania. The primary objective of its activity is achieving and maintaining price stability, contributing, therefore, to the country’s economic development and welfare. To achieve this objective, the Bank of Albania compiles and implements the monetary policy, exchange rate regime, and exchange rate policy in the Republic of Albania.
Also, it conducts a series of other functions:
- Currency issue. The Bank of Albania has the exclusive right to issue national banknotes and coins with legal tender and to supply the economy with currency in the territory of the Republic of Albania.
- Monetary policy. The Bank of Albania formulates, adopts and implements the monetary policy of the country. To achieve monetary policy objectives it uses appropriate monetary instruments.
- Financial stability. The Bank of Albania has the responsibility to ensure that the banking system in particular and the financial system in general are stable and efficient.
- Foreign exchange. The Bank of Albania is responsible for formulating, adopting and implementing the foreign exchange regime, as well as the exchange rate policy in the Republic of Albania.
- Supervision. The Bank of Albania has the exclusive right to grant or revoke the license, and regulates and supervises the activity for commercial banks and non-bank financial institutions that operate in Albania.
- International reserves. The Bank of Albania has the right to hold and manage the international reserves of the Republic of Albania.
- Fiscal agent and advisor for the Government. The Bank of Albania acts as banker, advisor and fiscal agent for the Government of the Republic of Albania
- Payment systems. One of the main functions of the Bank of Albania is to promote and ensure the/The Bank of Albania promotes and ensures the smooth functioning of the national payment systems.