Legal framework

The Bank of Albania, pursuant to its main objective, achieving and maintaining price stability, has the legal responsibility to promote and support the normal functioning of the payment systems. This responsibility is set out in the Law on the Bank of Albania.

Also, the Law on Banks in the Republic of Albania provides banks and branches of foreign banks with the right to participate in electronic payment systems, as stipulates that their activity and participation in such systems is a competency of the Bank of Albania.

Lastly, the Law on the Payment Systems, in line with the international trends on the legal consolidation of the oversight function of payment systems, addresses the oversight of these systems comprehensively, including the payment instruments. Together with other bylaws of the Bank of Albania, this law sets out clear rules on licencing, regulation and inspection based on the liberalisation of the payment systems market.

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