PRESS RELEASE
Decisions by the Supervisory Council of the Bank of Albania, 27 November 2019

On 27 November 2019, the Supervisory Council of the Bank of Albania reviewed and decided to:

• Approve the Medium-term Development Strategy of the Bank of Albania for 2020-2022

The Medium-term Development Strategy presents the vision of the Bank of Albania for the following three-year period. This document is an update of the 2019-2021 Strategy that extends its implementation term beyond 2021 and defines the main objectives for the medium-term period.

The strategy includes the main functions of the Bank of Albania: the policies (monetary policy, foreign currency reserve, banking supervision); financial infrastructure (currency issue, payments systems); other functions (research, statistics); and supporting services (human resources, legal issues, accounting and finance, procurement and services, IT).

Information on the implementation of the Medium-term Development Strategy is a regular part of the annual reports of the Bank of Albania.

• Approve the budget of the Bank of Albania for 2020 and the planned medium-term budget for the period 2021-2022

The budget aims to address the overall income, operational and capital expenditures that pertain to the next financial year or the medium-term budgets of the Bank of Albania, in order to fulfil the objectives, duties and functions defined in the organic Law of the central bank, as well as the objectives and accountability to the public expressed in the Medium-term Development Strategy of the Bank. It is based on the current situation in international markets, developments in the domestic market, the capital expenditure plan approved by the Capital Expenditure Committee, and reflects the necessary operational expenses and management of assets and human resources.

The main objectives in the 2020 and the medium-term (2021-2022) budgets are:

• Normal functioning and business continuity for the Bank of Albania in fulfilling its legal obligations, in accordance with the medium-term strategy and the new plans of the Bank;
• Maintaining human resources capacities, rationalising the organisational structure, management and career promotion of human capacities for a responsible and flexible structural organisation;
• Maintaining and improving the quality of banknotes and coins into circulation, increasing the efficiency of currency management as well as promotion and campaign for the introduction of the new banknotes;
• Improving the working conditions and continuously updating the information technology and the security systems infrastructure, to support the activity of the Bank.

The Supervisory Council reviewed also additional information related to the daily operational and functional activity of the Bank of Albania.