Bank of Albania and the People's Bank of China renew bilateral local currency swap agreement

On 3 April 2018, the Governor of the Bank of Albania, Mr Gent Sejko, and the Governor of the People's Bank of China, Mr Yi Gang signed the renewal of the Bilateral Local Currency SWAP Agreement, for the maximum amount at RMB 2 billion/ALL 34.2 billion. The new agreement, like the previous one, is valid for three years, from the date of its signing.

The swap transaction provides a tool for central banks to have access to the local currency of the other party, as per the need that may arise, time after time. The agreement allows the Albanian banking system to use Yuan funds to support the needs of economic agents to boost trade and financial relations between the two countries.

It aims to promote bilateral trade and direct investments for economic development, and to support financial stability, if market conditions dictate the needs for such liquidity.

The signing of the agreement is an expression of the cooperation and relations between the two central banks.