Bank of Albania and the State Secretariat for Economic Affairs (SECO) sign a Memorandum of Understanding

Publication date: 19.06.2023


On 19 June 2023, the Bank of Albania hosted the ceremony on signing the Memorandum of Understanding between the Bank of Albania and the State Secretariat for Economic Affairs (SECO) regarding the implementation of the third phase of the bilateral assistance and capacity development for central banks programme (BCC Phase III: 2023-2028).

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The MoU was signed by the Governor of the Bank of Albania, Mr Gent Sejko and the Swiss Ambassador in Tirana, H.E. Ms Ruth Huber.

In his welcome address, Governor Sejko stated that this MoU is a new phase in the important cooperation between the Bank of Albania and the State Secretariat for Economic Affairs (SECO), marking another crucial step toward the improvement of monetary and financial policies in Albania, to further strengthen the economy and financial system of Albania.

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The Governor added that this new phase focuses on new macroeconomic and financial challenges that are determined by specific geopolitical conditions. At the same time, the rapid developments in digitization and financial innovation trigger significant challenges both for the authorities and the society. The latter should know, understand and use these instruments, but at the same time, cushion themselves from the risks that come with the rapid and furious development of technology.

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“In this context, the cooperation with SECO and the Bilateral Assistance and Capacity Building Program (BCC) is a guarantee that we will be able to respond successfully to the challenges that lay ahead, thus contributing to the sustainable development of both financial sector and the economy of Albania, while safeguarding price and financial stability” - emphasised Governor Sejko.

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Furthermore, Mr Sejko highlighted the importance and usefulness of third parties and international cooperation, which is vital in recent times as challenges and impacts have a global nature. “Only by working together and by sharing our experience and expertise, we can fulfil our objectives and drive our country towards the progress” – said the Governor.

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Concluding, Governor Sejko thanked the State Secretariat for Economic Affairs, the Swiss government, the Swiss Embassy in Tirana, and the working team for drafting this agreement and for their continuous support, expressing his confidence that this new phase will bring fruitful outcomes which in turn will strengthen the contribution for the development of Albania.

Her Excellency, Ambassador Ruth Huber expressed her positive remarks on this cooperation and the commitment of the Swiss government to continue providing technical assistance and support to the Bank of Albania for the next five years.

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In addition, Ms Huber commended the Bank of Albania for the good partnership created and for its role as an effective and independent institution in guaranteeing the financial stability of the country.

H.E. Ambassador Huber declared that the Bank of Albania is a key actor for ensuring macroeconomic stability which is a pre-condition for the country’s financial health, foreign investments and ultimately, economic development. The Bank’s role is even more pronounced given the series of shocks in recent years that require resilience and sharp decision-making especially in terms of managing inflation and debt. The Swiss Ambassador added that the monetary policy formulation remains a key function of the Bank and therefore still remains part of the project.

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The State Secretariat for Economic Affairs is the center of expertise of the Swiss Federal Government, which examines all the main issues related to economic policies. Its purpose is to ensure sustained economic growth, enabling the necessary conditions for regulatory and economic policies. Since 1992, SECO has been supporting central banks in partner countries, based on increasing demands for technical assistance in the field of central banking, through a strategic co-operation with the Graduate Institute of International Development Studies. Collaboration with some central banks generally consists of general advisory services and specific activities adjusted for the country, in the form of Technical Assistance and Training Programs (TATPs).