PRESS RELEASE
Decisions by the Supervisory Council, 1 July 2020

On 1 July 2020, in addition to the decision to keep the key interest rate unchanged  at 0.5%, as well as overnight deposit and overnight loan rates at the Bank of Albania at 0.1 and 0.9%, respectively, the Supervisory Council of the Bank of Albania reviewed and decided to:

• Approve the Decision "On the Suspension of the Profit Allocation from Banks"

In accordance with this Decision, it is suspended, up to the end of 2020, the distribution by banks of the allocated profit from the previous periods and the profit to be realised during the 2020.

This measure taken by the Supervisory Council, aims at providing support to banks, mainly through strengthening their capacity to absorb the possible losses and to support lending to households and enterprises during this period.

•  Preliminary approve the conduction of the additional financial activity by Union Bank sh.a.

According to the approval, Union Bank sh.a. may conduct additional financial activity, such as:

• Trade on behalf of clients, whether in a foreign exchange, in an over-the-counter market (OTC) or transferable securities,
• Conduct intermediation activity for the monetary transactions of custodial,
• Provide advisory, intermediation and other auxiliary services related to the above-listed activities.

The Supervisory Council was also informed on daily functional and operational activities of the Bank of Albania.