BANK OF ALBANIA
Decisions by the Supervisory Council, 23 November 2022
Publication date: 23.11.2022
In the meeting on 23 November 2022, the Supervisory Council of the Bank of Albania reviewed and decided to:
- Approve the Medium-term Development Strategy of the Bank of Albania for 2023-2025
The Medium-term Development Strategy of the Bank of Albania 2023-2025 updates the existing strategy (2022-2024), by extending the implementation deadline of this document beyond 2024 and setting out the objectives for the next medium-term period.
The purpose of this Strategy is to provide a proactive response to the challenges triggered in the environment where the Bank of Albania carries out its activity; enhance the cooperation within the institution; uphold the effective and efficient use of resources; as well bolster public transparency and accountability.
The Strategy encompasses the main functions of the Bank of Albania: the policies (monetary policy, foreign currency reserve, banking supervision, macroprudential policy); the financial infrastructure (currency issue, payments systems); horizontal functions (research, statistics); and supporting services (human resources, legal issues, internal audit and 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 2023 and the its medium-term indicative budget for the period 2024-2025
The budget approved for 2023 and the indicative medium-term one for 2024-2025 guarantees the accomplishment of the strategic objective of the Bank of Albania envisaged in its Medium-term Development Strategy. The budget drafting takes into account the current situation in international financial markets, the economic and financial developments in Albania, current and capital expenditure which are indispensable for a good management of assets and human resources. The budget of the Bank of Albania for 2023- 2025, among other things, aims to further perfect the monetary policy and operational framework, further develop the professional capabilities of the Bank of Albania, supply the economy with qualitative banknotes, careful processing of the banknote, as well as perfecting public communication and transparency. At the same time, the budget supports the necessary investments for the improvement of the technological infrastructure, security and the premises where the Bank of Albania exercises conducts its activity.
- Grant the preliminary approval for the merger by absorption between OTP Bank Albania sh.a. and Alpha Bank Albania sh.a.
Pursuant to this Decision, the Supervisory Council issued a preliminary approval for the merger by absorption between the OTP Bank Albania sh.a. (the absorbing company) and Alpha Bank Albania sh.a. (the absorbed company).
- Approve an amendment to the Regulation "On minimum reserve requirements maintained by banks with the Bank of Albania,” as amended
The purpose of this amendment is to serve the banking system, by creating spaces for commercial banks to better manage the equity level at their disposal.
The Supervisory Council was also informed on daily functional and operational activities of the Bank of Albania.