PRESS RELEASE
Decisions by the Supervisory Council, 3 May 2023

On 3 May 2023, in addition to the decision to keep the base interest rate unchanged at 3.00%, as well as the overnight deposit facility rate and the overnight lending facility rate at 2.00% and 4.00%, respectively, the Supervisory Council of the Bank of Albania reviewed and decided to:

• Approve the Strategy: Action Plan “On the management and supervision of climate-related financial risks in the financial sector for 2023-2025”

Through this Decision, the Supervisory Council of the Bank of Albania decided to undertake concrete steps in order to determine the role of the Bank of Albania over the upcoming three years, for identifying, monitoring and managing the climate-related financial risks.

The approved strategy aims to perceive and mitigate the potential economic and financial consequences rising from climate changes, by following the action plans implemented by the European Union and the best international practices. This strategy comprises plans on some of the main directions of the central bank’s activity. Some of these activities include: banking supervision, financial stability, monetary policy, financial statistics, scientific research etc. Depending on the developments of this activity, as well as the global developments and the related standards, the strategy could be further updated in order to preserve financial stability and of other indicators in sectors managed by the central bank.

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