Governor Sejko receives H.E. Mr. Vincenzo Del Monaco, new Ambassador of the OSCE Presence in Albania

On 22 January 2021, the Governor of the Bank of Albania, Mr Gent Sejko, held an official meeting at the Bank of Albania with the new Ambassador of the OSCE, H.E. Mr. Vincenzo Del Monaco, who was appointed Head of the OSCE Presence in Albania on 16 November 2020.

During the meeting, Governor Sejko presented Ambassador Del Monaco with an overview of the financial developments in Albania, focusing on the situation created by COVID-19 pandemic and its effects on the Albanian economy.

The Governor stated that due to the safety measures implemented to contain the spread of pandemic, during 2020, the Albanian economy recorded a fall, but thanks to the contribution of the Bank of Albania and the well-coordinated macroeconomic policies, the economic activity is expected to gradually recover during 2021.

Related to the situation of the banking system in Albania, Governor Sejko highlighted that this system is well-capitalized, solid and with good liquidity and financial soundness indicators. This sector has continued its normal activity, with no interruptions, and remains ready to provide the needed contribution to counter and overcome the situation created by Covid-19 pandemic. 

Governor Sejko presented the Ambassador with the measures undertaken by the Bank of Albania to assist banks and their clients, as well as to minimise Covid-19 costs in the economy of the country, such are: lowering the policy rate at historical level of 0.5%; removing quantitative thresholds in order to guarantee the supply with liquidity to the banking system; eliminating the operation costs of electronic payment systems; guaranteeing the uninterrupted supply with cash to economy; extending credit repayments with two to three months for businesses and households in financial difficulties, as well as implementing other regulatory amendments. 

Ambassador Del Monaco commended the work of the Bank of Albania for implementing the economic, structural and sectorial reforms and appraised the significant contribution that Bank of Albania provides to the EU integration process of the country, through the approximation of the regulatory framework and work practices with the directives and standards of the European Union.

In conclusion, the interlocutors concurred on further enhancing the collaboration between both institutions and undertaking joint projects in the future.