Governor Sejko meets with H.E. Mr. Volodymyr Shkurov, the first Ambassador of Ukraine resident in Tirana

On 15 April 2019, the Governor of the Bank of Albania, Mr Gent Sejko met with the first Ambassador of Ukraine resident in Tirana, H.E. Mr. Volodymyr Shkurov.

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

The Governor said that the outbreak of the Covid-19 pandemic in 2020 in Albania posed a real challenge to the country and the whole society, particularly to both the economy and financial sector.   In this context, Governor Sejko added that due to the measures enacted to contain the COVID-19 pandemic, during 2020, the Albanian economy was down, but thanks to the well-coordinated macroeconomic policies, and the contribution of the Bank of Albania, this fall was lower than expected, while the economic activity is expected to gradually recover during 2021.

Then, Mr Sejko introduced to Ambassador Shkurov the measures taken by the public authorities and government to face this situation and the response of the Bank of Albania to support banks and their clients, as well as to minimise the pandemic costs on the Albanian economy.

In this framework, Governor Sejko presented Ambassador with the measures taken by the Bank of Albania in response to this situation, like: the cut of policy rate at a new historical low of 0.5%; supply with liquidity to the banking system, by removing the quantitative limits; forfeiting any charges on using electronic payment systems; uninterrupted supply with cash to economy; a two-quarter moratorium on credit repayments to enterprises and households facing financial difficulties; as well as other regulatory amendments.

The Governor emphasised that the Bank of Albania carries out regular analyses of the situation and remains ready to use all the necessary legal instruments which are available, in cooperation with all authorities in Albania, with the aim at overcoming this situation and establishing the premises for a rapid recovery of the economy and for safeguarding macroeconomic parameters, price and financial stability in Albania.

The Ambassador of Ukraine, H.E.Mr. Volodymyr Shkurov commended the role that the Bank of Albania and the banking system have played and the support they have provided for overcoming the situation and minimising the negative effects on the economy. Ambassador Shkurov and Governor Sejko concurred on their willingness to advance the collaboration between the Bank of Albania and the National Bank of Ukraine, mainly in the field of the financial system. 

In conclusion, the interlocutors valued longstanding relationship between our countries by emphasising the perspective to further develop them, particularly in the perspective of economic and trade collaboration.