BANK OF ALBANIA
Governor Sejko receives the newly appointed IMF’s Regional Resident Representative for Western Balkans
Publication date: 07.09.2023
On 7 September 2023, the Governor of the Bank of Albania, Mr Gent Sejko, and senior officials of the Bank held a work meeting with the delegation from the International Monetary Fund.
The purpose of this meeting was to introduce the IMF’s new Regional Resident Representative for the Western Balkans, Mr Sebastian Sosa, who will succeed Ms Stephanie Eble, whom successfully completed her mandate.
Mr Sosa is an experienced economist, having held a variety of positions in various countries and regions across the world such as: North Macedonia, Serbia, Spain, Chile, Mexico, Bolivia, Uruguay and Lebanon.
Governor Sejko addressed Ms Stephanie Eble at first, to express his gratitude for the contribution she made during these years and for the technical assistance provided to the Bank of Albania in various areas particularly in monetary policy, statistics and banking supervision.
Next, Governor Sejko presented an overview of the main economic developments in Albania, focusing on: price performance; developments in the financial and banking system; and expectations related to the economic indicators in the future.
The Governor stated that official data show the Albanian economy has continued to grow at a stable rate, recording economic growth of 4.8% in 2022, and is expected to grow in succeeding years. In terms of price stability, Governor Sejko emphasized that domestic inflation is expected to return to target by the middle of 2024.
About the Albanian banking sector, He pointed out that this sector has continued its activity in a stable manner, showing adequate levels of profitability, with improved credit quality and contained exposure to various risks.
Further, Mr Sejko focused on the monetary policy stance adopted by the Bank of Albania. He said that the implemented monetary policy has had a positive role in the performance of the economy in Albania, helping to keep domestic inflationary pressures under control and allowing financial markets to operate smoothly. In addition, this tightening has been in line with the overall direction of the monetary policy in the EU.
Meanwhile, Ms Stephanie Eble commended the work and the results achieved by the Bank of Albania to strengthening the monetary and financial stability of Albania. In particular, Ms Eble in focusing on the importance of returning inflation to the target expressed the support for the Bank of Albania's measures to continue the normalization of the monetary policy.
They also encouraged the Bank of Albania to keep on monitoring the situation on a regular basis, as well as coordinating the policies with the Albanian authorities, taking the necessary measures at the right time.
At the end of the meeting, Governor Sejko and the IMF representatives expressed the need and importance of keeping the momentum of the excellent cooperation between both institutions and providing technical assistance in the future.