PRESS RELEASE
Governor Sejko at the 7th Annual Research Conference of the National Bank of the Republic of Macedonia

On 13 April 2018, the Governor of the Bank of Albania, Mr Gent Sejko participated at the 7th Annual Research Conference organized by the National Bank of the Republic of Macedonia on “Around a Decade After the Crisis: Heading to the New Global Cycle and Monetary Policy Normalization”, in Ohrid, Macedonia.

The participants at the conference were governors and representative of central banks, senior officials of domestic and international financial institutions, as well as various policy makers.

This conference focused on the experiences and conclusions drawn from the crisis as well as the potential need for policy redesign to appropriately address the changing environment.

The Governor of the National Bank of the Republic of Macedonia, Mr Dimitar Bogov, opened the conference proceedings and welcomed and thanked the attendees for their participation. He presented the programme of the conference, highlighting that the purpose of this activity was to exchange views and experiences with colleagues from different countries.

Governor Sejko was invited in the governors’ panel on “Heading to the New Global Cycle and Monetary Policy Normalization”. Other participants in this panel were the Governor of the National Bank of Belgium, Mr Jan Smets, the Governor of the National Bank of the Republic of Macedonia, Mr Dimitar Bogov, the Governor of the Croatian National Bank, Mr Boris Vujčić and the Governor of the Central Bank of Kosovo, Mr Fehmi Mehmeti.

This panel’s agenda focused on the challenges faced by central banks a decade after the crisis and the countries’ economic developments; the role of central banks in economic growth through the preservation of financial stability; monetary policies and the various measures applied in this regard.

Governor Sejko presented an overview on the economic situation of Albania focusing on the economic and financial developments and the potential impacts of monetary policy normalisation. He highlighted that the Bank of Albania stands ready to take all the necessary measures, contributing to supporting sustainable economic growth and guaranteeing macroeconomic stability. He added that the accommodative monetary policy pursued by the Bank of Albania has reduced the costs of financing for the private sector, has boosted lending in the domestic currency and has contributed to the improvement of borrowers’ financial situation.  

The Bank of Albania's future priorities are mostly oriented towards identifying measures to promote lending, the continuation of the plan of measures for reducing non-performing loans and strengthening financial stability.

Another issue addressed by the Governor was also the importance of an appropriate macroeconomic policy mix, where the coordination of monetary and fiscal policies plays a key role.

Governor Sejko underlined the importance of further reforms to improve Albania's development model and the business environment, as well as move forward in the integration process.

In conclusion, the Governor said that the long-term political future and economic prosperity are closely related to the process of integration into the European Union. He added that the cooperation and the institutional framework have a contributing role to the convergence process; however, central banks, as policy makers, should take the necessary measures to prepare the economy for the accession process.