PRESS RELEASE
Governor Sejko attends the Ministerial Forum on Economy, titled ''Common Regional Market - a step towards the EU Single Market'', hosted in Tirana

On 26 September 2023, the Governor of the Bank of Albania, Mr Gent Sejko, attend the Economy Ministerial Forum of regional countries hosted in Tirana, in the framework of the Berlin Process. The discussions in this forum were greeted by the Prime Minister of Albania, Mr Edi Rama and the representatives from the European Commission and the Organisation for Economic Co-operation and Development (OECD).

Governor Sejko participated in the third session panel of Governors, and provided his comments on: “The integration of regional payment systems to facilitate trade exchanges and the preparation of the Western Balkan economies for the Euro area membership”.

At the beginning of his speech, Governor Sejko pointed out that the organisation of this Ministerial Forum is a momentous event, which promotes regional cooperation among Western Balkan countries, as a way to foster economic development and contribute to their integration with the European Union.

Next, the Governor focused on the importance of the payment systems modernization aiming to formalize and further develop regional economies, particularly the contribution of instant payments in the financial inclusion, money circulation through formal channels, the increase of competitiveness, reduction of commissions on electronic payments, etc.

Mr Sejko added that, similarly, the alignment with the European practices is equally important, taking into account that the EU integration is a shared and central objective for our six countries.  Therefore, enhancing trade exchanges with other Western Balkan countries as well as with the European Union is of crucial importance. 

In this context, Governor Sejko highlighted the regional project: “Modernizing the payment system in Western Balkan counties”, which is in line with all of the above-mentioned objectives and promotes their advancement. This project underpins the development of the Common Regional Market and the Economic Investment Plan for the Western Balkans based on the European Union rules and standards, with a view to increasing the Region’s attractiveness and competitiveness and bringing it closer to the EU markets.

The Governor added that the European Commission has also adopted a comprehensive Economic and Investment Plan for the Western Balkans, which aims to spur the long-term economic recovery of the region, support a green and digital transition, and foster regional integration and convergence with the European Union.

In this regard, the Bank of Albania has undertaken and implemented the National Retail Payment Strategy. This Strategy includes several national reforms and domestic instant payment solution for Albania.  The Bank of Albania has also intensified discussions with the World Bank and the Homologue Central Banks in the euro area, in terms of regulatory and legal compliance aimed at setting up a domestic instant payment solution and prepare the country for joining the Single Euro Payment Area (SEPA).

All these comprehensive and harmonised plans and projects will help to addressing common challenges related to: lowering informality, reducing use of cash, boosting electronic payments, digitalizing services, enhancing financial inclusion, cutting poverty, and seamless government payments and services. “All these elements are addressed in project for which we are all working in the region to ensure Instant Payments 24/7 within seconds” –Governor said.

Concluding, Governor Sejko, extended his appreciations to the Ministry of Finance and Economy and to the Albanian Government, which have always been important partners and supporters in the Bank of Albania’s journey to modernise domestic payment systems through the National Retail Payment Strategy (2018-2023).