PRESS RELEASE
Governor Sejko attends the activity organised by the Minister of Youth and Children, Ms Bora Muzhaqi, in the framework of Global Money Week 2024

Every year, the OECD/INFE organize the Global Money Week - a world-wide celebration of money-, which aims at raising the awareness of the younger generation to be financially responsible and capable adults in the future. In Albania as well as in other places of the world, numerous partners holds diverse activities to educate children financially, and teach them how to: care for money; save; understand the changes in the economic systems they live in; generate income through entrepreneurship; and lay the foundations for their future.

In this framework, on 12 April 2024, the Governor of the Bank of Albania, Mr Gent Sejko, attended  the activity organised by Ms Bora Muzhaqi, the Minister of Youth and Children, and was part of the discussion panel that addressed the topic “How to protect people’s money and their financial future”. The Minister of Finance, Mr Ervin Mete and the Chair of Economy and Finance Commission, Mr Eduard Shalsi, also attended this event.

In his comments in the panel, Governor Sejko stated that all modern central banks dedicate special attention and funds to the financial and economic education of citizens. This phenomenon has become more intense and has taken shape especially after the post-financial crises, as financial authorities realised the importance of operating in an environment with a better informed public. 

 The Governor pointed out that a financially-literate public has better opportunities and abilities to understand the financial world and its relevant innovations in addition to the functions and decisions of the central bank. For nearly two decades, the Bank of Albania is committed to expand and deepen the financial literacy of citizens, particularly of the new generation.

To this end, Mr Sejko said that in January 2024, the Bank of Albania approved the Strategy on Financial Literacy and Inclusion - the first institutional document that promotes financial literacy, and encourages financial inclusion, prosperity and stability. This strategy aims to ensure that Albanian households acquire the knowledge, master the skills, maintain their positions and develop the appropriate, right and applicable behaviours that would enable them to make well-informed financial decisions, with the ultimate goal of improving their well-being and their financial sustainability.

Another important step in this regard, is adoption of the Law 100/2023 “On payment account with basic features”, drafted by the Bank of Albania for bolstering financial inclusion of people, modernising the payment system, and increasing the number of bank accounts, through attracting consumers who do not currently own a bank account, while also trying to encourage those consumers with a bank account, to increase their use.

Next, the Governor commended the effective collaboration of the Bank of Albania with other public authorities engaged in this commitment:  the Ministry of Finance, the Ministry of Education and Sports, the Albanian Association of Banks, the Agency of Deposit Insurance, and the World Bank, among others, on the continuing development of joint programs across the country, in order to enhance financial literacy.

Concluding, Governor Sejko highlighted that the activities and tailored-made educational publications prepared by the Bank of Albania, in this regard, have three main objectives: presenting the role and functions of the central bank to the public; cultivating and strengthening financial literacy in the Albanian society; and bolstering financial inclusion.