PRESS RELEASE
Governor Sejko attends the seminar organised by Oesterreichische Nationalbank and the World Bank

On 16 January 2017, the Governor of the Bank of Albania, Mr  Gent Sejko,  attended the seminar organised by the Oesterreichische Nationalbank (National Bank of Austria) and the World Bank (WB) on the World Bank Report entitled: 'Risks and Returns: Managing Financial Trade-Offs for Inclusive Growth in Europe and Central Asia".

This Report argues that financial development in Europe and Central Asia must go beyond improving the access to and pricing of credit, striking the right balance across all dimensions of financial development- stability, efficiency, inclusion, and broad depth.
Distinguished economists and central bank governors from Southeastern European countries attended this seminar. 

Mr Ewald Nowotny, the Governor of the Oesterreichische Nationalbank, and Ms Ellen Goldstein, the World Bank's Country Director for Southeast Europe, Europe and Central Asia welcomed the participants and opened the event.

Upon the invitation of the organisers, Mr Gent Sejko, the Governor of the Bank of Albania, was a speaker in the panel organised at the end of the seminar. Mr Hans Timmer, Chief Economist for the Europe and Central Asia region of the World Bank was the chair of this panel, attended also by the Governor of the Central Bank of Macedonia, and the Deputy Governors of the Central Bank of Kosovo, National Bank of Serbia and Central Bank of Montenegro.

Governor Sejko presented an overview of the latest financial developments in Albania and the most important challenges to the Albanian financial system, highlighting the crucial role of banking system in the economic development of a country. 

The Governor pointed out the rather important measures undertaken by the Bank of Albania and its role in guaranteeing and maintaining the financial stability in Albania.  In addition, he stated that some of the banks that conduct their activity in Albania have foreign capital, and the financial developments in other European countries are consequently reflected in our banking system. The Governor emphasized that, currently, similarly to the region, credit growth is the main challenge to the monetary policy and our economy.

Governor Sejko spoke also about the issue of addressing non-performing loans, which is in the focus in Albania and in the regional countries.  The Governor pointed out that the Bank of Albania, in collaboration with the Albanian Government, has placed significant attention on the inter-institutional plan on the reduction of non-performing loans. This plan is expected to gradually and steadily reduce the level of non-performing loans in the future.

In conclusion, the participants emphasised the importance of sharing the information, experience and best practices among central banks, with the purpose to strengthen the institutional capacities and to guarantee the maintaining of the financial stability at home.