PRESS RELEASE
Governor Sejko meets H.E. Alberto Cutillo, the Ambassador of the Republic of Italy in Tirana

On 22 February 2016, Mr Gent Sejko, the Governor of the Bank of Albania, received in an official meeting at the Bank of Albania H.E. Alberto Cutillo, the Ambassador of the Republic of Italy in Tirana.

Governor Sejko and Ambassador Cutillo discussed on economic relations between the two countries, focusing especially on the banking sector.

Governor Sejko presented an overview of the recent financial developments in Albania, underlining that the Albanian banking sector is liquid and well capitalised. He informed Ambassador Cutillo on the inter-institutional action plan and the Bank of Albania measures to reduce the level of non-performing loans. The Governor underlined the importance of accelerating the process of collateral execution, which would contribute positively to bolstering initiatives for lending to the economy.

Governor Sejko focused also on the most recent developments in the euro area and in the region, and their impact on the Albanian economy. In this regard, Governor Sejko guaranteed that, regardless of these developments, the Bank of Albania is ready to provide the necessary contribution to support a steady economic growth. In this context, he pointed out that it is essential to continue with structural reforms, which would contribute to strengthening the economic and financial stability in Albania.

Governor Sejko extended the sincere gratitude to the Banca d'Italia for their help and technical assistance to the Bank of Albania in various fields of central banking.

Ambassador Cutillo thanked Governor Sejko for the meeting and appraised the valuable contribution of the Bank of Albania in safeguarding Albania's macroeconomic stability. In addition, Ambassador Cutillo said that the most recent data show that the economy of Italy is beginning to recover. Focusing especially on the banking sector, he underlined that the high level of non-performing loans is also a problem in Italy. In this context, he commended the Bank of Albania for its work on reducing the level of non-performing loans.

In conclusion, the interlocutors agreed on furthering and intensifying the economic cooperation between the two countries.