Governor Sejko meets HE Mr. Hellmut Hoffmann, Ambassador of the Federal Republic of Germany in Albania

Publication date: 23.10.2015


On 22 October 2015, Mr. Gent Sejko, the Governor of the Bank of Albania, had an official meeting at the Bank of Albania with HE Mr. Hellmut Hoffman, Ambassador, and Ms. Anke Holstein, Deputy Head of Mission of the Embassy of the Federal Republic of Germany in Albania.

x dsc2975 7708 0

In his overview, Governor Sejko focused on financial developments in Albania, underlining that the Albanian banking system is well capitalised, liquid and financially sound. Governor Sejko added that the Bank of Albania will remain committed to fulfilling its mission for price stability and financial stability. He also informed Ambassador Hoffman on the recent measures and the legal acts approved by the Bank of Albania to strengthen the Internal Audit and banking supervision, realised in accordance with the European standards and in close cooperation with international financial institutions.

Focusing on Albania's economic growth, Governor Sejko pointed out that the recent developments show that the external macroeconomic environment remains challenging, but the monetary authority will provide all the necessary contribution to support efforts for sustainable economic growth. The Bank of Albania has been implementing and will continue to implement an accommodative monetary policy, against the backdrop of a consolidating fiscal policy.

In addition, Governor Sejko Informed Ambassador Hoffmann on an inter-institutional action plan and Bank of Albania measures to boost lending and reduce the level of non-performing loans. The non-performing loans write off from banks balance sheets has had a positive impact on the reduction of non-performing loans.

HE Ambassador Hoffmann commended the work of the Bank of Albania towards maintaining and guaranteeing the financial system in Albania. He said that Albania has always had the support of the Federal Republic of Germany both in the aspect of consolidation of economic growth and in the progress towards European integration.

Focusing on economic developments in Albania, Ambassador Hoffmann said that public institutions should take the necessary measures for the Albanian economy to grow. He highlighted that the government should invest in those sectors, whose activity would contribute to economic growth, not only in the short term, but also in the long term. In this regard, the Albanian economy should grow its production capacities; it may no longer rely on remittances and services. Furthermore, Ambassador Hoffmann underlined the importance of the Judicial Reform for improving the legal framework and thus creating better conditions for bringing more Foreign Investors to Albania.

In the meeting, the interlocutors discussed also on the recent structural reforms that the government has undertaken to formalise the economy.

In conclusion, they shared the same views about the perspectives of advancing the economic cooperation between the two countries, mainly with regard to the financial system and the growth of German foreign investments in Albania.