PRESS RELEASE
Governor Sejko meets the Executive Director for Albania at the International Monetary Fund (IMF), Mr Riccardo Ercoli

On 26 February 2025, Governor Sejko received Mr Riccardo Ercoli, the Executive Director for Albania at the IMF.

First, Governor Sejko thanked Mr Ercoli for the contribution and commitment to the various technical assistance programs provided to the Bank of Albania by the IMF, primarily in the areas of monetary policy, statistics, and banking supervision.

Regarding the Albanian economy, the Governor stated that despite the challenges, its performance has been positive. The economic growth has yielded an increase in employment, wages and the well-being of the Albanian society. In addition, the main economic and financial soundness indicators of Albania - inflation, non-performing loans and banking sector's balance sheets - have been improving.

In the framework of banking supervision, Governor Sejko acquainted Mr Ercoli with the regulatory changes undertaken by the Bank of Albania to protect the consumers and ensure a more transparent environment for borrowers. These changes will lead to lower costs for citizens and increased transparency regarding fees and loan terms and conditions. They are part of the Bank of Albania's continuous efforts to enhance financial security and to better protect consumer’s interests.

Next, the Governor presented the financing program for micro, small, and medium-sized enterprises which aims to create and structure a financing instrument for commercial banks that can be used to improve access to credit for enterprises operating in Albania. The Governor added that access to financing, particularly for the agricultural sector, has been more limited. Therefore, the Bank of Albania has decided to support this sector, as well as agritourism and all other small and medium-sized enterprises, with a program worth approximately ALL 25 billion. Thanks to this program, every small and medium-sized enterprise can obtain loans of up to ALL 25 million.

The modernization of payment systems in Albania was also discussed during the meeting. With the increasing demand for faster and more secure services, the Bank of Albania has taken concrete steps to align the regulatory framework with European standards, aiming for membership in the Single Euro Payments Area (SEPA)- said the Governor. This membership marks a key milestone in Albania’s financial modernization journey, improving financial infrastructure and bringing the country closer to the advanced standards and practices of the European Union.

The Executive Director for Albania at the IMF commended the reforms undertaken by the Bank of Albania in terms of safeguarding financial stability and price stability in Albania, which are also BoA’s mandate and main objective.

Last, Mr Ercoli encouraged the continuous monitoring of the credit risk, exchange rate, and interest rates. He also positively assessed the role and policies pursued by the Bank of Albania, highlighting in particular the importance of bringing inflation back to target.

Governor Sejko and the representatives of the IMF pointed out to the need and importance of the collaboration among our institutions and of the technical assistance in the future.