PRESS RELEASE
Governor Sejko meets with H.E. Ambassador of the Republic of Austria in Albania, Mr Christian Steiner

On 3 March 2022, the Governor of the Bank of Albania, Mr Gent Sejko received in an official meeting at the Bank of Albania, the Ambassador of the Republic of Austria in Albania, H.E. Mr Christian Steiner.

During this meeting, Governor Sejko expressed his gratitude to the Austrian Ambassador in Albania on the good relationship build between the two countries, highlighting the support of the Republic of Austria for the opening of negotiations with our country.

Their conversation focused on the situation created by the escalation of the conflict between Russia and Ukraine, and its effects on the Albanian economy.

The Governor said that the impact of this conflict on the global economy has become apparent, regarding both higher prices of basic items and greater insecurity felt by investors and the financial markets.

Mr Sejko added that tackling the inflationary pressures driven by the upsurge of prices in global markets, will be the main challenge of the Bank of Albania in the short run.

The Governor highlighted that in addition to its main objective, the monetary policy of the Bank of Albania will factorise the need to support the economic recovery and will harmonise with the fiscal consolidation process, conducive to increasing the fiscal and financial stability of Albania.

Next, Governor Sejko provided an overview of the of the banking system situation in Albania, pointing out that the banking system is well capitalised, solid and with good liquidity and financial soundness indicators.  

On the other hand, Ambassador Steiner expressed his concern regarding the global situation engendered by the conflict between Russia and Ukraine. The Ambassador added that monitoring the situation is of great importance to each country, in order to anticipate any new economic reality that would require more comprehensive measures to be taken.

Furthermore, he also explained the expected social and financial impact of this conflict in Austria and beyond in the entire Europe, particularly regarding their economies.

Also, the Ambassador appreciated the availability of the Bank of Albania to undertake any necessary action to minimise the possible negative effects of this situation and emphasized the importance of coordination between the other Albanian institutions in order to mitigate risks during this challenging period.

He underscored the good work of Albania in the framework of the European integration process, as well as availed the full support of the Austrian government in this regard.

Governor Sejko extended his gratitude to Ambassador Steiner for the continuous support provided by Austria to Albania and particularly for the fruitful collaboration and technical assistance in various fields of central banking from the Oesterreichische Nationalbank (OeNB).

In conclusion, the interlocutors shared the same views about the perspectives of advancing the economic cooperation, mainly in the field of the financial system, and the growth of foreign investments in Albania.