PRESS RELEASE
Governor Sejko meets with the Minister of Finances and Economy, Mr Ervin Mete

On 22 September 2023, the Governor of the Bank of Albania, Mr Gent Sejko, met with the Minister of Finance and Economy, Mr Ervin Mete. The interlocutors focused their discussions on the current economic situation in Albania, expectations and the latest economic developments.

At the beginning of the meeting, Governor Sejko congratulated Mr Mete for his recent assignment in the new position as the Minister of Finance and Economy, a crucial institution for the continuing development of Albania.

Next, Mr Sejko presented an overview of the domestic economic and financial situation based on the latest data, the economic developments of the current period and future challenges.

The Governor said that from the macroeconomic perspective, the economic developments have been positive, the economy has expanded at a satisfactory pace, inflation has been declining progressively, and the economic activity and wages have continued to rise, while the overall economic and financial equilibriums have improved.

In addition, data on the balance of payments show a significant growth in foreign direct investments, a considerable upsurge in tourism revenue, an increase in total exports, as well as a growth in remittances, compared to the previous year.

The Governor added that expectations of the Bank of Albania suggest that the Albanian economy will continue to grow, whereas inflation will return to its monetary policy target of 3% in the next year.

In terms of financial markets, Mr Sejko stated that they have been relatively calm and banking sector has performed positively. The sector shows sound balance sheets and a high level of resilience to possible shocks. This resilience reflects the stable business model of the banking sector, the high liquidity level of and the satisfactory capitalisation level.

Regarding the monetary policy stance, Governor Sejko highlighted that its pass-through to financial market has been at good levels, and the effects of this policy stance’s reaction have had a notable impact on curbing the increase in inflation and in putting it on a downward trajectory.

To this end, the primary focus of economic policies continues to be on taking coordinated measures to mitigate inflation costs and control its return to the target.

Furthermore, Governor Sejko and Minister Mete concurred that the goal of the monetary and fiscal policy should be coordinated and steered toward safeguarding the economic and financial equilibriums, in Albania.

Also, discussions in this meeting focused on the performance of the exchange rate, the growth of lending in Albania, and on the joint projects in continuing the modernisation of payment systems, etc.

Both Governor Sejko and Minister Mete, in conclusion, reiterated their readiness and good will to continue their cooperation and undertake any action necessary to ensure a sustainable growth and preserve the financial stability of Albania.