PRESS RELEASE
Governor Sejko received IMF’s Deputy Managing Director Tao Zhang at the Bank of Albania

The Deputy Managing Director of the International Monetary Fund (IMF’s DMD), Mr Tao Zhang, visited Albania on 12-13 February 2018, meeting high-level authorities in Albania.

Governor Sejko received Mr Tao Zhang, accompanied by Ms Anita Tuladhar, Chief of the IMF mission for Albania, and Mr Jens Reinke, Resident Representative of IMF Resident Mission in Albania at the Bank of Albania. Seniors officials of the Bank of Albania and IMF also attended the meeting.

Governor Sejko highlighted the very good cooperation with the IMF, whose technical assistance has contributed to the economic and financial reforms in Albania.

Governor Sejko stated that the Bank of Albania has placed its focus on its main objective, maintaining price stability. He added that Bank of Albania, exercising its role as the monetary authority, has contributed to supporting a stable economic growth and guaranteeing financial and macro-economic stability in Albania.

About the Albanian banking system, he pointed out that its financial indicators are stable, and addressed other issues such as supporting sound lending and reducing non-performing loans, whose ratio stood at 13.2% in December.

The Governor presented an overview of the macro-economic situation, highlighting that economic activity in Albania has continued to improve. Notwithstanding the progress, the domestic authorities remain committed to contribute for the further development of Albania, and the acceleration and expansion of the undertaken reforms, in the framework of European Union integration process.

Further, Governor Sejko introduced the de-euroisation package, as a considerably important initiative. Through concrete measures for increasing the use of the national currency, this initiative will improve monetary policy effectiveness and strengthen financial stability in Albania.

The IMF’s DMD Tao Zhang commended the work of the Bank of Albania and its policies, which have contributed to maintaining macroeconomic stability and consolidating the financial system in Albania.

Mr Zhang said that Albania is now making progress in terms of convergence and added that, taking into account that the global economy is growing with positive rates, it is the right time for Albania to continue undertaking further reforms.

About the economic activity in Albania, he pointed out that keeping the momentum of reforms and the strengthening of institutions and governance is crucial for improving the business climate and attracting foreign investments.

The IMF representatives visited the Museum of the Bank of Albania and were presented to the history of the Albanian currency and the educational programmes of the Bank of Albania.