BANK OF ALBANIA

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

Publication date: 11.06.2020

 

On 10 June 2020, the Governor of the Bank of Albania, Mr Gent Sejko, received H.E. Mr Christian Steiner, the New Ambassador of the Republic of Austria in Albania.

Governor Sejko commended the time-honoured relationships which have characterised historically both countries, highlighting the significant support of the Republic of Austria to Albania for the opening of negotiations with our country.

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The meeting focused primarily on addressing the situation created by COVID-19 pandemic and its impacts on the Albanian economy.  Governor Sejko stated that as a result of the preventive measures taken to contain the spread of Covid-19 pandemic, the economic activity in Albania during 2020 is expected to fall, and to recover gradually in the next years.

In addition, Mr Sejko presented the situation of the banking system in Albania, pointing out that the banking system is well capitalised, liquid and financially sound. The banking system continued normally its activity, with no interruptions, and has expressed its willingness to provide the necessary contribution to face and overcome the situation created by Covid-19 pandemic.  

Also, Governor Sejko acquainted Ambassador Steiner with the interventions of public authorities to face this situation and the measures taken by the Bank of Albania to help both banks and their clients,  and for the minimization of the Covid-19 pandemic costs in the country's economy, such as: the cut of policy rate at a new historical low of 0.5%; the supply with liquidity to the banking system, by removing the quantitative limits; removal of any charges on using electronic payment systems; the uninterrupted supply with cash to economy; a two-quarter moratorium on credit instalments to businesses and households facing financial difficulties; and amendments in the regulatory framework that defines these actions.

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H. E. Ambassador Steiner emphasised the importance of the implementation of economic, structural and sectorial reforms, and appraised the significant contribution of the Bank of Albania to the country's EU integration process by approximating the regulatory framework and work practices with EU Directives and standards.

The Governor of the Bank of Albania, Mr Gent Sejko, extended the gratitude to Ambassador Steiner for the Oesterreichische Nationalbank (OeNB), the central bank of the Republic of Austria, for the fruitful collaboration and technical assistance in various fields of central banking.

In conclusion, the interlocutors shared the same views about the perspectives of advancing the economic cooperation with Austria, as a strategic partner, mainly in the field of the financial system, and for the growth of foreign investments in Albania.