BANK OF ALBANIA

PRESS RELEASE
Governor Sejko receives the Ambassador of Japan in Tirana

Publication date: 26.03.2021

 

On 26 March 2021, the Governor of the Bank of Albania, Mr Gent Sejko, had the first official meeting with the new Ambassador of Japan in Tirana, H.E. Mr. TAKADA Mitsuyuki. During the meeting, Governor Sejko extended his appreciations to H.E. Ambassador TAKADA Mitsuyuki, for the exceptional relationship between our two countries. They discussed about the potential perspectives of economic cooperation in the future in areas as: trade exchanges, information technology developments, infrastructure, etc.

At the beginning of the meeting, both interlocutors discussed the situation created by the Covid-19 pandemic and its effects, not solely on the economies of both countries, also at a global scale. The Governor stated that due to the preventative measures applied to contain the spread of the pandemic, the Albanian economy recorded a fall in 2020, but thanks to the contribution of the Bank of Albania and the well-coordinated macro-economic policies, the economic activity during 2021 is expected to recover.

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More specifically, in response to the situation created, the Bank of Albania took immediate measures, such are: lowering the policy rate and ramping up liquidity injections; temporary regulatory facilitation of payment deferrals and loan restructuring; freezing the dividend payments in the banking sector; as well as, forfeiting the fees on interbank transactions fees in the payment systems operated by BoA.

Regarding the financial and banking sector in Albania, Governor Sejko said, that this system remains solid, solvent and liquid. He highlighted that our financial markets are calm, both the interest and exchange rates are stable, and the flow of lending to economy is positive, thus affecting the mitigation of effects and the meeting of business’ financial needs.

The Ambassador of Japan in Tirana, H.E. Mr TAKADA Mitsuyuki, commended the work of the Bank of Albania for safeguarding and guaranteeing the financial system in Albania, particularly in these difficult times with extreme measures and various uncertainties. He added that the measures taken by the Bank of Albania have aimed at cushioning the negative effects and have established the premises for a rapid recovery of the economy in the following period.

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In addition, the interlocutors emphasized the importance of strengthening the relationship between the two countries, which will encourage foreign investments in Albania and support the business community and trade relations particularly in the field of technology. Improving the business climate and creating good conditions for Japanese investors in Albania remain significant objectives towards developing and enhancing trade relations. In this view, the large and efficient labour market in Albania may be used as an important competitive advantage.

The interlocutors, in conclusion, shared the same views about the perspectives of strengthening the cooperation between the two countries and undertaking joint projects in the future.