Press Release
Governor Sejko receives the new Ambassador of Spain in Albania, H. E. Mr. Álvaro Renedo Zalba

On 13 July 2022, the Governor of the Bank of Albania, Mr Gent Sejko received in a cordial meeting the new Ambassador of Spain in Tirana, H.E. Mr. Álvaro Renedo Zalba.

Governor Sejko referred to the Ambassador his thankfulness for the very good relationships between the two countries, by appraising the trade exchanges with Spain, and the gratitude for the continuous support that Spain provides in the framework of the EU integration process of Albania.

At the beginning of the meeting, Governor Sejko presented an overview of the economic developments in Albania highlighting that its performance appears challenging in this period. Surging prices in international markets, the expected economic slowdown in the Euro Area, coupled with lower household purchasing power, are expected to weigh on both inflation rates and economic growth in Albania.

Mr Sejko pointed out that this swift increase in prices coupled with the ambiguity on the duration and consequences originating from the armed conflict in Ukraine have strengthened the uncertainty in financial markets and have driven to new supply chain bottlenecks.

Next, the Governor explained that the response to these challenges has oriented the focus of economic policies in the country towards safeguarding price stability. This focus will require continuous review of the adequacy of monetary policy stance, as a prerequisite for preserving financial stability of Albania.

He emphasized that the Bank of Albania is monitoring the inflationary pressure dynamics going forward and stands ready to intervene in a timely manner and with the adequate force to guarantee the price stability in Albania.

In this context, regardless the challenges, the forecasts conducted at the Bank of Albania suggest that the Albanian economy will continue to register growth rates over a medium-term horizon. Regarding banking sector, the Governor pointed out that the banking system in Albania is well capitalised, liquid and financially sound.

H.E. Ambassador Álvaro Renedo Zalba appraised the work of the Bank of Albania for preserving and guaranteeing the financial stability of Albania, particularly throughout this difficult period.

He highlighted the progress done in Albania in the framework of the European Union integration process and re-affirmed the full support of Spain in this regard.

The Ambassador of Spain underlined the importance of the economic and sectorial reforms implementation with a view to enhance the economic collaboration with Spain, particularly the trading relationships, and increase foreign direct investments in Albania.

In conclusion, Governor Sejko and H.E. Ambassador Álvaro Renedo Zalba concurred on advancing the cooperation between the Bank of Albania and the Banco de España mainly in the field of the financial system.