PRESS RELEASE
The Bank of Albania and the People’s Bank of China sign a Bilateral Local Currency SWAP Agreement

On 12 September 2013, the Governor of Bank of Albania, Mr. Ardian Fullani, and the Governor of the People’s Bank of China, Mr. Zhou Xiaochuan, signed a Bilateral Local Currency SWAP Agreement of a maximum amount of 2 bn yuan or 35.8 bn lek.

The agreement was signed during the XXX Meeting of the Central Bank Governors Club of the Central Asia, Black Sea Region and Balkan Countries held in Yerevan, Armenia on 12 – 14 September 2013.

The swap transaction provides a channel by which the central banks can have access to the local currency of the other party. It aims to promote bilateral trade and direct investments for economic development of the two countries in local currency terms, and to support domestic financial stability of both countries, if market conditions require such liquidity.

The agreement is valid for an initial duration of three years and may be extended by mutual consent.

According to Governor Fullani, this agreement will be instrumental towards the strengthening of bilateral financial cooperation and facilitating bilateral economic ties and trade between Albania and China, as well as maintaining financial stability in the country. The signing of this agreement is yet another opportunity of further improvement of relationships between the two Central Banks.