PRESS CONFERENCE
Speech of the Bank of Albania Governor, Mr. Ardian Fullani in the first press conference

The 7-year challenges of the Bank of Albania management

Considering the today meeting with you as my first official public presentation as governor, I want to thank you for your interest and confidence on the Bank of Albania. I deem once more necessary to state my personal commitment and of the staff I lead that Bank of Albania will be always open aiming the further strengthening and well-functioning of the already established communicating bridges. My present message is, this communication will not be solely institutional with me, but simultaneously with the Institution of the Bank of Albania as well. That is, I will assure a transparency, a clear and on going communication for the high power of media make possible the spread of our understandable messages to the public.

Nowadays, Bank of Albania is seen as a consolidated, reliable and transparent institution. It has implemented an accurate and efficient monetary policy, contributing to the intensification of macro-economic equilibrium in fully accordance with the national programs of the domestic economic progress. I would like to introduce, deeming on these aspects, some of the ideas on their further improvement, pointing to my already declaimed opinion, that of continuance.

Firstly I would like to deal with the institutional progress of the Bank of Albania. I perceive the independence of the central bank institution as a crucial issue. Of the same importance, I deem the further openness of the institution, considering accountability increasingly fully and more contemporary. Central bank is not only an independent institution but also mainly and parallel responsible, that is really transparent on decision-taking, policy - making and their succeeding. I shall ensure, throughout my term, the decisions be taken out of the executive and policy's impact, while Bank of Albania will fully meet its legal duty on providing the respective advises and expertise to the economic decision-taking process in the country.

To maintain price stability will be the main objective of monetary policy throughout my term. Adopting inflation targeting regime in the future, recognized as "targeted inflation", will serve to consolidate prices stability maintenance. This regime better suits to the forthcoming changes occurring in the Albanian economy, particularly to the financial sector expansion and progress. Operational framework will also further progress aiming its functioning based only on market principles.

The second important pillar for the Central Bank is seen the banking system stability. Bank of Albania shall encourage the development and consolidation of a sound banking and financial system for the country economic progress. This will lead not only to the real crediting of economy from banking system, but also to the increase of intermediate financial efficiency and of the financial and banking services.

Cash money direction into banking channels, thus contributing to economy formalization will revest a new dimension.

Raising banking and financial supervision on contemporary levels under these conditions is deemed of a priority importance. This implies the indispensable review of the present regulative base to approach it as close to the best known standards, as well as to change supervision process into a really oriented process to risk and becoming proactive. An open and direct communication with banking industry and other important financial institutions, will be the essentials of these objectives.

Re-dimensioning of analyzing and researching capacities, to evade the descriptive character and make clear the key point of economic phenomena, are crucial to meet the above listed commitments. Hence, Bank of Albania will initiate the establishment of consultative forums from academic field representatives, analysts and researchers. This would lead to the comparison with neutral third parties, through supplying not only their own experience, but also an alternative point of view for a well informed decision-taking.

Bank of Albania will pay particular attention to efficient administration of human resources to achieve the international standards of model institutions. It will be changed into an attractive institution for the experts.

Bank of Albania primarily will increase the mutual relationships with all international partners. It will be a real partner in the discussing table, arguing on the economical-financial policies, through presenting its solution alternatives, being elaborated not only on the economic logic base but also on the Albanian reality.

Bank of Albania identifies European Central Bank as the institution that represents not only the organizational and operation model, we aim to quickly approach, but also the possibility on a real collaboration related to particular directions of the Bank of Albania functioning, and also to strategic objectives of the country economy.