Decisions by the Supervisory Council, 2 June 2021

On 02 June 2021, the Supervisory Council of the Bank of Albania reviewed and decided to:

• Approve the new manner of calculating the fixing exchange (Fixing)  rate of lek at the Bank of Albania

The amendments to the existing regulation are effected primarily to: develop the derivatives market in Albania as a hedge instrument against the exchange rate risk; and increase the transparency in the foreign exchange market. The main amendments consist of:

• Expanding the participation basis of commercial banks with 4 banks by replacing foreign exchange bureaus and publishing on the official website of the Bank of Albania the 10 banks participating in the “Fixing” rate;
• Publishing by the Bank of Albania the bid and ask price which represents the average rate that the banking system is offering to buy and sell the U.S dollar and the euro against the lek;
• Standardising the trade volume in the interbank market.

The Supervisory Council was also informed on daily functional and operational activities of the Bank of Albania.