PRESS RELEASE
Decisions by the Supervisory Council of the Bank of Albania, 2 August 2017

On 2 August 2017, in addition to the decision to keep unchanged the key interest rate at 1.25%, as well as overnight deposit and overnight loan rates at the Bank of Albania at 0.25 and 2.25%, respectively, the Supervisory Council of the Bank of Albania reviewed and decided:

• The approval of the Bank of Albania Macro-prudential Policy Strategy

The macro-prudential policy aims to ensure the stability of the entire financial system by preventing and mitigating systemic risks and strengthening its resistance. The macro-prudential policy strategy offers a general operational framework for the implementation of this policy, which will contribute to meet the requirements regarding the transparency and accountability of the work of the Bank of Albania.

The strategy stipulates:

• the role of the Bank of Albania as the primary authority in implementing the macro-prudential policy, based on the advantages and synergies offered by its profile as a monetary, micro-prudential supervision and (ultimately) resolution of banks authority;
• the objectives of macro-prudential policies, their scope of application and the relation between objectives and macro-prudential instruments, based on the best international standards and the model provided by the European Union legislation;
• the structures of the Bank of Albania included in the macro-prudential cycle, based on the international models and the experience achieved so far;
• the manner of cooperation, within the institution and at the inter-institutional level;
• the manner of public communication of the macro-prudential policy, acknowledging it as an important service to improve its efficiency and balance the institutional power with the need for transparency and accountability.

This document will be fully published on our website www.bankofalbania.org

• Preliminary approval for conducting an additional financial activity by Credins Bank sh.a.

According to the approval, Credins Bank sh.a. may conduct the additional financial activity of intermediation in insurance.

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