PRESS RELEASE
Meeting of the Supervisory Council of the Bank of Albania, 28 January 2015

Today, on 28 January 2015, the Supervisory Council of the Bank of Albania held its regular meeting, in which, besides the monetary policy decision for January 2015, analysed and decided on the following:

1- Approval of the schedule for the meetings of the Supervisory Council

The Supervisory Council approved the schedule for the meetings for 2015, foreseeing 14 meetings. As always, priority will be given to the monetary policy decision-making and to the financial stability of the banking system. Particular attention is given to the periodic reporting by the Audit Department and the improvement of the legal framework regulating the activity of the Bank of Albania and the banking system.

Meetings of the Supervisory Council

2 - Approval of the monetary policy document

This document lays out the Bank of Albania's monetary policy strategy. More specifically, it provides the main principles the Bank of Albania bases the formulation, implementation and communication of the monetary policy. The document delineates in concrete and transparent terms the primary objective of the Bank of Albania, and the theoretical and operational framework for monetary policy formulation and implementation. The Monetary Policy Document has been designed as a follow-up of the Monetary Policy Document for the period 2012-2014. In general terms, the monetary policy strategy maintains Bank of Albania's principles and practices during the past years. It has also been complemented with new elements in the analysis and forecasting process, in line with the latest international practices in the field of monetary policy, and the economic and financial market developments in Albania. The publication of this document contributes to enhancing Bank of Albania's transparency and accountability. It also helps anchor economic agents' expectations to the 3.0% inflation target, directly contributing to the improvement of the monetary policy efficiency.

3- Approval of the amendments to the Regulation 'On foreign exchange activity"

Given the lack of a specific law on the foreign exchange activity, payment transactions for the trading operations currently 'are regulated" by the Bank of Albania, through the Regulation 'On foreign exchange activity". This Regulation lays down the requirements that banks and non-bank financial institutions should meet for commercial and non-commercial capital transfers.
The amendments approved today by the Supervisory Council aim at further liberalising the regulatory requirements on the foreign exchange activity in the Republic of Albania, to promote the free movement of capital. These amendments are fully in line with the recommendations left by the International Monetary Fund and the framework of the EU integration process.