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Functions of the Bank of Albania


As the monetary and supervisory authority in Albania, the Bank of Albania, in order to achieve its principle objective, may also conduct a series of other functions:

 

  • Currency issue . The Bank of Albania has the exclusive right to issue national banknotes and coins with legal tender and to supply the economy with currency in the territory of the Republic of Albania.
  • Monetary policy . The Bank of Albania formulates, adopts and implements the monetary policy of the country. To achieve monetary policy objectives it uses appropriate monetary instruments.
  • Financial stability . The Bank of Albania has the responsibility to ensure that the banking system in particular and the financial system in general are stable and efficient.
  • Foreign exchange. The Bank of Albania is responsible for formulating, adopting and implementing the foreign exchange regime, as well as the exchange rate policy in the Republic of Albania.
  • Supervision . The Bank of Albania has the exclusive right to grant or revoke the license, and regulates and supervises the activity for commercial banks and non-bank financial institutions that operate in Albania.
  • Foreign reserves . The Bank of Albania holds and manages the foreign reserves of the Republic of Albania.
  • Agent for the Government. The Bank of Albania acts as banker, advisor and fiscal agent for the Government of the Republic of Albania.
  • Payment systems. The Bank of Albania promotes and ensures the smooth functioning of the national payment systems.


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