Albanian and Chinese Central Banks Renew Currency Swap Agreement

TIRANA, April 13

The Bank of Albania (BoA) and the People’s Bank of China (PBC) renewed the bilateral local currency swap agreement. The agreement that was signed for the first time in September 2012 will continue to have the same size RMB 2 billion or Lek 34.2 billion. The renewed agreement is valid for three years and it can be renewed.
The use of Chinese currency presents a particular interest for businesses that cooperate with Chinese companies. By having direct access to the Chinese currency, bank procedures are reduced and these businesses will operate only by using the Renminbi, a secure way to avoid the foreign exchange risk. The agreement provides financial facilities to Chinese companies operating in Albania.

News Source: PBC