Bank Customers Can Convert Loans in another Currency

TIRANA, April 5

Bank customers will have the right to convert loans in a currency in which they have their earnings. This decision was among the changes to the regulation on consumer and mortgage loan that have been adopted on Wednesday by the Supervisory Council of the Bank of Albania (BoA).
According to BoA’s press release, the purpose is to provide additional requests on consumer protection in order to provide an approach to the adoption of the Albanian legislation to the European directives.

“The newly adopted changes besides the requests for second-tier banks foresee the right of bank customers to demand the conversion of a loan in the currency in which the customer has his/her earnings,” BoA’s press release says.

News Source: BoA