Bank of Albania approves new statute

Tirana, December 4, 2015

Bank of Albania has  approved the new statute on Wednesday at the meeting of the Supervisory Council, which abrogates the previous statute of the Bank. According to the Bank’s press release, the approval of the new statute is the end of a long process of adaption of Bank’s provisions in terms of organization and functioning with the best practices applied by the European System of Central Banks. The new statute also addresses recommendations by international financial institutions and reflects other important changes.

The statute is a fundamental document for the Bank of Albania which defines the basic principles regarding institutional, operational and administrative procedures of the Bank, in accordance to the Law on Bank of Albania.

The new statute defines clearly the tasks and the responsibilities of the Bank of Albania’s Administrators and predicts clear procedures in cases when administrators must be replaced if they are absent or in cases of the inability to take actions or work. One of the novelties of the statute is the reformulation of the provisions related to the administrative and financial independence of the institution, based on the provisions of the Central European Bank Statute.

News source/photo credits: ATA