BoA and Central Bank of Turkey Sign Memorandum of Cooperation

TIRANA, November 7

A memorandum of cooperation that aims at enhancing cooperation between the Bank of Albania (BoA) and the Central Bank of Turkey was signed on Monday in Tirana. BoA’s Governor Gent Sejko received his Turkish counterpart Murat Cetinkaya, the Ambassador of Turkey to Tirana Hidayet Bayraktar and other senior representatives.
Governor Sejko said that Albania and Turkey share many common elements that can serve as a foundation for building bridges of cooperation.
“This memorandum of cooperation is an expression of our joint will and aspiration for continuing and intensifying the mutual cooperation that has been already in place for years,” Sejko said.

Moreover, he added that economic and financial cooperation is important for Albania given the fact that Turkey is a major economic partner.
Currently, Turkey ranks fourth in the list of Albania’s trade partners and sixth regarding investments.
Sejko pointed out that there are over 429 joint enterprises and that Turkish investors are interested in Albania.
“The stock of Foreign Direct Investments (FDI) from Turkey during the first half of the year is estimated Euro 481 million and accounts for 4.3percent of the Gross Domestic Product (GDP). Those investments are focused in sectors like energy, metal processing, telecommunication, etc,” Sejko highlighted.

“The Bank of Albania is an active supporter of financial and economic integration, considering it as one of the most important pillars for unleashing the potential of the economy”- Governor Sejko said.
On his part, the Governor of the Turkish Central Bank highlighted the close relations between both countries especially now that bilateral relations have grown to a higher level.
“Today, with this memorandum, we elevate these relations to a new dimension, starting with a more vigorous process of experience sharing and concrete training programs,” Governor Cetinkaya said.

News Source/ Photo Credit: BoA, TCh