In the framework of an agreement signed a year before between Bank of Albania and China’s government, BoA has announced the entry of the Chinese currency Renminbi, in the Albanian bank system in the upcoming months. Credins Bank will be the first private bank to offer services and monetary transactions in the Chinese currency, for all the costumers who are interested in loans, deposits or currency exchanges by using the Renminbi.
The use of this currency presents a particular interest for businesses which cooperate with Chinese companies. By having direct access of the Chinese currency, bank procedures will reduce and these businesses will operate only by using the Renminbi, a secure way to avoid the foreign exchange risk.
Exchanges with China consist in 6.7% of imports and 3.8% of Albanian exports. In September 2013, Bank of Albania and the Central Bank of China signed an agreement to make possible the exchange of respective currencies for an initial value of 250 million EUR.
The signed agreement will help Albanian businesses to import Chinese products and to export their products in the Chinese market in an easier way.
News source: Scan Tv
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