On October 23rd, Bank of Albania Governor Gent Sejko held an official meeting with the German Ambassador to Tirana Helmut Hoffman and the vice Ambassador Anke Holstein, at Bank of Albania premises, in Tirana.
The Governor Sejko spoke about several measures and policies applied by the institution he is in charge for during the past year, by highlighting that the banking system in Albania is well capitalized and liquid.
According to Sekjo, Bank of Albania will continue to engage in keeping a stable panorama of consumption prices and financial stability in the long terms. At the meeting, Governor Sejko mentioned several policies implemented by the Bank with the aim to strengthen the internal control and the surveillance of the banking system, based on EU standards.
The latest economic developments, added Sejko, show that the macroeconomic situation in the international markets remains challenging for country’s economy but the easing policies implemented by Bank of Albania aim to mitigate the effects caused by the economic crisis in the international markets (mainly Italy and Greece). Sejko also spoke about the successful measure undertaken by the Bank of Albania regarding the erase of nonperforming loans from private banks’ balances, which affected positively in the decrease of nonperforming loans’ level.
In turn, the German Ambassador to Tirana, Helmut Hoffman, evaluated the work done by the Bank of Albania and added that Albania has always been supported by the German government in strengthening the economic system and in its aspirations for becoming an EU member.
According to Hoffman, the government should boost the development of producing activities and sectors since the country’s economy cannot rely anymore on remittances and incomes from service sectors. The high ranked officials also discussed about the importance of German investments in Albania and the increase of such investments in the upcoming years.
News source/photo credits: ATA