On June 20, 2018, the Governor of the Bank of Albania, Gent Sejko, held a meeting with the Ambassador of the French Republic in Tirana, SH. S. Zj. Christina Vasak, and the Head of the Regional Economic Sector, resident in Sofia, Jean-Marie Demange, at the Bank of Albania premises.
The Governor of the Bank of Albania presented the Ambassador and Mr. Demange with economic developments in the country, pointing out that economic growth is on a positive development trajectory and major economic balances are expected to strengthen in the coming years.
Regarding the financial system, Governor Sejko said that he is characterized by satisfactory levels of capitalization and liquidity. The governor also focused on the banking sector’s panorama, highlighting two key elements, increasing lending and improving the indicator of non-performing loans.
He said that the further promotion of credit to the economy and the implementation of the plan for dealing with non-performing loans remain the focus of the Bank of Albania. The inter-institutional plan undertaken to reduce non-performing loans has had positive effects, causing the ratio of non-performing loans to total loans to fall.
During the meeting were also discussed about the supervisory role of the Bank of Albania in order to strengthen the system’s sustainability, also in the prevention of money laundering and financing of terrorism. The Governor stressed that this is a very important process and that institutions in the country are cooperating through the exchange of information, aiming to strengthen the risk-based approach to supervision.
Further, Governor Sejko added that the banking system, as a subject of money laundering law, is in the process of development and consolidation. Prevention of money laundering has also been the subject of monitoring and evaluation, not only by the domestic supervisory authorities but also by international specialized institutions, which have given very positive estimates, among which the Moneyval Committee’s estimates may be mentioned.
Ambassador of the French Republic to Tirana, SH. S. Zj. Christina Vasak, and Mr. Jean-Marie Demange thanked Governor Sejko for the meeting and expressed their appreciation for the Bank of Albania’s continued contribution to maintaining the country’s macroeconomic stability.
In conclusion, the interlocutors shared the same view on the prospects for further economic cooperation between the two countries through potential projects in various sectors of the economy, such as financial, infrastructure and foreign investment growth in Albania.
News Source: BoA