On the signing of the Memorandum of Understanding between the Bank of Albania and the Secretariat of the Swiss State for Economic Affairs

On the signing of the Memorandum of Understanding between the Bank of Albania and the Secretariat of the Swiss State for Economic Affairs

On 1 March 2019, the ceremony of signing the Memorandum of Understanding between the Swiss Securities and Exchange Office (SECO) and the Bank of Albania on the implementation of the second phase of the Bilateral Assistance and Development Program of capacity for central banks for 2018-2022.

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The agreement was signed by the Governor of the Bank of Albania, Gent Sejko, and Ambassador of Switzerland to Albania, HE Adrian Maître.

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During his speech, Governor Sejko said that this agreement comes after the close of a successful cooperation in the period 2013-2018, which brought about a significant improvement of the Bank of Albania’s analytical, demanding and technical work. In this context, the Governor stressed that the results of this cooperation project have been fruitful in the field of monetary policy implementation, banking supervision, financial stability and payment system. 

Thanks to the Swiss Government for this cooperation, Governor Sejko said that thanks to the new agreement, the Bank of Albania will be part of the bilateral assistance program in the field of central banking. “Our expectation from the implementation of the second phase is that the monetary policy decision-making is backed up by improved forecasting capacities, that the macroprudential policy formulation uses more extensive knowledge on different risks, so that the search is further enriched with more methodologies and practices good research. These goals lie in the core of our medium-term strategy, “said Governor of Bank of Albania, Sejko.

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For his part, the Ambassador of Switzerland expressed his appreciation for this cooperation and stressed the importance of his continuity in the future. In his speech Ambassador Maître underlined that “Albania needs effective institutions in all areas and at all levels. I would consider the Bank of Albania as such an institution. I can assure you that the program for providing assistance to the Bank of Albania in building its capacities has been very fruitful, thanks to the highly professional human resources that this institution has. Undoubtedly, the Bank of Albania has been an excellent, active and committed partner in this cooperation. ” The Ambassador added that the new agreement paves the way for exchanging expertise and knowledge.

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The new program will be implemented through expert missions, online courses, technical workshops and work visits. It will cover areas such as human resources management, business continuity in times of crisis, search communications, etc.

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The State Secretariat for Economic Affairs is the center of expertise of the federal government of Switzerland, which examines all key issues related to economic and labor market policies. Its purpose is to support sustainable economic growth, increase employment and fair working conditions, through the establishment of the necessary regulatory, economic and foreign policy framework. Since 1992, SECO has been supporting central partner countries’ banks, based on increasing demands for technical assistance in the field of central banking, through a strategic co-operation with the Institute of International Development Studies. Cooperation with some central banks consists, in general,

News Source: BoA

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