1 century since the establishment of the Bank of Albania - Sejko: Economic progress, proof of achievements. Rama: It is a model institution
The Bank of Albania marks 100 years since its establishment in 1925, described as a century of stability, development and trust at the Scientific Conference dedicated to this jubilee.
At the opening of the Conference, the Governor, Gent Sejko, stated that despite the development and achievements of the Bank of Albania, many challenges remain ahead related to the increase in geopolitical tensions in the foreign environment, rapid financial innovation and the stage of development of Albania and the implications that this stage has for the growth model in the future.
"Every jubilee should serve a dual purpose. It is a moment of appreciation of the work of an institution, as well as a moment of celebration of the efforts of all employees who have contributed to its development. At the same time, every jubilee should also serve as a moment of critical reflection on what we have achieved, what has made these achievements possible, as well as the challenges and development opportunities that lie ahead. In quantitative terms, a direct proof of the achievements of the Bank of Albania is the economic and financial progress of the country over the last three decades. Despite the many fluctuations and shocks that we have experienced, the Albanian economy has recorded an average annual growth of 4.3% during this time horizon, has seen an increase in average income per capita from 670 to 11 thousand euros, and has had an average inflation rate of 3.1%", said Sejko.
Also present was Prime Minister Edi Rama, who emphasized that the Bank of Albania is one of the most stable institutions in the country, where with the exception of the political and social turbulence of 1997, the Albanian economy has not known any genuine financial crises or balance of payments crises.
"For reasons that should be studied and explained exhaustively, this is an institution that represents us as a model of how independent institutions of the country should be. Today, the Bank of Albania is entering its second century and is located on a completely new map from the map where it was placed at the beginning of the century left behind. For the government and governments, it is fortunate that they have the opportunity to work in an environment where this Central Bank is, which has gone through its own crises, especially that of the transition from dictatorship and the centralized economy, but also when Albania became a tragic example with pyramid schemes, but after that it knew much better how to navigate the turbulent sea of finance, especially due to the influence coming from abroad", said the Prime Minister.
The vision for the creation of a national bank was first articulated in 1899 by Sami Frashëri, who emphasized that true sovereignty requires institutions capable of guaranteeing the country's economic independence. This idea was embraced and carried forward by Ismail Qemali, but the initial efforts of his government were continued by subsequent governments and culminated in the establishment of the National Bank of Albania in 1925.
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