World Bank, assistance for consumer protection - Alam: I congratulate BSH for managing inflation and problem loans
The Bank of Albania is in continuous cooperation with the World Bank for the improvement of the regulatory framework of the financial system, especially in the field of consumer protection.
The Regional Director of the World Bank, Asad Alam, in a joint meeting with the Governor of the Bank of Albania, Gent Sejko, stated that the World Bank remains focused and will provide its full assistance regarding the most efficient protection of consumers' interests Albanians facing a continuously developing market.
Governor Sejko discussed one of the Bank of Albania's strategic objectives, the modernization of payment systems. Focusing on their developments, he emphasized the importance of submitting the application for integration into the Single Euro Payments Market (SEPA), and inclusion and financial education, as key issues for Albania's development.
Asad Alam, Regional Director of the World Bank, has praised the Bank of Albania regarding the successful management of crises in recent years, such as the pandemic and the price shock that affected the entire region during 2022. It should be noted that despite the pandemic, our country has having the lowest level of inflation in the region.
Also, Alam focused on the financial stability and financial environment of the country, where he emphasized the importance of credit expansion and the quality of its portfolio. Following this, he congratulated the Bank of Albania regarding the management of the problem loans ratio, which has marked the minimum levels of more than a decade.
We remind you that the Bank of Albania, in order to protect consumers, drafted a regulation some time ago that limited the number of loans that a non-bank financial institution can grant.
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