What are the steps to reduce cash? Isaji: Strategy is required, banking infrastructure is ready in Albania
"We have another ambition, that by the end of this decade, Albania will be "cashless"
This is what Prime Minister Edi Rama recently stated, from where by 2030 it is intended that physical money will be reduced in Albania, and transactions will be carried out through digital forms. But what are the steps that need to be followed to achieve the reduction of cash? According to Brunilda Isaji, Expert on Economy and Finance, the infrastructure for this process is in place.
"We have the digital channels, we have the infrastructure in place. We are one of the few countries in the Western Balkans that has the Open Banking law, we host digital payments in a very functional way. All market players are aware and are investing in providing digital payments, so I think the first step that needs to be seriously considered is what fiscal incentives will be created for those businesses, whether large or small, whether nationwide or localized, so that they can begin to clarify their financial situation. Because this is one of the components that mandates the use of cash."
According to Isaji, around 90% of cash circulates in Albania, while he emphasized that for the initiative to be implemented, well-thought-out strategies are required.
Sinkron Brunilda Isaj Expert on economics and finance
"We should bear in mind that despite the 10-15 year struggle to reduce this component, we still do not have it at the right levels. About 90% of transactions in the economy are cash. This means that it is not enough to just articulate efforts, of course with the strong will of all parties, by setting stricter rules, setting stricter limits, following them, and offering facilities to entities that implement them. Here I am referring to fiscal facilities, or facilitating customers to work with digital channels or credit cards. All these policies, whether restrictive or incentivizing, make it possible for the strategy to be implemented in a timely manner and with quality," Isaj said.
For years, initiatives have been taken in Albania to reduce the circulation of cash, while Prime Minister Rama warned that strong awareness campaigns are needed to achieve this.
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