"Consumer protection, support for agriculture" - Guernator Sejko, meeting with the Executive Director for Albania at the IMF
The Governor of the Bank of Albania, Gent Sejko, received in a meeting the Executive Director for Albania of the IMF, Riccardo Ercoli. The Governor stated that, despite the challenges, the Albanian economy has had a positive performance. Economic growth has generated an increase in employment, wages and the well-being of Albanian society.
Meanwhile, Governor Sejko presented to Ercoli the regulatory changes undertaken by the Bank of Albania, for consumer protection and ensuring a more transparent environment for borrowers. The micro, small and medium business financing program was also presented, which aims to create and format a financing instrument for commercial banks that can be used by them in support of improving access to credit for businesses operating in Albania.
Support for the agricultural sector has been limited, and at this meeting it was discussed that the Bank of Albania has decided to support this sector, as well as agrotourism and all other small and medium-sized businesses with a program worth about 25 billion lek.
Thanks to this program, every small and medium-sized business can benefit from loans up to 25 million lek. Another issue addressed during the meeting was the modernization of payment systems in Albania and that the Bank of Albania has taken concrete steps to harmonize the regulatory framework with European standards, aiming for membership in the Single Euro Payments Market.
On the other hand, the Executive Director for Albania at the IMF expressed his appreciation for the reforms undertaken by the Bank of Albania in terms of maintaining financial stability in the country and price stability, as the mandate and main objective of the Bank.
Finally, Mr. Ercoli encouraged the continuous monitoring of bank credit, exchange rate and interest rate risks, and positively assessed the role and policy pursued by the Bank of Albania, focusing in particular on the importance of returning inflation to target. Governor Sejko and the IMF representative emphasized the need and importance of continuing cooperation between institutions and technical assistance in the future.
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