In November, Albania will be part of TIPS fast payments, Governor Sejko: We save time and money
In November, Albania takes the final step towards full integration into the European payment system. This was announced by the Governor of the Bank of Albania, Gent Sejko, in his monthly communication with the media. According to Governor Sejko, businesses and citizens, through fast payments, gain time and save considerable income.
"After implementing the SEPA system, the Bank of Albania is working together with the Central Bank of Italy and the ECB to implement the TIPS system, which is a clone of the Italian one. With this step, which will be completed in November, we will be fully integrated into European payment systems, saving time and money. If only half of the payments were to go through the TIPS system, individuals would save half a billion lek while businesses would save 1 billion lek per year. This is also in line with our objective of formalizing the economy," said Governor Sejko.
Speaking about the developments in the second quarter of this year in the country's economy and finances, the Governor emphasized the increase in inflation above the Bank's target. Sejko also mentioned the main causes that have led to the increase in prices.
"The increase in the price of oil and energy by-products in foreign markets had effects that were partially mitigated by the strengthening of the lek. Meanwhile, in domestic developments, apart from the price of rents, other increases were expected. The BoA's monetary policy has influenced inflation to be very close to its target," Sejko emphasized.
The Governor also provided an overview of economic growth and other financial indicators. Despite the increase in prices, the Supervisory Council of the Bank of Albania has deemed it reasonable to intervene in the key interest rate, and has left it at the current level of 2.5 percent.
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