“Albania, among the countries with the fastest economic growth” - Georgieva, IMF: BoA has had a key role. Lagarde, ECB: It has experienced major changes
In the context of its 100th anniversary, the Bank of Albania has also received recognition from the International Monetary Fund and the European Central Bank for its role in the country's economic development.
In a video message, Kristalina Georgieva, Managing Director of the International Monetary Fund, stated that since its establishment, the Bank of Albania has reflected the evolution of the Albanian state, while also listing some of the challenges that our country will face in the future.
“Today, Albania ranks among the fastest growing economies in Europe: Bravo! A testament to its unwavering progress and ever-increasing resilience. In these achievements, the Bank of Albania has played a key role, thanks to its unwavering commitment to a stable monetary policy, a prudent regulatory framework and institutional transparency. Albania’s journey offers us a key lesson: central bank independence is much more than a formal technicality. Looking ahead, Albania faces challenges such as: increasing geopolitical fragmentation, rapid digital transformation, the role of artificial intelligence and demographic shifts,” said Georgieva.
Meanwhile, the President of the European Central Bank, Christine Lagarde, emphasized that the Bank of Albania has experienced extraordinary transformations. According to her, the European Central Bank has supported the countries of the region in their membership in SEPA and on the path towards a fast payment system.
"The Bank of Albania has experienced extraordinary change in its first 100 years. This century is an ideal opportunity to reflect on the central bank's past and the country's future. The success of the Bank of Albania reflects the country's broader success in recent decades. In 1995, GDP per capita was less than 15% of the European Union average, in purchasing power terms. Today, this indicator has more than doubled, to 35%, offering the potential to grow further. Rising living standards have been supported by Albania's increasing openness to trade, with its share of GDP increasing from less than 1/5 in 1990 to more than ¾ today. The country's close ties with the European Union have played a role in this success," Lagarde underlined.
Lagarde stated that the European Central Bank is engaged in technical cooperation to strengthen the institutional capacities of central banks and contribute to the economic dialogue between the European Union and regional partners.
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