Well-capitalized banking system, solid and with good liquidity indicators

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The Governor of the Bank of Albania, Gent Sejko received in a meeting the new Ambassador of Austria to our country, Christian Steiner.

During this meeting, Governor Sejko expressed his gratitude to the Ambassador of Austria in Albania for the good relations, which have characterized the two countries in the past, underlining the importance of Austria's support for the opening of negotiations for our country. .

At the top of the conversation was the treatment of the situation created by the COVID-19 pandemic and its effects on the Albanian economy. The Governor said that as a result of the precautionary measures taken to control the spread of the pandemic, the Albanian economy during 2020 is expected to decline and gradually recover in the coming years.

Next, the Governor presented the situation of the banking sector in the country, emphasizing that this system is well-capitalized, solid and with good indicators of liquidity and financial health. This sector has continued its normal activity without interruption and has remained ready to make the necessary contribution to cope with and overcome the situation created by the COVID-19 pandemic.

The Governor also informed the Ambassador about the intervention of public authorities to cope with this situation, the measures taken by the Bank of Albania to help banks and their customers, as well as to minimize the costs of the COVID-19 pandemic in the economy. of the country, such as lowering the key interest rate to the historical level of 0.5%, liquidity supply of the banking system by removing quantitative limits, elimination of operating costs of electronic payment systems, uninterrupted provision of the economy with physical money, postponement with two quarters of loan installment payments to businesses and households in financial difficulty, as well as regulatory changes.

Ambassador Steiner stressed the importance in terms of implementing economic, structural and sectoral reforms, and praised the important contribution that the Bank of Albania is giving to the country's European integration process, through the approximation of the regulatory framework and work practices, with directives and standards. European Union.

In conclusion, the interlocutors shared the same opinion on the prospects for further enhancement of economic cooperation with Austria as a strategic partner, mainly in the field of financial system, as well as the increase of foreign investment in Albania.

 

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