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Annual Report of the Governor of the Bank of Albania to the Albanian Parliament

Overview of the Bank’s Activities and Performance in 2023

The annual report of the Governor of the Bank of Albania to the Albanian Parliament provides an overview of the bank’s activities and performance in 2023, as well as its goals and objectives for the future. The report highlights several key areas where the bank has made significant progress.

Economic Growth and Performance

  • GDP growth: Albania’s economy showed a strong recovery in 2023, with GDP growth reaching 4.5%.
  • Positive outlook: The report notes that this growth is expected to continue in the future, driven by investments in infrastructure, human capital, and innovation.

Financial Inclusion

  • Card payments: Card payments grew by 25.5% in 2023, reflecting a significant increase in electronic payment transactions.
  • E-money payments: E-money payments also showed strong growth, with an increase of 20.8% compared to the previous year.
  • Home banking payments: Home banking payments increased by 15.1%, demonstrating the growing popularity of online banking services.

Electronic Payments and Cash Management

  • Instant payment systems: The report highlights the development of instant payment systems, which allow for safe and prompt electronic settlements of small-value payments.
  • Effective cash management: The bank has managed cash demand effectively, fulfilling all demands from the Albanian economy in both value and structure over 2023.

International Cooperation

  • SEPA initiative: The Bank of Albania is actively participating in international forums, including the Single Euro Payment Area (SEPA) initiative, which aims to integrate payment systems across the European Union.
  • Global partnerships: The bank has established partnerships with international organizations and institutions to promote financial inclusion and stability.

Risk Management and Cybersecurity

  • Strengthened risk management systems: The bank has strengthened its risk management systems and cybersecurity measures to protect against potential cyber-attacks.
  • Enhanced security protocols: The report notes that the bank has implemented enhanced security protocols to safeguard customer data and prevent unauthorized access.

Financial Literacy and Inclusion

  • Importance of financial education: The report highlights the importance of financial education and notes that the Bank of Albania has developed a strategy for financial literacy and inclusion.
  • Promoting financial awareness: The bank aims to promote financial awareness and literacy among Albanian citizens, particularly among vulnerable groups.

Conclusion

Overall, the report provides a positive assessment of the Bank of Albania’s performance in 2023 and outlines its commitment to promoting economic growth, financial inclusion, and stability in Albania.