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Bank of Albania Report 2023: Achievements and Activities

Structural Reforms

The Bank of Albania has made significant improvements to its supervisory and regulatory framework, aligning with EU Acquis and Basel principles. Key reforms include:

Payment Accounts Law: A new law on payment accounts with basic features was approved, enabling consumers to access basic banking services regardless of their employment status or financial situation.
Supervisory Framework: The bank has strengthened its supervisory framework to ensure effective regulation and oversight of the banking sector.

The Bank of Albania has taken steps to improve financial reporting and manage climate-related risks in the financial sector:

Financial Reporting Document: A document on financial reporting was drafted, aiming to implement international standards.
Climate Risk Strategy: A strategy for managing climate-related risks in the financial sector was developed in collaboration with the World Bank.

Banking Sector Supervision

The bank has conducted regular supervisory activities to ensure compliance with regulatory requirements and promote a stable banking sector:

On-Site Inspections: On-site inspections were carried out to monitor regulatory requirements, governance systems, risk management, and transparency with clients.
Off-Site Analyses: Off-site analyses were performed to assess the bank’s overall performance and identify areas for improvement.

Payment Systems

The Bank of Albania has improved payment systems, reducing costs for households and businesses:

AIPS EURO: The new payment system for interbank customer payments in euro (AIPS EURO) has saved EUR 37 million in fees and commissions.
Electronic Payments: Electronic payments have increased by 25.5%, reaching 21 payments per capita.

Participation in SEPA and Instant Payments

The bank is working to participate in the Single Euro Payments Area (SEPA) and develop a new instant payment system:

SEPA Application: The bank has submitted an official application to European Authorities to participate in SEPA.
Instant Payment System: A new instant payment system is being developed, following the TARGET Instant Payment Settlement (TIPS) model.

Other Activities

The Bank of Albania has managed foreign exchange reserves, improved statistics, met cash needs, and promoted financial education and inclusion:

Foreign Exchange Reserves: The bank has successfully managed foreign exchange reserves to ensure liquidity in the economy.
Financial Education and Inclusion Strategy: A new strategy was developed to promote financial education and inclusion through various initiatives.

Conclusion

The Governor highlights the Bank of Albania’s focus on strengthening monetary and financial stability, fulfilling institutional commitments, and meeting parliamentary recommendations. Overall, the report showcases the bank’s commitment to promoting a stable and inclusive financial sector in Albania.