TIRANA, April 23 /ATA/ – The Annual Report and the financial statements are the key instrument for the accountability of our institution. In this light, the Bank of Albania considers the presentation of this Report as an opportunity to foster and enhance the dialogue with the Assembly.
The Bank of Albania governor, Gent Sejko, presented on Tuesday at the Parliamentary Committee for Economy the 2018 report of this institution pointing out that “last year was a successful year for Albanian economy, whereas the elements and indicators of banking system have contributed to a strong economy.
The Annual Report and the financial statements are the key instrument for the accountability of our institution. In this light, the Bank of Albania considers the presentation of this Report as an opportunity to foster and enhance the dialogue with the Assembly.
During 2018, the work of the Bank of Albania focused on three main aspects:
First, on the objectives and duties set out in the legal and sublegal framework, which regulates the work of the Bank;
Second, on the objectives set out in our Medium-term Development Strategy; and,
Third, recommendations left by the Assembly of the Republic of Albania in the Resolution “On the assessment of the activity of the Bank of Albania for 2017”.
The results of our work show that the Bank of Albania marked progress in all the three above-mentioned aspects. Let me present a brief overview of developments.
In accordance with the applicable legal framework, the Bank of Albania: strives to maintain price stability, as a precondition for sustainable and long-term growth in the country; licences, supervises and regulates the activity of the banking sector, hence promoting financial stability; administers the issue and circulation of the Albanian currency; contributes to the development of the payment system; and performs a number of other specific duties, which affect the economic life and financial system in Albania.
Based on the available information, the Bank of Albania finds that in 2018 the Albanian economy and finances marked progress. Economic activity and employment continued to expand, wages and domestic inflationary pressures trended upward, main banking sector’s soundness indicators improved, and a series of indicators of domestic and external economic balances strengthened. This dynamics of developments reflects, significantly, the effect of policies, measures and instruments we have adopted on continuous basis.
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