TIRANA, July 22 /ATAH/ – The state of Albania’s financial system, pandemic-related risks to the financial stability and the required measures to further strengthen the country’s financial system were the focus of the online meeting of the Financial Stability Advisory Group on Wednesday.
The meeting included the Minister of Finance and Economy Anila Denaj, the Governor of the Bank of Albania Gent Sejko, Executive General Director of the Albanian Financial Supervisory Authority, Ervin Mete, the General Director of the Deposit Insurance Agency, Genci Mamani, and other senior representatives of these institutions.
Central Bank said that the meeting agenda included an evaluation by every financial authority, the latest developments in the institutions and the market they monitor under the effects of the Sars Cov-2 pandemic.
The participants concluded in the assessments that the financial system in the country is stable and the financial situation remains solid.
“This assessment reflects the positive developments in the financial system indicators before the pandemic, the response of financial institutions to control operational risks over these months of pandemic and the effect of measures taken by the authorities to support financial activity,” Bank of Albania said in a release.
More specifically, according to central bank, the banking sector’s capitalization and liquidity indicators are presented at very good levels, significantly above the minimum levels required by the regulatory framework.
The Capital Adequacy Ratio is slightly above 18%, while the ratio of liquid assets to short-term liabilities is close to 49%. In the investment fund market, liquidity ratios are presented above the minimum levels required by the regulatory framework. Even in the insurance market, insurance companies have maintained adequate levels of technical provisions.
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