TIRANA, Sept 2 /ATA/ The Supervisory Council of the Bank of Albania reviewed and approved on Wednesday the statement and the Financial Stability Report for the first half of 2020.
Financial Stability Report is one of the main periodic documents prepared by the Bank of Albania, with the aim of identifying and assessing the risks with which the financial system and its infrastructure operate.
The Bank of Albania estimates that in the first half of 2020 (hereinafter, the “period”), the activity of the banking sector developed steadily, despite the challenges posed by the pandemic situation in the country.
The operational measures taken by the banks to ensure the sustenance of critical functions and relations with clientele, and the measures taken by the public authorities to mitigate the pandemic impact on the economic and financial activity of the country enabled the financial mediation activity to continue in an orderly and appropriate manner and the financial indicators of the banking sector to remain at good levels.
There is a great uncertainty about economic developments amid the pandemic situation, posing difficult challenges for banking and financial activity. However, assessments of the banking industry and resilience testing exercises suggest that the banking sector’s capacity to cope with these challenges is currently sufficient. The Bank of Albania remains ready to take all the necessary actions under the law to support the banking activity and to contribute to the stability of the financial system.
The Supervisory Council of the Bank of Albania approved today some amendments to the regulation “On management of risk from large exposures of banks” and “On some amendments to the regulation” On consolidated supervision. ”
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