TIRANA, Sept 6 /ATA/ – Albania’s central bank is introducing new changes regulating microfinance institutions in the country to increase consumer protection and improve financial stability.
In a statement after a meeting of the Supervisory Council of the Bank of Albania, governor Gent Sejko announced the changes to the regulation on operational risk management, envisaging additional measures aimed at imposing more rigorous checks on nonbank financial institutions.
The head of the central bank said that the new legal changes are expected to enter into force next January and are designed to ensure that borrowers from microfinance institutions meet stricter financial criteria.
“This regulation is aimed at protecting consumers by improving financial assessments. We want to ensure that only financially stable and qualified individuals can access microfinance services,” Sejko said.
Central bank governor said that appreciation of the Albanian currency is delivering positive effects on the national economy, adding the Euro’s further depreciation has been driven by high tourist influx during the summer season.
“The economy has maintained its upward trend, whereas the non-performing loans ratio has fallen to record low of 4.6 %. Lending has significantly increased by 20 %, while lending to economy has edged up 15% year-on-year,” Sejko said, adding that the inflation rate stands at 2.1 %.
/r.e/u.sh/
