TIRANA, July 15 /ATA/ – The government on Wednesday approved a package of legal amendments aimed at modernising Albania’s financial system, reducing transaction costs for consumers and businesses, and bringing legislation into line with European Union rules.
Speaking at a press conference after a regular cabinet meeting, Finance Minister Petrit Malaj said the reforms amend the laws on payment services, payment systems and banks, strengthening the legal framework while improving the efficiency and security of the financial system.
The changes are also part of Albania’s efforts to align its legislation with the EU acquis under Chapter 4 of the accession negotiations, covering the free movement of capital.
Malaj said the reforms would lower the cost of financial transactions, strengthen consumer protection, enhance the security of the financial system and promote greater competition and innovation in the banking and payments market.
“A stronger financial system also supports a stronger economy,” he said.
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