TIRANA, Oct. 27 /ATA/ – The Deputy Finance Minister Endrit Yzeiraj on Tuesday presented a draft law on the Bank of Albania to parliament’s Laws Committee, saying price stability would remain its core principle.
Yzeiraj described the legislation as one of the country’s fundamental laws, calling it the “constitution” of Albania’s monetary and financial system. He said it was also a key outstanding requirement for closing Chapter 17 on economic and monetary policy in the country’s European Union accession negotiations.
The draft aims to bring Albanian legislation fully into line with the EU acquis, including obligations stemming from the bloc’s treaties, he said.
The proposed law establishes price stability as the central bank’s primary objective, from which its other policy goals would derive, Yzeiraj said.
It would also explicitly prohibit monetary financing of the government and public institutions, creating a clear separation between the central bank and the state budget.
The draft provides for the establishment of a monetary committee, a financial stability committee and an audit committee. It also proposes increasing the Bank of Albania’s capital from 2.5 billion leks to 6 billion leks, strengthening its financial position.
Yzeiraj said price stability had been a key achievement of the existing legal framework, adding that legislative updates were needed to meet the requirements of Albania’s EU integration process.
He also noted that Albania had avoided financial crises since 1997, underscoring the importance of maintaining stability as the country modernises its monetary framework.
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