Deputy Governor Minxhozi presented the latest developments related to payment systems in our country. “We are fulfilling legal requirements to enter Single Payments Area in Euro”, said Minxhozi.

In this context, she emphasized that the modernization of payment systems is necessary and an immediate objective of the central banks, which also affects the formalization and further development of the economy.

Minxhozi said that the regional project for “Modernization of the payment system in the countries of the Western Balkans” consists of a set of support measures, which help the development of the common regional market and the economic investment plan for the Western Balkans./p.s./

During the meeting held with the Governor of the Bank of Albania, Gent Sejko, the ECB delegation got to know in more detail the latest macroeconomic developments in Albania and the expectations of the Central Bank for the progress of the country’s economy.

Governor Sejko emphasized that the Albanian economy has shown considerable resistance to the shocks caused by the pandemic and, more recently, by the war in Ukraine. In this context, he emphasized that the economic recovery after the pandemic emergency has been fast and comprehensive, proving both the healthy balance sheets and the flexibility of the private sector, as well as the appropriate course of monetary, financial and fiscal policies during this period.

Also, the Governor emphasized that the increase in prices in the international markets during 2022 has brought a rapid increase in inflation in the country. However, this growth has appeared controlled, as a result of the reaction of the monetary policy, the strengthening of the exchange rate and the control of electricity prices. At the same time, economic activity in the country, employment and wages have continued to grow.

Regarding the financial markets, the Governor said that they continue to be calm. Furthermore, he emphasized that the outlook of the main economic indicators remains relatively solid. The Albanian economy is expected to continue growing over the coming years, while inflation is expected to return to the target within the first half of 2024.

The Governor concluded by expressing thanks to the ECB for the continuous support to the Bank of Albania, this support expressed not only in the form of the exchange of information and continuous dialogue on policies, but also in the form of the liquidity line in the amount of 400 million Euros tuned during the pandemic and recently renewed./r.e/p.s./