Minxhozi started the remarks by highlighting the difficulties and risks posed by COVID-19 pandemic in the economy and the need for central banks to expand as much as possible the range of instruments that will curb the economic recession.

In this regard, the Deputy Governor stressed that new ideas and technologies have been able to develop effective tools and ways to circumvent the constraints and effects triggered by the closure of economic activity and social distancing measures as a result of the pandemic.

Minxhozi also stressed that the digitalization of financial services, innovation of monetary systems, communication systems and provision of online public services have facilitated life and sustained the activity even during the pandemic. These instruments will be further improved to provide more services, convenience and security in interoperability.

Minxhozi went on saying that in Albania remittances account for over 10% of the country’s GDP and, consequently, detailed analyzes of their impact on economic life are essential. It followed with an analysis of the performance of remittances in the country during 2020. More specifically, during the first half of the year, when the pandemic created havoc, remittances decreased significantly, however, during the second half of the year, they recorded a rapid growth in annual terms (9.2%), which has continued during the first quarter of 2021 (annual growth was 10.6%).
/sm/