Governor Sejko: World Bank to Play a Supportive Role in SEPA Membership Project, a Strategic Priority

The Governor of the Bank of Albania, Gent Sejko, held a working meeting today with Emanuel Salinas, the representative of the World Bank Office in Albania.

During the meeting, the Governor provided an overview of the country’s economic landscape, focusing on financial stability, economic growth, the performance of lending and deposits. He highlighted that the first half of 2024 was marked by strong economic growth, positive developments in the labor market regarding unemployment and wage levels, improved fiscal indicators, and a significant easing of inflationary pressures. These developments led to the Bank of Albania’s decision to lower the base interest rate to 3% in July.

Governor Sejko also discussed one of the Bank of Albania’s strategic objectives: modernizing payment systems. This includes Albania’s integration into the Single Euro Payments Area (SEPA) and the implementation of the Instant Payment project, for which the Bank of Albania is closely collaborating with experts from the Bank of Italy. In this context, the World Bank can play a supportive role in this strategically important project for the Bank of Albania and the development of payments in the country.

Another priority for the Bank of Albania during this period, in which the World Bank’s involvement remains crucial, has been the improvement of the regulatory framework for the financial system, particularly in consumer protection. This aims to safeguard consumers’ best interests in light of the ongoing developments in this market.

According to the official statement from the Bank of Albania, Mr. Salinas congratulated Governor Sejko for the dedication shown in successfully implementing joint projects and expressed that the World Bank will continue to engage in further deepening technical assistance programs and inter-institutional cooperation.

In conclusion, the two sides discussed upcoming projects of the Bank of Albania, which could benefit from technical assistance provided by the World Bank.

/k.s/

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