On 21 November 2024, the European Payments Council (EPC) officially admitted Albania (and Montenegro) to the SEPA scheme after having welcomed the membership application submitted on June 13. Albania, Montenegro and North Macedonia are the first countries in the Western Balkans to apply to join the Single Euro Payments Area. Currently, transactions in Albania are […]
Albania officially joins the SEPA scheme Read More »
The economic performance of Albania and the main macroeconomic indicators in the first half of 2024 have been positively assessed by the International Monetary Fund. The Minister of Finance and Economy, Ervin Mete, explained to the head of the IMF mission for Albania, Anke Weber, the country’s economic evolution, underlining the progressive reduction of public
IMF positively assesses Albania’s “sustainable economic growth” Read More »
For the first time since 2022, the Bank of Albania has decided to cut the base interest rate from 3.25% to 3%. This decision was taken after the approval of the interim report on monetary policy for the second quarter of 2024 and data on the slowdown in inflation above expectations. The Supervisory Board considered
The Bank of Albania has cut the interest rate by 0.25 points Read More »
On 12 June 2024, Albania officially submitted the application to join the Single Euro Payments Area (SEPA). It is the first country in the Western Balkans to request inclusion in the SEPA payment system. As the governor of the Bank of Albania Gent Sejko explained, with the SEPA system international payments can be made in
Albania submitted official application to join the SEPA system Read More »
In its annual report, the Bank of Albania presented data on the performance of the national economy and the banking system. As the governor of the central bank, Gent Sejko, underlined, Albanian economy grew by 3.4% in 2023 thanks to the increase in exports, tourism and foreign direct investments. These factors, combined with the increase
Bank of Albania: economy is expected to accelerate in the coming years Read More »
Albania is ready to comply with EU legislation regarding SEPA transactions, as declared by Finance Minister Ervin Mete during the meeting with his counterparts and the Governors of the Central Banks of the Western Balkans. The meeting took place in Tirana ahead of the Western Balkans and Union leaders’ summit for the European Commission’s (EC)
Albania is ready to join the Single Euro Payments Area SEPA Read More »
The European Commission has approved Albania’s membership in the Single Euro Payments Area (SEPA). The European payment system will make it possible to reduce bank commissions. Therefore, citizens, businesses and public bodies will be able to make and receive payments in euros both within national borders and between countries belonging to the SEPA area with
The European Commission approves Albania’s membership in the SEPA area Read More »
Over the past decade, the Albanian banking sector has undergone a gradual but steady process of consolidation, increasing profitability and efficiency. As explained by the governor of the Bank of Albania, Gent Sejko, medium-sized banks have absorbed small credit institutions, reducing dependence on large banks and increasing their activity and market weight. Banking sector recorded
Consolidation in banking sector continues Read More »
The economies of Albania, Bosnia and Herzegovina, Kosovo, Montenegro, North Macedonia and Serbia have surpassed pre-pandemic levels despite the aftermath of the war in Ukraine, rising energy and food prices and the tightening of financial measures, according to the latest edition of the “Western Balkans Regular Economic Report” published by the World Bank. Albania is
World Bank: Albania’s economy is the second-biggest in the Western Balkans Read More »
The main officials of the National Bank of Albania met a delegation of the European Central Bank (ECB) as part of the evaluation process of the economic and financial reform program for 2023. The governor of the Albanian Bank, Gent Sejko, presented the country’s macroeconomic picture and its developments, underlining the resilience of the national
ECB evaluates positively the developments of the Albanian economy Read More »