Governor of the Bank of Albania, Gent Sejko, met on Thursday with European Bank for Reconstruction and Development (EBRD) representatives, including Christoph Denk, Piotr Jacek Szpunar, and Ekaterina Solovova, to discuss Albania’s economic progress. The meeting focused on financial stability, banking sector reforms, and the country’s path toward European Union integration.
Albania’s economic performance in 2024
Governor Sejko outlined key achievements for Albania’s economy in 2024. Inflation has been halved compared to the previous year, economic growth remains strong, and both public and foreign debt have decreased. The banking sector is well-capitalized and liquid, with a declining level of non-performing loans. Albania’s economic performance remains among the strongest in the region, with lower inflation and slower increases in financing costs compared to its neighbors.
Banking sector reforms and EU alignment
The governor highlighted the Bank of Albania’s efforts to modernize the financial system, including the digitalization of payment systems. Albania has applied for membership in the SEPA zone, a significant step toward aligning with EU standards. These reforms are critical as the country works towards meeting EU accession criteria.
EBRD commends Albania’s financial stability
EBRD officials praised the Bank of Albania for its role in ensuring macroeconomic stability. They noted that Albania’s prudent monetary policies have helped the country weather external challenges and maintain a strong economic performance. The EBRD also highlighted the effectiveness of Albania’s regulatory measures in supporting a stable banking sector and healthy credit growth.
Looking ahead: continued collaboration
EBRD representatives encouraged Albania’s authorities to continue implementing structural reforms, with a focus on accelerating progress in key areas like renewable energy, transport, and agriculture. They reiterated their commitment to supporting Albania’s economic development and strengthening cooperation across multiple sectors.
The meeting concluded with a reaffirmation of the strong cooperation between the Bank of Albania and the EBRD. Both sides expressed their commitment to continuing the reform process and advancing Albania’s EU integration.
