The Bank of Albania said Governor Gent Sejko met representatives of the World Bank and the International Finance Corporation and agreed to continue technical assistance to improve the financial system’s regulatory framework. The discussions focused on banking supervision, payment systems and financial education, as well as IFC-supported work to strengthen regulation, supervision and financial data infrastructure through projects on digital finance, open banking and the credit registry. On payments, the Bank said World Bank support has helped it take concrete steps to align its regulatory framework with European standards, enabling successful accession to the Single Euro Payments Area. Cooperation is also continuing on the TIPS Clone project and on implementing an instant payment system intended to provide real-time payments with higher security and lower cost. During the meeting, Sejko also outlined a positive economic backdrop, while noting that monetary policy remains guided by incoming information and the price stability objective, and that higher global oil and energy prices could affect inflation and growth, although any impact is expected to be temporary. The World Bank and IFC representatives reaffirmed their readiness to continue providing technical assistance in these areas.

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