Fullani takes part at the Economist Conference in Greece

ATHENS, Dec. 8 – Governor of the Bank of Albania Ardian Fullani took part at the Fifth International Banking Forum held in Athens, Greece, Dec. 6 organized by “The Economist Conferences.” Fullani focused on economic reforms, with views on past

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Belle Air starts regular Tirana-Perugia Flights

TIRANA , Dec.8 – Low-cost Albanian carrier Belle Air announced on Friday last week that it will launch a weekly flight between Tirana and the Italian city of Perugia on December 16. The regular Saturday flight will connect the Albanian

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European Nickel ends drilling in Albania

LONDON, Dec. 11 – European Nickel said Tuesday that it had completed a two phase 8,500 metre RC and diamond drilling program, which started in Oct. last year, at its Korce exploration permit in southeast Albania. The exploration permit, granted

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CPI rises 3 percent compared to last year

TIRANA, Dec.8 – The rise in food products prices has increased Albania’s monthly consumer price inflation to 0.9 percent in November from 0.1 percent in October. The data was released by the country’s National Statistics Office (INSTAT) on Friday. Albania’s

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Economic priorities are surpassed by election concerns in EU-Albania talks

TIRANA, Dec. 12 – Albania held the first days of the week, Dec. 11-12, a round of negotiations with the European Commission, the first in the country after the signing of the Stabilization and Association Agreement in June. That was

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Trade Gap widens due to high exports

TIRANA, Dec.8 – Albania’s trade deficit expanded for the first eight months of 2006 by 17 percent compared to last year reaching 139.4 billion leks ($1.49 billion/1.13 billion euro). National Statistics Institute (INSTAT) reported the latest data on Friday, citing

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One stop shop package ready

TIRANA, Dec. 4 – Vice Minister of Economy, Eno Bozdo announced on Monday that the legal package “One stop Shop” is ready and that the Ministry has finalized all the work related to its designation. Bozdo expects the package to

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Business Confidence rises for both Construction and Manufacturing sectors

TIRANA, Dec. 5- The Centre for Research and Development published on Tuesday a report according to which the business confidence for the Albanian construction and manufacturing sectors rose in October on an annual basis. Compared to July, there was a

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BoA’s weekly Auction

TIRANA, Dec.7 – Albania’s central bank auctioned on Tuesday 15.3 billion leks ($163.6 million/123.6 million euro) in three Treasury bill issues on behalf of the Finance Ministry. The ministry offered a three-month T-bill issue with a par value of 2.4

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Albania tops most bribed country list

TIRANA, Dec. 7 – The Transparency International’s Global Corruption Barometer 2006, which explores how corruption affects ordinary people, showed on Thursday that Albania is one of the four most bribed countries in the world, accompanied by three African nations. The

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                    [post_content] => ATHENS, Dec. 8 - Governor of the Bank of Albania Ardian Fullani took part at the Fifth International Banking Forum held in Athens, Greece, Dec. 6 organized by "The Economist Conferences." Fullani focused on economic reforms, with views on past and future banking and financial reforms in Albania and the region. The BoA has been a constant generator and supporter of reforms both institutionally and as the provider of stable prices, sound macroeconomic conditions and financial stability, according to Fullani. "It will ease the challenges and speed up the process of European integration which Albanians have embraced by wide popular consent." He said that banking reforms in Albania were implemented as an integral part of the structural reforms undertaken to transform the Albanian economy in a market oriented economy. It has been with a continuous improvement, along with approval and implementation of new banking legislation and supervisory regulation; liquidation and privatization process of the state owned banks; and foreign ownership; have change banking and financial markets. Foreign banks have been an important push factor toward increasing efficiency, number, quality, and coverage of financial intermediation. New entries, mergers and acquisitions are recently altering the market structure in both asset and liabilities, he said. But the banking system needs more legal and institutional framework. 
Latest developments in banking and financial markets might foster additional risk factors related to asymmetric exposure, issues of home host supervision and financial safety net with foreign banks dominance. Less than ten European banks with headquarters in Vienna, Athens or Milan dominate the regional banking markets. Many Albanian emigrants are returning to their homeland and the country will see potential benefits from that process. "It is the role of banks to match this human capital with necessary financial capital and provide financial services to develop their entrepreneur skills," said Fullani. According to the Bank of Albania surveys, Greek companies are ranked first by the size of capital invested in the Albanian economy, while holding the second place for the number of Foreign Direct Investments. Transition economies of the region are lucrative markets. 
They are growing substantially faster than traditional European markets and offer impressive prospects for high profits and significant growth. Return on banking activity in Albania during the last two years has been around 20 percent. "We have great confidence in the ability of the banking system to promote the best banking and cautionary practices; however, I believe that pre-emptive action is needed to ensure that latest observed trends do not hamper financial stability," he said. The country needs to improve legislative, regulatory and prudential measures as a major element of financial sector reforms in Albania. 
A new Draft Banking Law is prepared and a new Law on Securities will be introduced shortly. Efforts are underway to revise legislation on Pension and Investment Funds, and draft a Law on the Payments Systems, which will substitute several sub-legal acts issued by the BoA until now, all aiming at gradual harmonization of the banking legislation with that of the Acquis Communautaire. Over the last five years the Bank of Albania stability oriented monetary policy has generated low and stable inflation; it has ensured that medium and long run inflation expectations have been well contained. 
The economic growth has been robust at around 5-6 percent of GDP, while enjoying a high degree of financial stability. The BoA has always been focused on maintaining price stability and using the control of monetary aggregates as an intermediate target. Reforms in the conduct of the monetary policy have granted greater flexibility to banks to determine both the volume and terms of lending and deposits. The BoA has provided all necessary conditions to ensure sustainable economic growth and stable prices. With the IMF consent, the government will shortly issue Euro denominated government securities, according to Fullani. 
                    [post_title] =>  Fullani takes part at the Economist Conference in Greece 
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                    [post_content] => TIRANA , Dec.8 - Low-cost Albanian carrier Belle Air announced on Friday last week that it will launch a weekly flight between Tirana and the Italian city of Perugia on December 16. The regular Saturday flight will connect the Albanian capital to the central Italian city located in Umbria region. Belle Air destinations total eight and include other Italian cities, as well as the Greek capital Athens and Turkey's Istanbul. Belle Air, is a private Albanian company set up last year. Currently it operates as the sole Albanian low-cost air carrier and was the second low-cost airline to start operations in Albania. Its main competitors are the Italian air carriers AlpiEagles, Clubair and the newly operating Myair, which flies to Bari, Italy. A fourth low-cost carrier, the German Germanwings, performed summer flights to Tirana this year but has currently discontinued operations.
The Mother Teresa Airport, Albania's only passenger airport, handled 691,504 passengers in the first nine months of 2006, compared to 612,148 passengers in the same period last year. Italy's Alitalia was market leader in the nine-month period with a 20% market share. The airport is located 25 kilometers northwest of Tirana and it is managed by the German-U.S. consortium Tirana Airport Partners (TAP). The consortium was granted a 20-year build-own-operate-transfer concession on the airport under which it would invest 83 million euro ($105.4 million) in its capacity increase. Out of it, over 50 million euro will be invested by the end of next year. The latest information from the airport shows that fourteen air carriers now have flights to and from Tirana on 25 international destinations, compared to 15 air carriers and 28 destinations in the summer. The latest arrival is the Italian low-cost air carrier Myair started flying to Tirana in mid-November.
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                    [post_content] => LONDON, Dec. 11 - European Nickel said Tuesday that it had completed a two phase 8,500 metre RC and diamond drilling program, which started in Oct. last year, at its Korce exploration permit in southeast Albania. The exploration permit, granted to European Nickel's wholly owned local subsidiary, covers approximately 55 square kilometers. The geology of the permit area consists of a complex laterite structure overlain by Tertiary sediments and calcareous conglomerates and containing ferronickel and nickel silicate horizons, which are themselves overlain by iron-nickel laterites. The company said 23 holes were drilled on a 1 km x 400 m grid delineating two nickel laterite areas covering a total area of approximately 4 km2. Seven holes have confirmed the mineralization in these two areas with an average thickness of 6.3 m and an average nickel grade of 1.01 %. European Nickel said following the completion of the initial drill program, drilling will be carried out during the 2006/2007 field season on a tighter grid of 400 m x 400 m. This program will seek to prove the full extension of the nickel mineralization and, at the same time, an exploration adit will be constructed to recover a bulk sample of ore for rock mechanic and bulk acid leach tests. The bulk tests will be conducted at ENickel's test plant facilities at its Caldag site in Turkey. 
                    [post_title] =>  European Nickel ends drilling in Albania 
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                    [post_content] => TIRANA, Dec.8 - The rise in food products prices has increased Albania's monthly consumer price inflation to 0.9 percent in November from 0.1 percent in October. The data was released by the country's National Statistics Office (INSTAT) on Friday. Albania's consumer price index (CPI) reached 110.3 points in November, compared to the base 100 points in December 2001, INSTAT said in a statement. In October, it measured 109.4 points. The November consumer prices rose by 2.9 percent, faster than in October when they rose by 2.2 percent. The rise was though lower than the 3 percent annual growth in November 2005. The rise in consumer prices in November was caused mainly by higher prices of foods, drinks, clothes and shoes. Prices of furnishings and household equipments and of transport services fell by 0.2 percent and 0.3 percent, respectively. They were the only ones to record a negative change. Prices of tobacco, cigarettes and alcohol, rents and utilities prices, and the prices of communication, cultural and entertainment services were unchanged and all other prices were higher from the previous month. Compared to annual figures, the price rise in November was led by alcohols and cigarettes, a significant11.4 percent more expensive than a year ago. Rents and utilities prices also boosted the annual inflation, rising by seven percent. The prices of clothes and shoes, furnishings and household equipment and communications were lower in an annual framework. As part of its inflation controlling strategy, the central bank of Albania targets an average annual inflation rate of 3 percent for 2006. The average annual inflation rate in 2005 was 2.4 percent.
                    [post_title] =>  CPI rises 3 percent compared to last year 
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                    [post_content] => TIRANA, Dec. 12 - Albania held the first days of the week, Dec. 11-12, a round of negotiations with the European Commission, the first in the country after the signing of the Stabilization and Association Agreement in June. That was the 15th meeting of the Consultative Task Force and the 9th meeting of the Joint Committee between the EU and Albania, according to the EC delegation and the Albanian Ministry of Integration. These meetings allowed the Commission and the Albanian authorities to engage in fruitful discussion on issues including election preparations and reform in the fields of rule of law, fiscal policy, infrastructure, environment, agriculture and fisheries, according to an EC statement. The talks focused in particular on Albania's obligations under the SAA. 
Albania launched Dec. 1 the interim agreement with the EC which would lower customs tariffs for hundreds of goods imported from the European Union member countries. "The EU Presidency and the Commission welcomed the entry into force of the Interim Agreement on 1 December.  The Interim Agreement and the SAA provide a comprehensive framework for the further development of EU-Albania relations," said the statement. The Albanian authorities agreed with the Commission that strengthening the rule of law is a key underlying factor for Albania's further development. The Commission welcomed Albania's progress in fighting corruption and organized crime and encouraged Albania to sustain its efforts. It called on Albania in particular to further pursue judicial reform, to adopt further systemic measures to fight corruption, and to strengthen its efforts to fight money laundering and to protect witnesses. The political clash in the country was a major topic of discussion in the talks. The boycott of the opposition parties for the Jan. 20 local elections will turn into a main topic for the country in the near future. Europe warned Albanian politicians they should bear responsibility for the domestic problems and not wait for the international factor's interference to resolve their disputes. "The Commission underlined that respect for democratic principles is a fundamental tenet of the SAA. All Albania's political leaders bear a responsibility to its citizens for the conduct of the local elections. Political leaders should not expect the international community to arbitrate among them. All twenty-five EU foreign ministers met yesterday in Brussels.  They stressed that the government and the opposition need to work together constructively to ensure the free and fair conduct of the local elections," said the statement read from Dirk Lange, head of Unit for Albania at the European Commission. Lange, nevertheless, declined to discuss into detail and continuously repeated words from Olli Rehn, EU enlargement commissioner, that if election standards were regular there was no reason to boycott them, that is, on one side telling the government that election standards should be up to international standards, and, on the other side, telling the opposition they should not boycott them. The Commission welcomed Albania's ratification of the Energy Community Treaty and signature of the European Common Aviation Area Agreement and encouraged Albania to continue to progress in implementing these agreements. The Commission welcomed the positive trend on collection of customs revenue and Albania's efforts to strengthen customs capacity and structures to promote export and investment. It encouraged Albania to make further progress in the areas of privatization, addressing the grey economy, land registration and restitution, and veterinary and sanitary issues.  The Commission assured Albania that it will continue to play its part under the agreements signed with Albania and more broadly through the Stabilization and Association process. Integration Minister Arenca Trashani assured the Commission that Albania will continue to show determination in fulfilling the commitments it has undertaken. 
                    [post_title] =>  Economic priorities are surpassed by election concerns in EU-Albania talks 
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                    [post_content] => TIRANA, Dec.8 - Albania's trade deficit expanded for the first eight months of 2006 by 17 percent compared to last year reaching 139.4 billion leks ($1.49 billion/1.13 billion euro). National Statistics Institute (INSTAT) reported the latest data on Friday, citing faster growing imports as the cause. Last year, Albania's trade deficit rose by 12.64% to 195.9 billion leks.. For the past three quarters of 2006, exports were 14.7 percent higher than last the year, while imports increased by 16.4 percent, according to INSTAT figures. A breakdown of the figures shows that the majority of Albania's trade is carried out with European Union (EU) member states. This accounted for 67 percent of Albania's merchandise flow in the first eight months of the current year, with Italy and Greece remaining the country's top trading partners. Out of the total imports 61.24 percent came from the EU. The country exported to the EU  88.8 percent of its traded goods in these first eight months. Imports from Italy accounted for 27.7 percent of Albania's total imports and exports to Italy contributed 72.9 percent of the country's total exports for the relevant period.

Exports
The major Albanian exports were textiles, footwear, construction materials, metals and food, drinks and tobacco. Textiles and footwear especially remained Albania's main exports in August as they were in the previous seven months of the year. They accounted for 51.2 period of Albania's exports in August and comprised 55.4 percent for the first three quarters of 2006. The second ranking ones were construction materials and metal exports with 15.3 percent of the total in August and 16.9 percent for the first eight months of the year. Foods, drinks and tobacco accounted for 10 percent of total exports in August and 7.7 percent for the total period considered.

Imports
Machines, equipment and spare parts, made up most of Albania's imported articles with a contribution of  20.1 percent in the total figure of all imports through August. Food, drinks and tobacco products were the second biggest import item with 18.6 percent of the total. Imports of metals and construction materials followed, accounting for 15.8 percent of the country's total imports. 
Albania is trying to boost its agricultural sector in order to reduce agricultural imports and support local business. Recommendations of the EU are also being considered by the government in order to fulfill European standards for food exports. The latest factor influencing trade is the implementation of the Interim Agreement, started on December 1 that has lowered custom fees and changed the structure of taxation relevant to trade. A direct result has been an increase in the import of vehicles from the EU, which are no longer subject to custom taxes.
 The Interim Agreement is part of the Stabilization and Association agreement signed by Albania on June 2006. 
                    [post_title] =>  Trade Gap widens due to high exports 
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                    [post_content] => TIRANA, Dec. 4 - Vice Minister of Economy, Eno Bozdo announced on Monday that the legal package "One stop Shop" is ready and that the Ministry has finalized all the work related to its designation. Bozdo expects the package to be confirmed in the government within this year, giving the food news to the business community which will be thus enabled to carry on all necessary transactions related to its registration in one spot.
                    [post_title] =>  One stop shop package ready 
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                    [post_date] => 2006-12-08 01:00:00
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                    [post_content] => TIRANA, Dec. 5- The Centre for Research and Development published on Tuesday a report according to which the business confidence for the Albanian construction and manufacturing sectors rose in October on an annual basis. Compared to July, there was a slight fall in the construction sector but a steady increase in the manufacturing one, according to the survey prepared by the CRD, a local independent, non-profit organization. For the building sector, the confidence index measured minus eight points in October, up four points from October 2005, and down two points from July this year. Since April 2002, the index has been positive only twice - the first time in October 2003 when it measured five points and the second time - in April last year when it stood at four points. The survey included a list of problems and drawbacks that the industry is faced with such as insufficient demand, corruption in the public administration, incorrect implementation of the procurement laws and unfair competition from the grey economy. Moreover, a large part of the interviewed managers said a lack of building permits was the major setback for the sector's development. This point was reinforced by a study released by the central bank of Albania that concluded that a lack of permits is artificially inflating apartment prices. 
The October confidence index for manufacturing measured 11 points, up from six points in the same month last year and from the eight points measured in July. The reason for higher confidence in the Albanian manufacturing sector in October was higher than a year earlier due to rising orders and sales, improved energy supplies and infrastructure and reduced corruption in tax offices. In the list of drawbacks to the industry, the survey short listed: poorly drafted and applied fiscal laws, unfair competition and shortage of skilled workforce. The survey predicts that most of the investments in the sector next year will go to new technologies and into mechanization of existing operations. It also estimated that the business climate in the manufacturing sector will be positive in the fourth quarter of this year as well. The confidence indicator is based on several factors such as managers' expectations about the actual number of orders in the sector, business activity forecasts for the next three months, an assessment of ready-made products, an assessment of production activity in the sector for the previous three months, employment forecasts, capacity utilization, sale prices assessments and assessments of export forecasts, of export orders, of production capacities, of orders for the past three months and of months of production.
The Centre for Research and Development has been releasing its confidence index quarterly since April 2002.The October survey is based on interviews with managers of 192 building companies in the regions of Tirana, Durr쳬 Vlore, Fier, Elbasan and Shkoder. Whereas for the manufacturing sector, the October survey was based on interviews with 319 manufacturing companies from the same regions.
                    [post_title] =>  Business Confidence rises for both Construction and Manufacturing sectors  
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                    [post_date] => 2006-12-08 01:00:00
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                    [post_content] => TIRANA, Dec.7 - Albania's central bank auctioned on Tuesday 15.3 billion leks ($163.6 million/123.6 million euro) in three Treasury bill issues on behalf of the Finance Ministry. The ministry offered a three-month T-bill issue with a par value of 2.4 billion leks, maturing on March 8 next year, six-month T-bills worth 6.8 billion leks maturing on June 7 and 6.1 billion leks worth of 12-month T-bills maturing on December 6. The final result of the sale was 14.9 billion leks ($160.5 million/120.7 million euro) of three-, six- and 12-month Treasury bills at higher yields, according to the bank. Regarding three-month T-bills, BoA, offered and sold out 1.4 billion leks worth of government paper, as dealers placed bids for the total amount on offer. They yielded an average 6.33 percent, up from 6.23 percent in the previous auction held last week. The bank sold all offered six-month T-bills worth 6.5 billion leks as yields rose to 6.99 percent from 6.84 percent in the previous auction held on November 21. The bank also offered 7.5 billion leks worth of 12-month T-bills. It sold out seven billion leks as bidders placed bids for that amount. The 12-month T-bills yielded an average 7.67 percent, up from 7.5 percent in the previous auction two weeks ago
                    [post_title] =>  BoA's weekly Auction  
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                    [post_content] => TIRANA, Dec. 7 - The Transparency International's Global Corruption Barometer 2006, which explores how corruption affects ordinary people, showed on Thursday that Albania is one of the four most bribed countries in the world, accompanied by three African nations. The report provides an indication of the form and extent of corruption from the viewpoint of citizens from around the world. The Global Corruption Barometer 2006, the fourth in the series, reflects the findings of a survey taken in 62 low, middle and high-income countries. Some 800 persons were interviewed in Albania.
Albania was on top of the list as the country most affected (40 percent) by bribery, together with Cameroon, Gabon and Morocco. Albania scored 2.6 in the 2006 CPI; two-thirds of respondents who had contact with public services admitted to paying at least one bribe in the past year, according to the report. For corruption affecting personal and political life and the business environment, Albania came in second (51-70 percent), surpassed in the region only by Greece (more than 70 percent) and even with Bulgaria, Croatia, Macedonia, Romania and Turkey.
Answering the question: "In the past 12 months have you or anyone living in your household paid a bribe in any form Ţ, 66 percent of Albanian respondents said yes, the highest figure among the southeastern countries.
Answering the question: "How would you assess your current government's actions in the fight against corruption?", 7 percent of Albanian respondents said it was "very effective," 33 percent said "effective," 13 percent "not effective," 4 percent that it does not fight it at all, and 7 percent that it does not fight but actually encourages it.
Answering the question: "To what extent do you perceive the following sectors in this country/territory to be affected by corruption?", with 1 being not at all corrupt, and 5 being extremely corrupt, Albanian respondents said: 3.2 for political parties and Parliament/Legislature, 3.1 for Business/ private sector, 3.8 for Police and Legal system/Judiciary, 2.5 for Media, 3.4 for Tax revenue, 4.1 for Medical services, 2.8 for Education system, 2.7 for the Military, 3.2 for Utilities, 3.6 for Registry and permit services, 3.0 for NGOs, 2.3 for Religious bodies. Notably, medical services seem to be the most-bribed.
Answering the question "Some people believe that corruption affects different spheres of life in this country. In your view does corruption affect: (1: Not at all Š4: To a large extent)" Albanians responded: 3.6 for Political life, 3.3 for the business environment, and 2.8 for personal and family life.
These results show that people everywhere see corruption as a major problem, according to the Barometer. There is a widespread perception that the authority vested in institutions that ought to represent the public interest is, in fact, being abused for private gain. The burden of corruption falls hardest on those who can least afford it. Misuse of public funds does the greatest harm to the money available for safe water, schools and health care. Yet so far, in too many places in the world, government action to stop corruption has been judged lackluster and ineffective. People from all countries polled believe that corruption greatly affects their livesءnd above all they express concern at the role of parties and elected politicians in the corruption equation. The challenge remains for political leaders to prove that they are not actually fuelling corrupt practices, but are a genuine part of efforts to enhance transparency, accountability and integrity in societies around the world.
                    [post_title] =>  Albania tops most bribed country list 
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            [post_date] => 2006-12-15 01:00:00
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            [post_content] => ATHENS, Dec. 8 - Governor of the Bank of Albania Ardian Fullani took part at the Fifth International Banking Forum held in Athens, Greece, Dec. 6 organized by "The Economist Conferences." Fullani focused on economic reforms, with views on past and future banking and financial reforms in Albania and the region. The BoA has been a constant generator and supporter of reforms both institutionally and as the provider of stable prices, sound macroeconomic conditions and financial stability, according to Fullani. "It will ease the challenges and speed up the process of European integration which Albanians have embraced by wide popular consent." He said that banking reforms in Albania were implemented as an integral part of the structural reforms undertaken to transform the Albanian economy in a market oriented economy. It has been with a continuous improvement, along with approval and implementation of new banking legislation and supervisory regulation; liquidation and privatization process of the state owned banks; and foreign ownership; have change banking and financial markets. Foreign banks have been an important push factor toward increasing efficiency, number, quality, and coverage of financial intermediation. New entries, mergers and acquisitions are recently altering the market structure in both asset and liabilities, he said. But the banking system needs more legal and institutional framework. 
Latest developments in banking and financial markets might foster additional risk factors related to asymmetric exposure, issues of home host supervision and financial safety net with foreign banks dominance. Less than ten European banks with headquarters in Vienna, Athens or Milan dominate the regional banking markets. Many Albanian emigrants are returning to their homeland and the country will see potential benefits from that process. "It is the role of banks to match this human capital with necessary financial capital and provide financial services to develop their entrepreneur skills," said Fullani. According to the Bank of Albania surveys, Greek companies are ranked first by the size of capital invested in the Albanian economy, while holding the second place for the number of Foreign Direct Investments. Transition economies of the region are lucrative markets. 
They are growing substantially faster than traditional European markets and offer impressive prospects for high profits and significant growth. Return on banking activity in Albania during the last two years has been around 20 percent. "We have great confidence in the ability of the banking system to promote the best banking and cautionary practices; however, I believe that pre-emptive action is needed to ensure that latest observed trends do not hamper financial stability," he said. The country needs to improve legislative, regulatory and prudential measures as a major element of financial sector reforms in Albania. 
A new Draft Banking Law is prepared and a new Law on Securities will be introduced shortly. Efforts are underway to revise legislation on Pension and Investment Funds, and draft a Law on the Payments Systems, which will substitute several sub-legal acts issued by the BoA until now, all aiming at gradual harmonization of the banking legislation with that of the Acquis Communautaire. Over the last five years the Bank of Albania stability oriented monetary policy has generated low and stable inflation; it has ensured that medium and long run inflation expectations have been well contained. 
The economic growth has been robust at around 5-6 percent of GDP, while enjoying a high degree of financial stability. The BoA has always been focused on maintaining price stability and using the control of monetary aggregates as an intermediate target. Reforms in the conduct of the monetary policy have granted greater flexibility to banks to determine both the volume and terms of lending and deposits. The BoA has provided all necessary conditions to ensure sustainable economic growth and stable prices. With the IMF consent, the government will shortly issue Euro denominated government securities, according to Fullani. 
            [post_title] =>  Fullani takes part at the Economist Conference in Greece 
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