Vice Director of IMF praises BoA efforts for financial stability

TIRANA, May. 22- During a visit to Tirana, vice managing director of the International Monetary Fund (IMF), Murilo Portugal, has met with Bank of Albania governor, Ardian Fullani to discuss Albania’s macroeconomic situation and the progress achieved so far in achieving financial stability. After presenting Portugal with the recent summary of the situation in Albania and BoA work, Fullani received some important feedback from one of the heads of the most important international financial institution. In his evaluation, Portugal has mentioned the serious efforts of BoA to keep inflation under rigorous control and tighten the credit market.
“Albania has displayed a stable financial situation with promising growth rates, controlled price level and double revenues per capita. BoA’s monetary policies have helped to make the economic environment safer and to consolidate the financial and banking sectors of the country,” Portugal said.
Most importantly, the BoA has created a reputation for reliability, continuity and independence among the general public as well as in the international financial institutions, according to Portugal. This is seen as a positive signal for potential partners and foreign investors who want to enter Albanian markets.
Portugal addressed the issue of maintaining higher credit rates and praised BoA efforts to control this sector which has risks associated to inflation and instability. The discussion with governor Fullani focused on the challenges of European integration that bring along obligations to standardize financial and banking regulations. Portugal was also briefed about the projects of BoA to increase transparency of its operations and its growing technical expertise.
Murilo Portugal also had meetings with finance Minister Bode and Prime Minister Berisha. In the meeting with the Prime Minister, followed by a joint press conference, the focus was on foreign investment and assistance offered to businesses, such as lessening bureaucratic requirements.
Portugal agreed with the need to fight informality, though was not clear on his position towards concrete measures that the government is taking.