IBAN implemented

Starting from the 1rst of June 2009, the international IBAN banking communication standard was implemented in all the banks throughout Albania. Koha Jon묠2.06.2009, expects money transfers to cost less than the average 10 Euros per operation that were constantly observed before. Koha Jon묠gives an example of Albanian IBAN: IBAN AL47 2121 1009 0000 0002 3569 8741. The IBAN international standard is used in 44 countries. It has proven to reduce communication errors in international transferts. The Bank of Albania (BoA) has announced that all the account numbers of the clients that transfer or receive money locally or internationally will be conform to the IBAN standard. This means that IBAN will also be used locally. The press underlines the absence of a national standard and forecasts IBAN to be used locally until a national standard implementation.