Albania, China sign currency swap deal

TIRANA, Sept. 16 – The central banks of Albania and China have signed a bilateral currency swap deal worth 2 billion yuan (USD 324.8 million). The three-year deal with an option to be extended was signed last week by Albania’s central bank governor Ardian Fullani and his Chinese counterpart Zhou Xiaochuan during a meeting of the central bank governors’ club in Yerevan, Armenia.
China’s central bank said the agreement aims to strengthen bilateral financial cooperation, promote trade and investment and jointly maintain regional financial stability.
The swap transaction provides a channel by which the central banks can have access to the local currency of the other party. It aims to promote bilateral trade and direct investments for economic development of the two countries in local currency terms, and to support domestic financial stability of both countries, if market conditions require such liquidity. The agreement is valid for an initial duration of three years and may be extended by mutual consent, says BoA.
According to Governor Fullani, this agreement will be instrumental towards the strengthening of bilateral financial cooperation and facilitating bilateral economic ties and trade between Albania and China, as well as maintaining financial stability in the country. The signing of this agreement is yet another opportunity of further improvement of relationships between the two central banks.