Bank of Albania governor at regional summit

The Bank of Albania Governor, Gent Sejko, was part of the annual summit held, in Becic, Montenegro, between countries of the region, Montenegro, Macedonia, Bosnia-Herzegovina, Croatia and Vice Governors of Central Banks in Kosovo, Slovenia, and with ministers of finances and tax directors from other countries of the region.

The summit of this year called “Regional Financial Stability in a new global environment treated the latest economic developments in the region and the steps that are needed to guarantee a stable economic growth.

The panel of governors, which included the Bank of Albania Governor, Gent Sejko, focused on monetary policies followed by central banks in the region, by the Federal Reserve and the European Central Bank.

Governor Sejko said during his speech that the monetary policy of the countries in the region is influenced by the policies of the Federal Reserve and the European Central Bank, especially in countries that use Euro and Dollar, by making a significant impact for the inetrnal loan, financial conditions, balances and exchange rate.

Harmonizing the monetary policy with the European Central bank is very important for the countries of the region, Sejko said, since Balkan countries are exposed by trade exchanges with their main partners in the Eurozone and through the European Banks.

As for the Federal Reserve, Sejko said their influence is not direct to Albania, besides influences on the price of fuels and other raw materials.

The Governor updated the present members with the plan drafted by the Bank of Albania and other authorities in the country for reducing the usage of Euro and using Albanian Lek more, in order to reduce its exposure to foreign currencies and making the financial system more elastic.

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