Albania ranks sixth in terms of foreign capital invested per capita in the region according to IMF figures. Albania's Central Bank has cut its 12 month deposit rates from 14.5 per cent to 13.5 per cent. In June the bank of Albania approved new regulations for the establishment of private banks in Albania. The move has met with a favourable response from the international financial community. Dardania Bank, a Kosovan-owned bank, is the only private bank operating in Albania at present.
Foreign banks are also able to repatriate bank profits.
Planned revisions to the existing Law for the Banking System of Albania will bring it more into line with Albania's fast changing business environment. It's all very new to Albania's banking authorities, but they are well advised by consultants from the USA and the ubiquitous Irish. The policy is to make sure that the laws are, in practice, enforceable, and do not give rise to indecision on the part of banks in granting credit. The Central Bank maintains that it is receiving a growing number of enquiries, but to date no-one has signed on the dotted line.