gent sejko : digitalisation vs cash speech by mr gent sejko, governor of the bank of albania, at the albanian association of banks ( aab ) forum on “ digitalisation vs cash ”, pristina, 14 june 2022. * * * honourable deputy prime minister ahmetaj, honourable minister of finance and economy ibrahimaj, dear chairman of the albanian association of banks, dear guests, it is a pleasure to attend this forum, which comes naturally as a further step and logical consequence of the joint discussions and round tables on digitalisation of financial services. i would like to highlight that the support and promotion of electronic payments, both in international experiences and the albanian context, are seen as one of the most effective and powerful mechanisms for bolstering financial inclusion and further formalizing the economy. in this context, despite the discussions and needs for interaction and developments from the actors, it appears like the objectives and targets are increasingly converging, and in turn the created synergy, absolutely, will drive to an acceleration towards the meeting of the stated objectives. in this framework, there should be underscored that the bank of albania has already established the effective premises for the foundation of a digital revolution in the payment market, through the legal and regulatory framework in force. this framework may be considered avant - garde in the context of the european union. meanwhile, at regional level, albania is the first country that has approved the legal and regulatory framework coupled with the promotion of “ open banking ” in the market. here, i would like to draw the attention and explain that the concept “ open banking ” implies the creation of technological developments, with a view that the information of banks ’ clients be open to third parties. in this regard, we should keep in mind that – though digitalisation is so far desired by all of us here – this development needs rather complex investments and regulations, which promote innovation in an environment that will guarantee a maximum security. taking into account that the need for establishing a highly prudent environment turns more meaningful in case of albania – where both financial education and inclusion are relatively low – the demand for market ’ s actors to make safe steps is quite important. beyond “ open banking ” and the re - dimensioning of market through the introduction of new actors and services, i would like to mention the set of the undertaken regulatory measures and infrastructural developments, which have been focused exactly on the promotion of electronic payments in the framework

the analysis of the information set out above, the supervisory council holds that the risks around the expected inflation trajectory remain balanced. on the demand - side, below - potential economic growth will continue to generate low inflationary pressures, while supply - side shocks are also expected to remain contained. at the end of discussions, the supervisory council decided to keep the key interest rate unchanged at 4. 25 %. this decision aims to create adequate monetary conditions for meeting the inflation target in the medium run. it also provides proper support to boost aggregate demand. bis central bankers ’ speeches