an environment of flexibility in the conduct of policies. active liquidity management is a key element of the current monetary policy stance. liquidity modulation through a flexible use of a combination of instruments has, to a significant extent, cushioned the impact of the international financial turbulence on domestic financial markets by absorbing excessive market pressures and ensuring orderly conditions. in view of the evolving environment of heightened uncertainty, volatility in global markets and the dangers of potential spillovers to domestic equity and currency markets, liquidity management will continue to receive priority in the hierarchy of policy objectives over the period ahead. the reserve bank will continue with its policy of active demand management of liquidity through appropriate use of the crr stipulations and open market operations ( omo ) including the mss and the laf, using all the policy instruments at its disposal flexibly, as and when the situation warrants. impact on asian emes in contrast to the previous episodes of global turmoil, emes have exhibited relative resilience, though equity market and exchange rate pressures have intensified in recent days. so far, the investment sentiment is positive for the asian emes reflecting their strong economic performance and, for some countries, favourable investment opportunities associated with elevated commodity prices, though they have adjusted downwards in recent times, while being somewhat volatile. credit policy reforms, better structuring of banking sector debt and improved fiscal positions have also played their role making the emes resilient from the crisis. in addition, large foreign exchange reserves, particularly in asia, also provide a degree of protection against possible sudden stops. another factor that could be of relevance for this favourable situation is the relatively smaller presence of foreign banks in the asian banking sector. this is evident from the fact that the share of banking assets held by foreign banks in these economies generally lies between 0 and 10 percent ( global development finance, 2008 ). the spillovers to the emes from the current global financial market crisis have occurred mainly in and through financial markets, reflecting the relatively high level of integration of such markets in the global financial system. in this respect, there have been four major spillovers, viz., ( i ) a rise in the price of risk ; ( ii ) a reduction in international bond issuance ; ( iii ) a sell - off in equity markets ; and ( iv ) some unwinding of carry - trade positions. the major emes in asia have been recording surpluses on the current account in recent years, with the exception of

, the bank of albania is working on the implementation of an instant payment infrastructure. this novelty in the field of payments aims at reaching those market segments which do not use electronic instruments. in the field of currency issue, in 2022 circulation of the new series of albanian banknotes was completed with the denomination of 10. 000 leke. the new series bears 6 / 8 bis - central bankers'speeches contemporary and sophisticated security features. an educational campaign on the use of the national currency accompanied the entire process. the bank of albania has scrupulously managed the international reserve, by observing the main objectives of liquidity and security. despite the problems faced by international markets in the last year, the level of our foreign reserves is in compliance with our adequacy criteria and with the best international practices. the bank of albania has fulfilled its institutional obligations in the framework of the national plan for european integration. since the opening of negotiations in july 2022, the bank of albania has intensified its participation and contribution in bilateral meetings with the european commission, while it has continued economic and financial dialogue through the participation in joint committees with the authorities of the euro area market. enhancing transparency and accountability through open communication has guided our relationships with the general public and with interest groups. though, our decisions cannot be adequately conveyed in an economic environment, which is characterized by a limited degree of financial education. for this reason, in 2022, work has been done on drafting and implementing the " national strategy of financial education and inclusion ", which aims to improve financial literacy and inclusion of the public at large. finally, significant improvements have taken place in terms of improving the governance of the institution, through updating risk management systems and ensuring business continuity with the best international practices. in particular, due to the organized cyber - attacks that the country faced last year, the bank of albania paid special attention to the enhancement of stability in : the banking sector ; in markets ; and in the payment systems which the bank of albania operates. in more concrete terms, the bank of albania reviewed continuity plans for the recovery of the institution's activity in the event of a cyber - attack, intensified the controls and monitoring it performs on the systems and services it provides, and strengthened cooperation with local institutions, such as the national electronic certification agency and cyber security ( akcesk ) and the albanian association of banks, as well as with international institutions, such as the international monetary fund and the world bank. * * * honourable members of the committee,