cost - effective way, as well as to increase financial inclusion. the strategy has a detailed action plan ; the bank of albania is fully committed to its implementation. in this framework, i would like to emphasise a notable achievement, the finalisation of the draft law on “ payment services ”, which transposes the revised eu directive on payment services ( psd2 ). the draft is currently subject to public consultations. the approval of this draft - law would provide the preconditions for promoting innovative technological solutions, and introduction of more efficient and less - costly instruments. at the same time, it contributes to enhancing the security of payment services by addressing risks related to the implementation of innovative technological developments in these services. in the period ahead, we will continue to improve payment services ; an important initiative in this regard is the preparation of a draft - law “ on payments account ” which transposes another eu directive. it seeks to underpin the objectives for increasing financial inclusion of the population, which is currently at relatively low levels. i am confident that the expansion of financial inclusion, notwithstanding its short - term costs, will contribute significantly to bolstering your intermediation activity in the long run. in addition to regulatory improvements, we are engaged in a series of projects on infrastructure improvements. such as : creating a national platform for real - time processing of payments. such platforms have proven to be very effective, as they realise a payment within seconds and may replace or supplement areas where the activity of card payments have not been effective. 4 / 5 bis central bankers'speeches creating a national switch, which implies processing a cad payment through a domestic platform, avoiding prolonged cycles via international card processors. creating a system for the settlement of euro payments domestically in order to lower the existing very high commissions resulting from the use of correspondent banks, which are very costly. all these legal improvements and technological modules, which are being made available to you should be followed by concrete actions on your side, to expand the range of instruments and lower their costs. * * * dear ladies and gentlemen, the banking sector has had and will continue to have a positive development prospect in albania. that does not mean, however, that there are no challenges lying ahead of us. on the contrary, there are numerous, complex and dynamic ones, often combined with unpredictable development, domestically and internationally. it is our duty, as actors and regulators of this industry, to respond in a timely and decisive fashion, to turn the already

in the two years ahead, which would enable the return of inflation to equilibrium. notwithstanding the above said, the albanian economy continues to operate below its potential and inflation remains below bank of albania ’ s target. these developments require maintaining simulating macroeconomic policies for at least some quarters ahead. the bank of albania has urged and supported the fiscal consolidation trend, pursued by public finances. fiscal data, overall, are in line with this target, albeit work should still be done with regard to the rigorous implementation of public borrowing and spending plan. the monetary policy implemented by the bank of albania is at very simulating parameters. interest rates and financing costs are at historical low levels. the bank of bis central bankers ’ speeches albania has ensured that the market is fully supplied with liquidity and has provided longterm guidance on the monetary policy direction. in accordance with the monetary policy direction, the bank of albania has continued to implement easing supervisory and regulatory measures. also, we will announce a major project very soon, aimed at addressing definitely the issues related with the treatment and reduction of non - performing loans. all these measures have contributed to and are expected to better support the albanian economy with funds. as i said above, the economic and financial equilibriums of albania are solid. the current account deficit improved in the first quarter and the albanian foreign exchange position is quite positive. banking system ’ s liquidity and capitalization indicators have been improving. the growth of non - performing loans decelerated and the albanian banking system is profitable. taking into account the international setting, i would like to guarantee the public that the banking system has no direct exposure to the greek crisis. our analyses, both at individual bank and system level, confirm that that it would maintain the soundness and normal operations even in extreme adverse scenarios. lastly, the implementation of the imf arrangement not only guarantees the stability of the public debt, but also provides us with the possibility for additional funds to withstand any unexpected and unwanted development. the arrangement is an insurance policy, which should assure all the economic actors for the country ’ s financial soundness. dear media representatives, concluding, i would like to re - emphasize bank of albania ’ s commitment to safeguarding the country ’ s economic and monetary stability. in our judgment, the adopted policy framework provides a sound and coordinated development platform. pursuant to our legal requirements and the development programme, the bank of albania will continue to work on : • maintaining price stability and sustaining the country ’ s development. under the current