gent sejko : fifth review of the arrangement with the imf concluded speech by mr gent sejko, governor of the bank of albania, at the joint press conference with the imf mission, albanian mof ( ministry of finance ) and medtte ( the albanian ministry of economic development, tourism, trade, and entrepreneurship ), tirana, 30 june 2015. * * * dear media representatives, in line with the already established practice, in the past two weeks, we have constantly met and exchanged views and opinions with international monetary fund representatives. as always, these meetings serve to make a comprehensive analysis of economic and financial developments, with a view to identifying the necessary measures for a steady development. following, i will present a summary of bank of albania ’ s opinion. the albanian economy is on a positive development trajectory, irrespective of the shocks we have been facing in the first half of the year. economic and financial balances in albania are sound. the banking system is liquid and well capitalised ; albania ’ s public debt is in control ; and, the financial situation of albanian businesses and households is improving. long - term development resources for the country remain stable. this situation is an outcome of economic policies oriented towards stability, which we have undertaken. in view of the latest developments in greece, i would like to emphasize that the external environment appears challenging, but albania ’ s economy and financial system are capable to withstand even extreme shocks. the short - term costs that we have paid due to structural reforms and fiscal consolidation show their benefits exactly in such moments. under the current circumstances, it is necessary for economic and financial policies to continue to be guided by the philosophy of prudence. we are able and ready to take additional measures, if necessary. i would like to assure the private sector that the development perspectives for the albanian economy remain positive. albanian businesses and households should continue, uninfluenced, with their consumption, investment and development plans. let me be more concrete with regard to the above. economic and financial developments have been overall in line with our year - start projections, but incoming information has resulted on the down side of our expectations. therefore, the bank of albania has revised down the expected economic growth for 2015. yet, in our judgment, shocks are expected to have only a transitory effect on economic activity indicators and not affect the medium and long - term trends of development. economic growth is expected to improve in the second half of the current year and

of cash is widely acknowledged, even by countries like sweden, which is leading the world in the adoption of alternative forms of payment. indeed, in his presentation at our domestic financial institutions conference earlier this year, sweden ’ s deputy central bank governor, henry ohlsson, discussed the merits of cash, citing both the need to protect the financially marginalised and the privacy that paying with cash affords. deputy governor ohlsson is not alone recognising the benefits of cash even while supporting the development and adoption of electronic payments. a 2019 study by the uk government found that despite debit cards replacing cash as the most 1 / 2 bis central bankers'speeches popular payment method in that country, there is still substantial support for retaining some level of physical currency. it is clear then, that there is a degree of consensus internationally on this issue. in the decade or so since the bank hosted its first currency exhibition, we ’ ve seen increased use of credit and debit cards, a significant reduction in the use of cheques, and the introduction of digital and cryptocurrencies. so we acknowledge and encourage the changes to the payments landscape. but at the same time, it would be premature to write cash ’ s obituary. in the future, as we seek to increase efficiency through the use of electronic payments, cash may no longer be king, but it will remain a part of the mix. i thank you. 2 / 2 bis central bankers'speeches