. for this reason, the bank of albania, in collaboration with the world bank, is implementing a project for formalizing remittances inflows through banking channels, together with resulting effects such as cutting the costs on transfers, increasing financial inclusion and reducing the use of cash in the economy. in this context, in 2017, a study was realised focusing on retail payments, which include remittances. the findings were used as a basis for drafting the national strategy for reforming the retail payments market in albania. in addition, the bank of albania has prepared a new draft - law on retail payments, which include the remittance market. this law will approximate our payments system with the psd2 directive of the eu and aims to promote the creation of an innovative payments system in albania, the decrease cash payments and the creation of adequate conditions to boost competition, foster transparency and enhance the security of the payments systems. second, by aiming to further develop and diversify savings and capital market instruments, so as to increase the interest of albanian citizens living abroad for depositing their savings in albania. thank you! 2 / 2 bis central bankers'speeches

. in 2009 – 2013, this impact was negative by 0. 4 % ; this period experienced shocks that hit european economies after the crisis. afterwards, particularly in 2014, remittances increased notably due to the tendency of emigrants to withdraw their money from european banks ( particularly from banks in greece ) 1 / 2 bis central bankers'speeches and send them as deposits in albania. currently, in 2015 – 2017, the contribution of remittances is estimated at 0. 2 % of economic growth. the importance of remittances on economic growth has declined over the years, also in line with the strengthening of domestic growth factors ; yet, they remain an important element of disposable income and, therefore, a determinant factor for the performance of consumption in albania. remittances have an important role in alleviating poverty and mitigating social problems for certain categories of the society. the second aspect is the positive impact on the labour market dynamics. the export of the labour force ( emigration ) tends to push wages upward in albania, by better balancing labour demand and supply. on the other hand, it diversifies the supply of albania for qualified labour. despite the increase of remittances and their upward contribution to economic growth, a lot remains to be done to foster the role of the diaspora and create more opportunities for a better economic use of their savings, as well as to help boost the albanian economy. it is difficult to make an exact calculation of remittances due to the numerous formal and informal channels of their flows. our banking system does not yet facilitate remote access and use of bank accounts by emigrants, in order for them to able to easily use them while in their respective countries ; the cost of banking transactions are higher and often banking procedures are perceived as complicated. due to these factors, in the case of albania, only 4 % of remittances are channelled through the banking system, 57 % through non - bank financial institutions and 39 % in the form of cash. the economic result is that remittances are disbursed in cash at 96 % and this form of payment diminishes the multiplying impact of their contribution to economic growth. as regulator of the banking and payments systems, the bank of albania is strongly committed to promote and facilitate the transfer of remittances in the albanian economy : first, by modernizing the procedures and alleviating transfer costs for remittances