, market actors have also taken steps to operationalize and make open banking functional in practice. thus, in november 2024, upon meeting the legal and regulatory requirements, the bank of albania approved for the first time the activity of open banking by granting the first license to one of the electronic money institutions operating in albania. also, currently, applications from several other entities are in the process of being reviewed to receive approvals to conduct the open banking activity. i would like to point out that the citizen is at the heart of this initiative, as it empowers them with more choices to make simpler, faster, and lower - cost payments and transfers. therefore, the bank of albania encourages applications from financial institutions to obtain open banking license, aimed at providing greater added value for albanian citizens in their daily financial activities. the operationalization of openbanking is the first and fundamental step towards the functioning of open - finance, which will enable the digitalization of lending, investments, and other financial services for clients. 2 / 3 bis - central bankers'speeches in addition to personal benefits for the consumer, on a broader context, this innovation brings many advantages on the path to the formalization of the economy and in enhancing financial inclusion. the bank of albania will always remain a promoter of advanced initiatives and innovations that time demands for the growth of the albanian society well - being. dear participants, following the long - standing global trends for the inclusion of digital transformation in the financial industry, the legal and regulatory framework in the republic of albania has also been amended in a timely manner and at the right speed in this regard. in this context, the bank of albania encourages banks to be as oriented as possible towards innovative projects, which aim to offer and increase the volume of remote banking services, particularly those with a direct impact on facilitating financial inclusion, or simply, the opening of a bank account remotely. investments in these initiatives yield mutual benefits, both for banks and for clients and the public in general, in terms of reducing costs, saving time, and increasing customer satisfaction, consumer's education and development, as well as optimizing work processes. certainly, advancing in this regard triggers a particular challenge. consequently, the implementation of digitalization strategy must be secure, yet cautious, keeping in consideration the need to safeguard a balance between providing the best customer experience and ensuring the security of services. confident in our common vision and joint commitment to progress, i invite you to work with dedication towards building a better future for the economy

ardian fullani : overview of albania ’ s latest monetary and economic developments and outlook speech by mr ardian fullani, governor of the bank of albania, on the monetary policy decision of the bank of albania ’ s supervisory council, tirana, 25 june 2014. * * * the supervisory council of the bank of albania reviewed and approved today the monthly monetary policy report. based on the most recent economic and monetary developments in albania, and following the discussions on their outlook, the supervisory council decided to keep the key interest rate unchanged, at 2. 50 %. the council considers that the gradual transmission of earlier interest rate cuts to the financial markets will provide adequate monetary conditions for inflation to return to target over the medium term. let me now proceed with an overview of the economic developments and key issues discussed at today ’ s meeting. * * * annual inflation rate was 1. 6 % in may, slightly down from the previous month. inflation fell due to the reduction of health care prices, while prices of other items in the basket recorded low volatility. as with previous months, annual inflation continues to be determined by unprocessed food prices, which contribute around 88 % to its final rate. from the macroeconomic perspective, the performance of consumer prices continues to reflect weak inflationary pressures, both from the domestic economy and the external sector. the negative output gap does not favour an increase in employment and wages, leading thus to a low increase of other production costs. imported inflationary pressures remain subdued ; inflation in albania ’ s trading partners and the rise in commodity prices are at low levels, while the exchange rate is stable. inflation expectations and the liquidity situation in the economy are in line with the low inflation rates for the period ahead. indirect available data on economic activity signal for positive growth rates in the first months of the year. aggregate demand improved, driven by both private domestic and foreign demand, while the consolidating fiscal policy pursued during this period did not contribute to an increase in demand. incoming data for june have not changed our assessment on the performance of private consumption and investments. while these important components of aggregate demand were upward during the period, their performance remains weak. their steady recovery continues to be impeded by uncertainties faced by households and businesses and reflected in the greater risk aversion of the real and financial sectors of the economy. the bank of albania expects further improvement in private consumption and investments for the rest of the year, reflecting, among others, its easing monetary