key interest rate at historically minimum of 0. 5 %, and the increase of liquidity injections, through the adoption of an operational strategy which enabled the unlimited injection of liquidity in the interbank market. regulatory measures which encouraged the temporary extension of credit payments for clients in difficulties and the restructuring of credits to clients who appear with solid business perspectives, but were facing short and medium - term financial difficulties. suspension of profit distribution to the banking sector, to enhance the amortising capacities of the sector against the shock. elimination of costs on the use of electronic platforms of payments operated by bank of albania, aimed at reducing the physical costs, increasing the use of electronic payments and better managing the demands for cash to economy. addressing in an eased way the exposures of banks to debt securities of the albanian government in foreign currency, according to the regulation on capital adequacy and regulation on large exposures, for securities issued during 2020 ; last, we were engaged in a more frequent and transparent communication with the public, on : the undertaken measures ; their effect ; and the expectations for the future. we assess that the implemented measures have been efficient, by supporting the economy in some directions : first, the monetary and macro - prudential stimulus enabled the reduction of financial costs and 2 / 6 bis central bankers'speeches the continuous support to households and enterprises with bank loans. our immediate reaction and the injection of ample liquidity quantities enabled the smooth functioning of financial markets and the transmission of reduction of the key interest rate to credit prices. currently, financing and debt servicing costs in economy are lower than in the previous year and the exchange rate is stable. the low interest rates and ample liquidity were followed by an average growth of 6. 7 % of credit portfolio during 2020, by supporting the continuation of investments and the increasing needs of economy for working capital. lending to enterprises and in lek, supported by the state guarantee schemes were the main contributors to credit growth. in this regard, i would like to underline, that for the first time in the last two decades, the share of credit portfolio in lek was equal to the share of credit portfolio in foreign currency at the end of previous year. this positive trend establishes the premises for enhancing the monetary policy ’ s effectiveness and strengthening the financial stability of albania. in addition, more than 23, 000 enterprises and households having loans at around all 200 billion, benefited from the moratorium on the payment of credit instalments and the restructuring of the

regulatory framework through the approval of new regulatory acts, as well review of applicable regulations, by further aligning this framework with the eu acquis, the basel committee principles and the best practices of banking supervision. the review of the applicable regulatory framework has also taken into account the situation created in albania by the pandemic. also, a part of the approved by laws have aimed at complementing the regulatory framework in the field of resolution, whose responsible authority is the bank of albania. the rigorous monitoring of financial system through on - site examinations. the pandemic situation and the restrictions in place imposed the differentiated condition of on - site examinations. on the other hand, we have intensified the correspondence with banks and nonbanks financial institutions, for the sharing of information and increasing the reports. in 2020, 27 examinations were performed, covering banks and non - bank financial institutions, and 74 examinations in foreign exchange bureaus. credit risk was the main objective of these examinations. 4 / 6 bis central bankers'speeches strengthening the ability for resolution in banks. in capacity of resolution authority, the bank of albania has drafted the resolution plans for systemic banks, has identified the potential obstacles to the implementation of resolution and has drafted the measures for overcoming these obstacles. in addition, in 2020, the bank of albania completed the first cycle of drafting resolution plans for non - systemic banks. development and implementation of macro - prudential policy for the purposes of financial stability. the bank of albania has a primary role in drafting and implementing the macroprudential policy. this policy prevents the accumulation of risks and strengthens the financial system ’ s resilience. throughout 2020, new regulatory acts were implemented – liquidity coverage ratio and the regulation on the implementation of additional macro - prudential capital buffers – which aim at mitigating risks and strengthening the resilience of the banking sector. the realisation of institutional duties implies also a constant attention on other areas of the bank of albania ’ s activity. following, i will try to provide an overview of them. 3. other activities the functioning of the economy and banking system is underpinned by a safe and efficient payment system. both systems operated by the bank of albania, the albanian interbank payment aips ) and the albanian electronic clearing house ( aech ) have operated efficiently and safely. in 2020, the regulatory framework on the functioning of both payment systems was reviewed. both systems have been assesses by international experts related to the principles of bank for