that our viewpoint is also shared by the imf mission and the ministry of finance and economy. 1 / 2 bis - central bankers'speeches our future projections suggest that inflation will continue to remain high in the two next quarters as well. furthermore, the stabilisation of prices in foreign markets and the normalisation of the monetary policy stance will induce a progressive reduction of inflation, until its return to the target in 2024 h1. in the same vein, our projections suggest that the albanian economy will continue to grow in the medium - term horizon. although the economic activity will suffer from the negative consequences of inflation, the economic growth of albania is expected to remain in the positive territory. economic growth will continue to benefit from the overall financial and economic stability in albania, the sound balance sheets of enterprises and households, as well as the continuing support of the banking sector with credit and payment instruments. in this context, it should be emphasized that the banking sector appears sound, liquid, and well - capitalised. the continuing reforms undertaken in the past years have borne their fruits. the consolidation of the banking sector, the improvement of the lending environment, the multifaceted development of financial markets and payment systems, as well as the initiatives carried out that encourage the use of national currency, have brought about notable qualitative improvements in the stability and efficiency of the banking sector. the growth rate of credit to the private sector recorded a progressive improvement, peaking to 13. 7 % in august. also, it shows a good coverage of the need of enterprises and households for long - term financing and liquid tools. the stable growth of credit and the increase in the quality of its portfolio, are crucial indicators which demonstrate the sector's support to the economic recovery of albania. to this end, the bank of albania will continue to work diligently for : the prudent regulation and supervision of the banking activity ; the financial market and payment system development ; the promotion of the financial stability of the country, as well as for bolstering the financial education and inclusion of the public. although the challenges facing ahead are not few and far in between, i am convinced that the banking industry will continue to remain a trusted partner to albanian enterprises and households. in conclusion, i would like to stress out that the bank of albania supports and encourages the structural reforms. this agenda of reforms has now found a stable anchor in the process of negotiations undertaken in the framework of the european union membership. the continuous investment on reforms, which

will not intervene in solving the liquidity needs in case these needs arise from the non - observance of the law on repurchase agreements. i find it pleasing to confirm that after a general agreement on their usefulness, the package of regulations we brought to you in the first forum, has now become effective. the bank of albania is now expecting swift responses, in order to minimize their obligatory enforcement by us. the new regulations increase prudence in the elaboration and protection against foreign currency credit risk. i do not want to fail to disclose our stance that albania needs a liquid and well - capitalized banking system given the situation we are going through. regulations on transparency and obligation to disclose are another important part of the last package. we have now taken steps to a more regulated market and other parties should follow the same steps as well. i refer here to banks ’ clients who at present have, can and should be acknowledged of all their rights in relation to the banks servicing them. in every meeting with you, i will highlight the need of strengthening the control on the business of the institutions you are governing. in addition to the fact that only this way the personal philosophy of each of you with regard to the development of the institution will come true, this process is vital to the well - functioning and safety of its business, even more given its rapid growth. in this context, the control structures should act rightly and extend to all the bank ’ s activities. given the absence of a good collection, processing and reporting process of the business data, the control process on the institution ’ s activity finds itself jeopardized. the process of the banking sector ’ s data collection and processing has improved over the recent years as a result of investments in modern technological systems. in many cases, however, it is observed that the adoption of these systems is made only partially and hastily. their full potential is not used and the banks ’ personnel may not be fully familiar to their use ; hence, weakening the necessary human control on these systems. consequently, the control process on the institution ’ s activity is segmented, and the process of data collection, processing and reporting at the required quality and time is hampered. as a result, you being heads of commercial banks and us the system ’ s regulatory authority, risk to take decisions on data which are not fully accurate and furthermore are “ old ”. being present in different banks and in different levels, a final solution should be found to this issue.