, the bank of albania is working on the implementation of an instant payment infrastructure. this novelty in the field of payments aims at reaching those market segments which do not use electronic instruments. in the field of currency issue, in 2022 circulation of the new series of albanian banknotes was completed with the denomination of 10. 000 leke. the new series bears 6 / 8 bis - central bankers'speeches contemporary and sophisticated security features. an educational campaign on the use of the national currency accompanied the entire process. the bank of albania has scrupulously managed the international reserve, by observing the main objectives of liquidity and security. despite the problems faced by international markets in the last year, the level of our foreign reserves is in compliance with our adequacy criteria and with the best international practices. the bank of albania has fulfilled its institutional obligations in the framework of the national plan for european integration. since the opening of negotiations in july 2022, the bank of albania has intensified its participation and contribution in bilateral meetings with the european commission, while it has continued economic and financial dialogue through the participation in joint committees with the authorities of the euro area market. enhancing transparency and accountability through open communication has guided our relationships with the general public and with interest groups. though, our decisions cannot be adequately conveyed in an economic environment, which is characterized by a limited degree of financial education. for this reason, in 2022, work has been done on drafting and implementing the " national strategy of financial education and inclusion ", which aims to improve financial literacy and inclusion of the public at large. finally, significant improvements have taken place in terms of improving the governance of the institution, through updating risk management systems and ensuring business continuity with the best international practices. in particular, due to the organized cyber - attacks that the country faced last year, the bank of albania paid special attention to the enhancement of stability in : the banking sector ; in markets ; and in the payment systems which the bank of albania operates. in more concrete terms, the bank of albania reviewed continuity plans for the recovery of the institution's activity in the event of a cyber - attack, intensified the controls and monitoring it performs on the systems and services it provides, and strengthened cooperation with local institutions, such as the national electronic certification agency and cyber security ( akcesk ) and the albanian association of banks, as well as with international institutions, such as the international monetary fund and the world bank. * * * honourable members of the committee,

licensing and the presence of sound institutions in the banking system : which are backed by influential and experienced shareholders in the banking industry ; which apply the best standards of accountability in management ; which conduct a balanced business with well - administered risks ; which are able to cope with and develop under the competition provided in an open and integrated market into the international financial market ; which boost the country ’ s economic development and which, transparently provide to the public qualitative and efficient banking products and services. the bank of albania is confident that only financially stable banking institutions guarantee the foundations of a financial market, which develops dynamically and which is able to avoid systemic financial crises. therefore, the bank of albania sustains and encourages the process of transformation and consolidation of the activity of banking institutions. they naturally come to help the banking institutions which are faced with difficulties during their own activity and others which intend to expand the business through a more effective use of ample financial sources. in this framework, the bank of albania, based on the new banking system law, cooperating with other financial market authorities, will work for enriching and stratifying this market with efficient financial institutions specialised in financial activities, which sustain the banking activity and ensure a better covering of the population needs with financial services. regardless of the above, i think that the system should be more committed to this direction. banks, particularly those that are more active and of systemic importance, should set up and strengthen their risk management structures, mainly in terms of market risks ( interest rate and exchange rate ), credit risk and operational risk. this implies not only the ensuring of human capacities, but also the establishment of necessary systems of information and technology. this process should not be considered as a cost - advantage relationship in material level and in the short run, but as an indispensable process, which hedges the bank from risks, which, under certain market conditions, may be intensified, resulting to fatal circumstances. while the supervisory attention is focused particularly on large banks that are of systemic importance, the same importance is assigned even to small banks, which are faced intensively with the consequences brought about by enhancement of market competition. in view of this, the bank of albania requires from the management of these banks to act quickly for protecting their business. the necessary operations should intend the qualitative improvement of banking services to the public, development of joint projects with larger banks and with other financial institutions inside the country and abroad, establishment of a more suitable work environment and provision of