requires its consistency in practice, as well. it is crucial that the importance of this agreement be fully comprehended by the staff of both institutions. its commitment is essential, in order for our co - operation to be part of our daily job and add to the efficiency of both institutions and not to remain solely on paper. the bank of albania considers the conclusion of this memorandum as a cornerstone which will overwhelmingly affect the enhancement of real competition conditions, in which the banking and financial activity are currently being conducted. it is worth underlining that fair competition promotes the efficiency in the banking business and refines the composition and the functioning of the banking market. the bank of albania will make its utmost efforts to make the co - operation deriving from this agreement as concrete as possible and with direct impact on achieving a real, fair and efficient market competition. i take this opportunity to express the bank of albania commitment to carry out all the responsibilities deriving from the law and from this agreement. in addition, allow me to express my appreciation to the competition authority and to ms. lati for the support granted in the conclusion of this agreement. thank you.

gent sejko : bank of albania's achievements in 2022 and challenges for 2023 address by mr gent sejko, governor of the bank of albania, at the end - of - year meeting with journalists, analysts and media representatives and the governor's award ceremony, tirana, 20 december 2022. * * * dear ladies and gentlemen, i feel honoured and privileged to welcome in the historical hall of the bank of albania, media representatives and talented students who are brave in competing for " governor's award for the best diploma theses ". in the last year event, i emphasised that we experienced an unusual 3 - year period, with the hope that 2022 would be different, more vivid and more optimistic. nevertheless, the end of 2022 is proving a really challenging one, mainly due to the huge shock on commodity prices of energy, oil and gas, in particular. the increased prices - mainly engendered from the outbreak of the russia's war in ukraine - has generated strong inflationary pressures worldwide, triggering a difficult time for consumption and economic growth globally. albania is facing the same challenges as well. in november, inflation stood at 7. 9 %, somewhat lower than in the previous month, though a high level which is the main threat to both the macroeconomic stability and to the sustainable and long - term growth of albania. in this context, i would like to point out that the latest forecasts at the bank of albania show that inflation is expected to progressively reduce during 2023, and return to target in the middle of 2024. in view of an increased inflationary pressures environment, we have embarked on a gradual process of monetary policy normalisation, aimed at timely returning inflation to the target and at a rather low costs to the economic activity. nevertheless, the sound balance sheets of households and enterprises, the further expanded albanian exports, and the decreased uncertainty in response to the expected reduced inflation will continue to feed the economic growth, in turn the latter is expected to remain in positive territory. the sound position of banking system is an added guarantee for the expansion of the economic activity. the healthy and liquid financial balance sheets of the banking sector guarantee that the latter will continue to funding the albanian households and enterprises, by supporting the expansion of both consumption and investments as well as meeting the temporary needs for liquidity. the coverage and transmission in an objective manner of news to public is an important factor in meeting our objectives for a stable economic and financial environment