regards this role in view of your positioning as important mediators between cash operations and operations carried out through the banking system. in this aspect, i could not help mentioning also the obligation you have in terms of more rigorous implementation of money laundering prevention law. as you may already know, presently albania applies the flexible exchange rate regime, which means that market forces are the ones that determine its level. your behaviour has constantly helped reflecting in this price the demand and supply for this commodity, preventing the risk of price mismatch to overall market conditions and to the macroeconomic climate of the country. in this framework, i would also like to highlight your positive behaviour, related to positioning future flows of the supply and demand for foreign currency, particularly during critical periods of the market, which relate to the seasonal exchange rate behaviour, as a rational behaviour that helps reducing exchange rate volatility. given the above, the bank of albania is highly interested in getting informed with your opinions about market operation, positive or negative changes having occurred recently, relationships between foreign exchange bureaus and commercial banks within the framework of competition and mutual benefit. the bank of albania expresses its willingness to provide trainings on various products that may be traded by the domestic foreign exchange market. as the first step in this regard, we plan to deal with forward operations, which will better serve the smoothing of seasonal effects of exchange rate behaviour and the hedging against undesirable foreign exchange movements. highlighting the general but very important nature of the above issues, we would also like to share opinions on current economic situation with you. psychological effects on foreign exchange rate performance are another extremely important factor. taking into consideration the current world crisis, the bank of albania, appreciating your position in generating information from both, businesses and the broad public, would be interested in your opinions ; moreover, it would welcome your suggestions about any possible forms of generating these opinions periodically. in conclusion, intending to leave more room for discussing and exchanging ideas, we welcome your opinions even about other issues, related to reporting to the bank of albania or implementation of money laundering prevention law.

the flow of foreign direct investments by country, flow of foreign direct investments by economic activity and situation of foreign direct investments by country and economic activity. vi. research during 2015, the bank of albania completed over 20 empirical studies and analyses dedicated to problems and potential solutions for issues related monetary policy effectiveness and safeguarding financial stability. during 2015, the revaluation of the macroeconometric model of the albanian economy was completed. the process improved the identification and interpretation of cause - effect macroeconomic correlations. research work has been presented in various events and conferences, including those organised by the bank of albania, notably, the 9th workshop of economic research in bis central bankers ’ speeches southeastern europe “ rethinking economic policies and central banks ’ methodologies ”, where 20 research papers were presented by central banks, academic institutions and the bank of albania. vii. communication enhancing the transparency is a constant priority of the bank of albania. during 2015, we have aimed at establishing permanent channels of communication with the public. they reflect supervisory council ’ s monetary policy decisions, the underlying factors and expected results. the periodic reports of the bank of albania publish comprehensive analysis on economic and financial developments, the outlook for the short and long term, and the performance of the banking sector along with the risks facing the financial stability of albania. events organised with representatives of the banking system, business community, specialised international institutions are another aspect of our communication with the public. examples include the forum on “ promoting credit growth ” in april 2015, “ albania financial forum iii ” organised with the international monetary fund in june 2015, and a meeting with the banking system discussing on “ the economy and banks : present and future challenges ” in september 2015. viii. public education the launching of the museum of the bank of albania was the main highlight in the area of public education. designed as an inter - disciplinary museum, it integrates numismatic, historic and educational functions, which contribute to enhancing the financial literacy of the public in general and of the younger generation in particular. ix. european integration another important aspect of our work has been the contribution of the bank of albania in the context of approximation to the european union. the bank of albania has intensified its cooperation with the european central bank, central banks of the european system, and european structures that regulate financial aspects in the eu. at the same intensity, we strengthened the cooperation with the international monetary fund, the world bank and the bank for international settlements, as well as regional central banks.