. for this reason, the bank of albania, in collaboration with the world bank, is implementing a project for formalizing remittances inflows through banking channels, together with resulting effects such as cutting the costs on transfers, increasing financial inclusion and reducing the use of cash in the economy. in this context, in 2017, a study was realised focusing on retail payments, which include remittances. the findings were used as a basis for drafting the national strategy for reforming the retail payments market in albania. in addition, the bank of albania has prepared a new draft - law on retail payments, which include the remittance market. this law will approximate our payments system with the psd2 directive of the eu and aims to promote the creation of an innovative payments system in albania, the decrease cash payments and the creation of adequate conditions to boost competition, foster transparency and enhance the security of the payments systems. second, by aiming to further develop and diversify savings and capital market instruments, so as to increase the interest of albanian citizens living abroad for depositing their savings in albania. thank you! 2 / 2 bis central bankers'speeches

the main drivers of this sector, whereas most of other branches of the services sector contracted, year on year. likewise, the industry sector shrank by 8. 5 % in the second quarter, after its positive performance in the last six quarters. industry sector deceleration during this quarter was largely influenced by slashed output in “ energy, water and gas ”, whereas extraction and processing industry continued their upward value - added. after its surge in the first quarter of 2011, the construction sector contracted again in the second quarter, posting annualised downgrade of 1. 7 %. as regards aggregate demand, during the first half of the year, economic growth was supported mainly by the public sector and foreign demand contributions, whereas internal demand was lacklustre. available data suggest that private consumption and investments were sluggish during the first half of the year, thus conditioning the below - potential growth of the economy during this period. private consumption continues to reflect consumers ’ reluctance to spend and their inclination to save. domestic consumption has not totally reflected higher available income generated by higher wages and employment rates, or expansion of funding resources, in the form of consumer loan growth during 2011. in particular, remittances shortfall during the first nine months of the year may have lessened consumption for a part of albanian households. in addition, relatively high import prices, which burdened albanian households ’ budget in the first half of the year, may have impacted consumption negatively. against this performance of consumption during the first half, improved balances for large purchases – as suggested by the consumer confidence survey – and more consumer loans granted during the second half, suggest for higher consumption in the third and fourth quarters of 2011. subdued consumer spending and presence of spare capacities in the economy dampened businesses ’ demand for new investments. in parallel, higher lending prudence by banks may have discouraged, in part, the demand for investment loans. foreign direct investments were down during the first quarter of the year. higher capital expenditures in the last quarter are expected to generate higher contribution of this bis central bankers ’ speeches component to aggregate demand at year - end. in the mean time, improved lending terms in 2012 are expected to be translated into higher support for the system with investment loans and higher contribution to economic growth by this component of aggregate demand. fiscal policy was stimulating in 2011, materialised in positive contribution of public spending to aggregate demand. public spending and budget deficit growth rates moderated after the first quarter, settled at low levels in the second