as important for public trust, but also because it preserves an emotional bond with the content of the images. that is why in the new series we still see the engraved portraits of naim frasheri, ismail qemali, pjeter bogdani, king gent, and scanderbeg, concluding with asdreni, the author of our national anthem, on the 10 000 leke banknote. on each denomination, the portrait on the obverse blends harmoniously into the design on the reverse. the portraits account for most of the banknote design area and are engraved in raised print. in 200 and 500 leke banknotes, the portraits of naim frasheri and ismail qemali have been notably improved. 1 / 2 bis central bankers'speeches the designs on both the obverse and the reverse of the banknotes have been reconfigured and enriched with new or improved security features. the dominant colours have been preserved, but they have been given a fresh look, with more vivid and balanced colours for the eye. the design composition of each banknote is in harmony with the rest of the series. the overarching goal was to create a series of banknotes that are modern and easy to use, still in balance with tradition. the personalisation, versus unification, of some of the security features for each denomination is a new approach. the reduced dimensions make the banknotes more user friendly. special attention has been paid to features for the visually - impaired. the nominal value on each side of the banknote is easier to read, the dimension of each denomination are different, and the raised print that may be felt on the edges of banknotes has been kept to help identify different banknotes. for the first time in albania, the new series introduces polymer banknotes. this plastic material, which is more durable than cotton paper, was selected to be used for the 200 leke banknote, taking into account the higher frequency of changing hands and a lower paper quality evidenced in this denomination over the years. polymer banknotes are more resistant to dirt and moisture, as well as more secure and difficult to counterfeit, as they allow for the insertion of a number of advanced security features, among others, the transparent window. importantly, the existing banknotes of all denominations will continue to be circulated along with the new banknotes. they will continue to be legal tender and serve as means of payment. dear ladies and gentlemen, banknotes may seem

gent sejko : albania's economic and financial developments in 2019 address by mr gent sejko, governor of the bank of albania, presenting the annual report 2019 to the parliamentary committee on economy and finance, tirana, 1 june 2020. * * * honourable madam chair of the committee, honourable members of the committee, allow me, to thank you, notwithstanding the unexceptional circumstancing, for the invitation and the opportunity to present the main messages of the annual report for 2019 of the bank of albania. the annual report describes the work performed by the bank of albania for fulfilling its legal mandate, the strategic development objectives, and the recommendations left by the assembly of the republic of albania in the resolution “ on the assessment of the activity of the bank of albania ”. i am pleased to affirm that our work has provided a positive contribution in strengthening the financial and monetary stability of albania. as always, i would like to emphasise that the bank of albania considers the financial and monetary stability as an indispensable precondition for the sustainable and long - term growth, and for successfully overcoming the challenges lying ahead. honourable members of the committee, while preparing the annual report, our assessments on the current situation and the economic and financial outlook of the country have changed substantially. the covid - 19 pandemic outbreak was a severe shock on the albanian economy and finances. for this reason, in my address today, i found it appropriate to speak, not only about the directions and main outcomes of the work of the bank of albania throughout the previous year, but also in the light of the current situation and our expectations for the future. our main message is that the albanian economy has the premises to successfully withstand this challenge, by only temporary deviating from the sustainable and long - term growth path. nevertheless, the minimisation of coronavirus pandemic costs requires for a strong and coordinated response by public authorities, as well as flexibility and courage by the private sector. allow me, to start this presentation with the main achievements of the bank of albania over 2019. * * * 1. albanian economy and monetary policy in 2019 according to the law “ on the bank of albania ”, the main objective of the bank of albania is to achieve and maintain price stability. to fulfil this objective, the bank of albania has continued to implement an accommodative monetary policy throughout 2019. this stance was dictated by the still undershooting inflation values