open many doors to the future, yet they also introduce risks if not accompanied by sufficient financial literacy and appropriate market regulation and supervision. 1 / 3 bis - central bankers'speeches instances of occasional successful investments in unregulated products should not be seen as indicators of future or sustainable success. it's important to emphasise that these can pose significant risks when conducted within markets that lack regulation and supervision. recent global challenges, including the pandemic, conflicts / war, and climate change, have underscored the importance of informed and secure financial decision - making, not only for personal financial health but also for the broader financial system's stability. the swift pace of digital transformation and the urgent issues raised by climate change are reshaping our engagement with financial instruments and relationships. young people have a unique opportunity to use their resources as a force to induce a positive change in both society and environment. accordingly, the bank of albania has embarked on two significant strategies : 1. " the strategy for the management and supervision of climate - related financial risks " ; and 2. " the strategy for enhancing financial education and inclusion ". in the past decade, there has been a marked increase in academic research on financial education and inclusion, both globally and within our borders. albanian research is largely driven by the bank of albania's efforts to gather insights and data. the insights collected from this research have informed the development of policies designed to meet contemporary needs. we now possess a rich pool of information that enhances our understanding of the factors influencing financial literacy across different demographics, including economic conditions, education, employment, digital access, and familial influence. owing to its initiatives, the bank of albania has observed a notable enhancement in financial inclusion. this is evidenced by a substantial increase in electronic payment transactions, which have reached approximately 48 million across both banking and non - banking platforms, marking a 26 % rise from 2022. also, the number of accounts accessible remotely increased by 24 % in 2023, accounting for 34 % of the total customer accounts in banks. however, innovations also bring new risks, such as online scams or what is known in financial language as phishing - a way of stealing identity that is carried out through the voluntary but uninformed provision of personal data, such as account numbers and passwords, which can then be used by wrongdoers for theft purposes. in response to these challenges, and to foster a culture of financial literacy, the bank of albania is implementing

a flow on of international forces. they were not mainly a result of local factors. but it is appropriate, in our judgment, to foster confidence to the extent we can during periods of global stress such as we have been experiencing. despite those actions, a financial system such as ours cannot be entirely insulated from these global events and, inevitably, the australian financial system has been affected to some extent. the rise in the wholesale cost of term funding has meant that many non bank and some bank lenders have had to slow the growth of their businesses. the closure, more or less, of securitisation markets for the time being also has made life much more difficult for those lenders which relied heavily on that avenue of funding. capital market raisings are much more difficult for some corporates as well, and many of these entities are turning to their bankers. by and large, the major banking institutions have been able to provide support for sound borrowers, and have stepped into the gap left by the withdrawal of funding from the capital markets. they have been able to do this because of their own balance sheet strength, something which is clear from the analysis in the bank ’ s recently released financial stability review. while some of their customers have been excluded from capital markets of late, banks have themselves been able to access segments of the capital markets in sufficient quantity to keep their balance sheets expanding. this has come at a time when wholesale funding costs have been rising by more than the official cash rate, and that has been passed on to end borrowers, while conditions on lending for some borrowers have tightened in response to higher perceived risk. but this outcome is preferable to the alternative of lending drying up. at present, the international environment remains very difficult. the us economy is experiencing very subdued conditions, as the weakness that had for some time been confined to the housing sector has spread to other areas over recent months. losses incurred by major international financial institutions associated with previous risky lending have continued to come to light, even during this week. valuing certain classes of assets remains very difficult and some quite sound assets appear to be priced currently at less than their likely underlying value. a process of deleveraging is continuing among hedge funds and other complex financial vehicles, as the retreat from risk by their lenders forces a winding in of positions. while all this has been occurring, participants in financial markets have understandably remained very nervous, and day to day volatility in a range of markets has been much