ardian fullani : recent regulatory amendments in albania – causes and expectations speech by mr ardian fullani, governor of the bank of albania, at the forum with the albanian banking system on “ recent regulatory amendments : causes and expectations ”, tirana, 28 february 2014. * * * dear bank executives, dear participants, i would like to welcome you to this discussion forum between the bank of albania and the banking system. the topic of discussion for this roundtable is to inform you on the recent decisions of the supervisory council of the bank of albania in more details. we are on the last day of the second month of 2014 and we are all witnessing an intensive period of discussion and suggestions between albanian authorities on the one side and international institutions on the other. recovery of economic activity, potential structural reforms, lending to the economy, and financial soundness have been at the core of the discussions. taking into account its role and significance in decision - making, the bank of albania has been an important part of them, materialising its contribution with a number of decisions relating to both macroeconomic and banking supervision. following, i would like to share with you in brief the reasons, expectations and the way we will monitor this decision - making. 1. decision - making on monetary policy and money market operations as we have constantly informed, the albanian economy is facing cyclical weakness. in response to the weak demand, the albanian economy is growing below its potential, inflation is low, public and private balance sheets show difficulties, and the banking system has been facing upward non - performing loans. these problems have been detected at an early stage by the bank of albania and we have, therefore, taken relevant measures to tackle them. the monetary policy of the bank of albania has been constantly on the easing cycle. the key interest rate reached the record low 2. 75 % last wednesday, from 5. 25 % in 2011. in line with the best practices of central banking, we have adopted a forward - looking communication strategy. i am convinced that not only the financial market, but also the real economy has received our message that the monetary policy is and will continue to be on the easing side in the quarters ahead. moreover, we have intensified our liquidity injection operations, which have succeeded in meeting all the market liquidity needs, by extending the horizon for injection and facilitating access to liquidity by broadening the collateral base. time has proven our monetary and operational policies successful. the bank of albania has managed to contain and control

a comprehensive strategy for financial education and inclusion, which certainly is addressed to children and young people. this strategy, developed in collaboration with key stakeholders, like the ministry of education and sports, the albanian bank associations, the world bank etc., aims to boost financial literacy across albania. it serves as a blueprint for educational bodies, financial institutions, businesses, and ngos to develop and implement collaborative policies, programs, and educational materials, ultimately enhancing the country's financial literacy. advancing this initiative presents obstacles, thus there is a growing necessity of exchanging experiences and learning from one another to enhance and advocate for a stronger financial literacy in our country. 2 / 3 bis - central bankers'speeches engaging in discussions about money with our children is a simple yet effective way to cultivate financially aware individuals. global money week plays a central role in initiating these crucial conversations, allowing young people and their families to explore fundamental financial concepts such as budgeting, saving, lending, and the implications of uninformed financial decisions. the financial landscape is evolving rapidly, technological advances are changing how children learn in every field. as we navigate a changing world, it is vital for young people to acquire the skills, knowledge, and confidence to manage their financial future in a responsible manner. i take this opportunity, with the launching of global money week 2024, to express my best wishes for the success of this campaign. allow me to congratulate and thank the many students, pupils, and teachers who have joined us. i encourage new participants to actively engage, ask questions, and enjoy the learning experience. the bank of albania is proud to be the main local organizer of this global initiative, promoting significant changes in financial and digital inclusion, which have greatly increased the importance of financial education in our country. i thank all our partners for their dedication and commitment to advancing financial literacy in albania. let us continue to collaborate towards a future that is more financially educated, empowered, and secure. 1 oecd international network on financial education ( infe ). 3 / 3 bis - central bankers'speeches