Sejko: We are working on the new functional law of the Bank of Albania, inflation within the norm in 2024

The Bank of Albania is working on a new functional law and for this the working group that is working on the draft has been set up, which will follow the directives of the European Union. The governor of the Bank of Albania, Gent Sejko, yesterday while reporting the annual work of the institution he leads to the Economy Commission, announced that he is working with the World Bank on the legal draft that will be presented to the assembly as soon as possible. "The time has come to review the law on banks. A working group has been set up. We are clear where the focus should be, especially for second level banks. The World Bank is most committed to helping us change the law on banks. Such important laws require 2-3 years. We will try to bring it earlier. EU directives will also be transposed", Gent Sejko said. Commenting on the modernization of the banking system, Sejko adds that parallel to this process, the risk of cyber attacks increases. For Sejko, he guaranteed that they are working on the best possible cyber protection system. "Regarding open banking, we have moved faster than the countries of the region. The goal is to modernize payments and shorten time, efficiency in payments. Through them we seek the formalization of the economy. Looking at cyber attacks, we are also looking at security systems. We have been constantly under cyber attacks, before the real hard cyber attack. I want to guarantee you that BSH has taken measures to be maximally protected. In relation to cyber attacks, there is no 100% security. This field requires colossal investments. We have two challenges, the modernization of the payment system, and protection against cyber attacks. As modernization increases, the more the risk from cyber attacks increases. We are working with both," the governor explained. Sejko adds that the banks have a strong monitoring system against money laundering. "It is not the banks that are the reason why Albania is on the moneyval gray list. You are witnessing that many individuals are concerned that too much information is required to carry out bank transactions. This shows the strong monitoring that banks have for the prevention of money laundering", underlined Sejko.