Bank of Albania cuts members' salaries and removes payments for E-Banking due to Coronavirus situation

Bank of Albania Building

 Due to the situation created by Covid-19 in Albania, the Supervisory Council of the Bank of Albania in the meeting held online has decided to take three important decisions. Through an announcement published on the official website of the Bank of Albania, the Supervisory Board has approved a 50% reduction in the fees of the members of the Supervisory Board and the halving of salaries for administrators and directors. The supervisory board has also taken the decision to suspend the distribution of profits by banks.

Based on this decision, the distribution by the banks, of the profit carried over from the previous periods, of the profit realized in 2019 and of the profit that will be realized during the first half of the year, is suspended until the end of June 2020.

Another decision is to eliminate the cost of E-Banking payments. This decision aims to support bank customers to continue making their payments in terms of restricting movement and also minimizing the risks of population accumulation in bank branches. More specifically, this decision aims to make the use of Homebanking services more attractive by eliminating the costs of this service.

At the same time, in support of this decision, the Bank of Albania eliminates the commissions applied for the use of payment systems of the Bank of Albania by the banks to balance the costs borne by them. In conclusion, the Supervisory Council was acquainted with other information on the daily functional and operational activity of the Bank of Albania.