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| At the entrance of the Museum of the Bank of Albania |
The Oversight Council of the Bank of Albania convened its first meeting of 2024, outlining a series of significant strategies and initiatives for the upcoming year. In this session, the Council scrutinized its activities throughout 2023 and approved the working agenda for 2024, including the schedule of meetings scheduled for the year.
One of the pivotal decisions made during the meeting was the approval of the "Bank of Albania's Strategy for Education and Financial Inclusion, 2024-2026." According to the central bank's announcement, this strategy aims to ensure that individuals in Albania acquire knowledge, possess skills, maintain attitudes, and develop appropriate, accurate, and applicable behaviors. The ultimate goal is to empower them to make well-informed financial decisions, with the final purpose of enhancing their well-being and financial sustainability.
The document presents the main objectives and strategic focuses of the activities, offering an overview of the framework for action. Additionally, it outlines the action plan for 2024-2026, detailing the implementation of this strategy.
Other crucial decisions included the approval of the "Bank of Albania's Strategy for the Creation of Legal Tender, Commemorative, and Numismatic Purposes, 2024-2029." This strategy outlines the mission, vision, goals, and guidelines for their implementation in creating legal tender and commemorative coins for numismatic purposes at the Bank of Albania for the years 2024-2029. The approval also covered the redesign of Albanian metallic coins with legal tender values of 50 and 20 Lekë. This redesign aims to fulfill the economic demands for currency in terms of value and structure while ensuring a regular supply over a multi-year period.
Furthermore, the Oversight Council greenlit the regulation "On the Organization and Functioning of the Committee for Payment Systems." This regulation aims to define the purpose of establishing the Committee for Payment Systems within the Bank of Albania, its organizational structure, and functioning. The proposal to establish such a committee reflects the current state of the institution in light of developments in the payments field.
The Bank of Albania has undertaken a series of initiatives to reform payment systems and services, both in regulatory and infrastructural aspects. For several years, the focus has been on enhancing the security and efficiency of payment services while supporting infrastructural and regulatory developments to underpin these advances. The advisory nature of the Committee will support the decision-making process of the Bank of Albania in the context of these developments, aiming to efficiently fulfill the institution's priorities.
Additionally, the Oversight Council approved several amendments to the standard contract for the repurchase of securities. The proposed changes aim to regulate issues related to the treatment of securities used as collateral in cases of payment default, beyond the previously specified contract term and in accordance with Law 9974/2008 "On the Repurchase Agreement of Securities."