FSA presents 2018-2023 strategy on financial markets, ALSE praised as a major development

The Financial Supervisory Authority has introduced the strategy of developing the markets it oversees for the period 2018-2023.

Chairman of the Board Pajtim Melani said that FSA supervised markets are increasingly gaining weight within the financial market and now account for over 10% of its assets.

Mr. Melani emphasized that the opening of the Albanian Securities Exchange as a major development of great importance for furthering the financial market in the country.

ALSE Executive Director Ervin Koci said that the development of financial markets is indispensable for rising economic growth above the 5% target, set by the Albanian government.

Although it was announced that the presentation of strategy would include the participation of two government ministers, Arben Ahmetaj and Sonila Qato, none of them was present.

The second deputy governor of the Bank of Albania, Natasha Ahmetaj, said that the financial system is a promoter of supply in the economy, supporting new projects and innovation.

She added that non-bank institutions, starting from private pension funds, have to compete more with banks to provide a healthy expansion of the financial market in the country.

The strategy presented by the FSA places a strong emphasis on stabilizing markets and increasing consumer confidence, in particular the insurance market.

According to the FSA, these elements are a prerequisite to further design the pillars of development and promotion of financial markets in Albania.

SCAN

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