IMF assists Bank of Albania – Banking supervision strengthened, regulators adapt to those of EU
The International Monetary Fund (IMF) has completed the technical assistance program for financial stability in our country. The project that was completed in September of this year had the main purpose of assisting the Bank of Albania in strengthening the competitiveness of the banking sector in our country, but also in adapting the regulatory frameworks to those of the European Union. Exactly in terms of regulatory space, the International Monetary Fund project with the Bank of Albania is focused on improving and adapting the frameworks to those of Basel III.
Various elements of Basel III, including those referring to large exposures, market risks and interest rate risks, are in an advanced stage of preparation. Furthermore, the project recommendations seek to strengthen supervisory regulators as well as address the challenges arising from non-financial profile ownership of banks in Albania. Albania is thus ready to implement pillar 2 of the Basel framework, which together with the stress test approved in 2019 will strengthen the supervision of the banking system.
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