TIRANA, November 11 – Prime Minister Edi Rama said at the scientific conference marking the 100th anniversary of the Bank of Albania that the central bank faces a dual challenge. It must look beyond the present. It must also plan for the future.

He added that the bank must prove it can fulfill its traditional core functions. Meanwhile, Albania advances rapidly in the European Union integration process. Authorities must consider what more to do to meet key milestones. Time for action is limited.

Rama noted that the world is changing at an extraordinary pace. Innovations in finance and money, both global and local, shake systems that seemed stable until recently. He said central banks must think beyond national borders. Digitalization, artificial intelligence, instant payments, digital banks, and cryptocurrencies create both opportunities and challenges.

The prime minister said these concepts must integrate with traditional thinking. In addition, monetary policy alone is not enough. Authorities need new control mechanisms to manage algorithms effectively. Algorithms cannot self-regulate. Leaders must also adopt an open mindset. They need to embrace developments they cannot fully control while ensuring these developments do not control them.

Rama highlighted that Albanian governments benefit from a central bank that overcame past crises. The bank managed the transition from dictatorship and a centralized economy to a free market. It navigated financial instability, including pyramid schemes, and maintained stability despite external shocks.

He emphasized that the Bank of Albania guarantees stability and public trust. It can also innovate and adopt technological developments. This approach allows the bank to incorporate artificial intelligence and other advances into daily operations. It preserves financial balance and promotes growth.

During the conference, academics, economists, and experts from Albania and abroad shared analyses, studies, and visions on modern economic challenges. They also discussed the future of Albania’s banking system.

/a.p./