A Bird's Eye View of the Regulatory Framework of Payment Systems in Albania

Enik Pogace, Deputy Director, Bank of Albania, Albania

It is evident that payment and settlement systems play an important role for the stability and efficiency of the financial sector and the economy of a country as a whole. It should also be emphasised that the implementation of monetary policy also depends on the existence of reliable and effective market infrastructures. The corollary of this is that payment systems are the means by which funds are transferred through banks, as well as a major channel by which shocks might be transmitted across domestic and international financial systems and markets. In other words robust payment systems are, therefore, a key requirement in maintaining and promoting financial stability as well as critical to the effective functioning of the financial system.

Enik Pogaçe works at the Bank of Albania as deputy director of the international relations department. His main tasks include among other things, working on the communication between the Bank and other international and national financial stakeholders, legal issues related to banking and payment systems as well as approximation of bank regulations to EU standards. His holds an LLM degree in EU law from the University of London and has conducted postgraduate research in Constitutional issues and comparative Political & Economic systems.

The Bank of Albania is the central bank of Albania. The economical-political and social developments since the establishment and so far, have enriched the functions carried out by the Bank of Albania (they have augmented and enlarged the functions of the Bank of Albania). The Bank of Albania, within the competences defined by the Law, is independent of any other power for the accomplishment of its main objective and in exercising the tasks assigned.