Bank Robberies Hamper Foreign Investment Climate
Albanian Daily News
Published July 14, 2016

Governor of the Bank of Albania, Gent Sejko said on Tuesday that the central bank remains committed to maintain the stability of the banking system in the country, while it has revised regulation to increase safety requirements for the transport of cash.

In an interview for Ora News, the Governor said that the transportation of cash is performed historically by plane and this is a normal form that is used worldwide.

Sejko stressed that there is no concern whether the Albanians' money is transported abroad because banks can take amounts of money back when needed.

But referring to the incident that took place just a few days ago in Rinas Airport and the robbery of a bank in Vlora where a considerable amount of money was stolen, the Governor stated that these robberies are equally dangerous for the system as the bad loans.

"First of all, the negative effect is the loss caused to banks, they have consolidated financial condition, but still it is a loss. The largest negative effect is not the financial loss, but the loss in the image that we provide for the security for foreign investors; the banks are foreign direct investors. If such events are repeated - because sporadic cases can occur throughout the world - but the repetition of such events turns into a phenomenon, then it will be another alarm signal, as it is non-performing loans' level which has reached the highest point. This would create uncertainty to the situation of banks as foreign investments in the Republic of Albania. Therefore, for this reason we request that such events should be in the main focus of the responsible institutions," said the Governor.


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