The Bank of Albania (BoA) has argued that the coronavirus crisis did not affect the banking sector in the country.
A report covering the first half of 2020, approved on Wednesday by the BoA Supervisory Council, stated that the banking sector developed steadily, and its financial indicators remained at good levels as a result of measures taken by the government and the banking sector itself.
“The Bank of Albania estimates that in the first half of 2020, the activity of the banking sector developed steadily, despite the challenges posed by the pandemic situation in the country. The operational measures taken by the banks to ensure the continuity of critical functions and client relations, and the measures taken by the public authorities to mitigate the pandemic impact on the economic and financial activity of the country, enabled the financial intermediation activity to continue in an orderly manner, and the financial indicators of the banking sector remain at good levels.”
Despite the current and possible future crisis related to the coronavirus pandemic, the BoA stated in its report that the banking sector is strong enough to meet possible challenges.
“Assessments of the banking industry and stress tests suggest that the banking sector’s capacity to meet these challenges is currently sufficient,” the BoA report concluded.