Government: Bank Transparency

“It is not a taboo and no company secret showing their financial status or elements regarding the products they offer in the market, and also other financial reports that would help an individual to evaluate the agents that operate in the Albanian financial system. I think that the central institutions and the information centers, by publishing data, facts, the latest developments of the financial market agents, could provide a better information for the wide public”, Bode declared.

The head of the Finance Ministry thinks that the financial transparency of banks would decrease public insecurity, which according to him is often incited by the politics.

“Often we find ourselves in front of deliberate manipulations about the information of the financial market developments. The manipulations come from commercial interests of companies that operate, and also from pure political interests, when political representatives give their conclusions about the financial systems in general, or for some banks, by creating unpleasant situations”, Bode declared.

Positioned on the consumers’ side, Bode declared that the citizens are often in an unequal position in their relations with the banks, because, according to him, they do not receive the right information in many cases.

“The information process is often confusing, through aggressive advertisements which are made individually or in a personal manner, only for commercial interests, but the information process is not simply individual”, Bode declared.

The head of the finances released these declarations during an international press release of Bank of Albania, which this time was focused on the citizens’ education with the financial culture, a matter that has a great significance, after the deep international financial crisis.

“The financial education must be seen as a benefit for the wide public, which brings positive externalities for the society. It only increases the individual financial wellbeing, and also improves the efficiency of the economic policies that are undertaken by the authorities”, declared the Bank Governor, Ardian Fullani.

One of the main causes of the global crisis was considered the lack of financial knowledge by citizens who were prone to undertake risks and apply for unaffordable loans.

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