Joining SEPA will benefit individuals, businesses and tourism

3 Mars 2024, 09:07Economy TEMA

Joining SEPA will benefit individuals, businesses and tourism

Albania will be the first Western Balkan country to submit its bid to join the Single European Payments Area (SEPA).

This comes thanks to the full harmonization of the regulatory framework by the Albanian central bank. According to a recent report released by the Bank of Albania, the country has met the nine necessary criteria.

The head of the central bank Gent Sejko said this will benefit individuals, businesses and tourism alike.

Albanian migrant workers last year sent around 1.5 billion euros to their families back home. The beneficiaries have paid over 13 million euros in transaction costs for these money transfers, because Albania is not yet part of the Single Euro Payments Area (SEPA).

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