A Century of Progress: The Bank of Albania’s Evolving Role in Economic Stability

This week marks a historic milestone for the Bank of Albania as it commemorates its 100th anniversary, reflecting on a legacy that mirrors the nation’s own economic and political development.

Throughout its century-long existence, the Bank has undergone dramatic transformations, adapting to successive phases of Albania’s history: from its early days establishing monetary sovereignty in the 1920s, through the state-controlled economy of the communist era, to its post-1990 transition as a modern, independent central bank. Each period brought its own challenges, whether aligning with European standards, navigating isolation, or driving market reforms. The journey has been shaped not only by institutional strategy but also by the dedicated efforts of economists, civil servants, and researchers who helped forge the Bank’s identity and chronicle its evolution. Notably, the institution has operated under a variety of monetary regimes—ranging from the gold standard to targeted inflation—demonstrating flexibility and resolve in safeguarding national financial stability. In recent decades, aligning policies with the requirements of European Union integration has become central to the Bank’s mission, positioning it as a catalyst for broader economic reform and readiness for the challenges of a rapidly changing global financial environment, including digital currencies, climate-related financial risks, and technological innovation.

The centenary celebration serves not only as a moment for reflection, but also as a platform to expand dialogue about future prospects, emphasizing the Bank of Albania’s pivotal role in ensuring continued stability, transparency, and resilience as Albania advances toward deeper European integration.