Ardian Fullani arrested, accused for malfeasance!

Governor of the Bank of Albania, Ardian Fullani, is arrested last night in is office and is accused for malfeasance!

This photo is taken long time ago before the arrest.

This photo is taken long time ago before the arrest.

Ardian fullani which is the man who until yesterday was regarded as “untouchables” and with a “unlimited” power , is now already in detention cells, after an arrest warrant  issued by Tirana Court at the request of the Task Force Unit. So the Governor is charged of ‘abusing of power’ because of the scandal of 713 million theft of money in the State Treasury, for which he risks up to seven years in prison.

From the  handcuffs was not saved even the Inspector General of Bank of Albania, Elivar Golemi, which has twice refused to appear before the Commission of Economics, where she was invited to give explanations regarding the scandal that erupted in the Issue Department.

According to the prosecution, the investigation has revealed that two senior officials of the Central Bank, because of their inaction, have created conditions to violate the security of money in the administration of Bank of Albania. With the arrest of the chief inspector Golemi, the number of suspects runs in 19 people, but the fact still remains a mystery where 713 ended. “The prosecution is continuing to investigate this issue, where the main focus remains the destination of the stolen amount,” – said Fjorida Ballauri.



Ardian Fullani to testify regarding the theft in Bank of Albania

Governor of the Bank of Albania, Ardian Fullani, is expected to testify today in Tirana Prosecution Office regarding the theft of tens of millions of dollars from the institution he leads, Bank of Albania

Foto ilustruese!


The summon for Fullani was launched on Friday by the prosecution, along with a few other officials that he has under his responsibility including his deputy and others. Since more than a week ago, when the bank itself denounced to the prosecutor office the two treasury officials, Ardian Bitraj and Mimoza Bruzia, embezzling money, Mr. Fullani has not spoken since then about this issue. Even media contacts about the event were avoided and the governor was saying that could not talk about such matters considered as a state secret. While today he is expected to give explanations to investigators primarily to the fact that over four years, where the detainee  Bitraj stated that he stole money from the cash registers of the Treasury, he didn’t order the performing of any audit since long time. Sources said that officials call the Bank of Albania comes after the verification of all persons who were in charge of money and inventory control. Prosecutors suspect the Bitraj & Bruzia have at least three other associates, who helped commit theft. condemns the theft occurred by those employees of the bank and we hope that any other person implicated in this theft needs to be put under the justice. We as bankers know very well that Bank of Albania is such kind of institution where governs not only the order and discipline but also trust. We are sure that the Bank of Albanians has the capacity to take measures on what has happened and to make sure that it will never be repeated. When we first heard this news we were shocked, thinking how it is possible that that the prisoners (money) escapes from the most secured prison of the world (bank of Albania) where the security level is above all jails (other banks). We want to push the prosecutors, police and all government bodies in making all the investigations in the details as the thefts may have had assistance form others as well, considering the security levels Bank of Albania have. We have trust in Bank of Albania as a body who will protect the money of the people.


Summit of Finance Ministers and Central Bank Governors



On 13 June 2014, Ardian Fullani, Governor of the Bank of Albania, attended the annual Southeast (SEE) summit of finance ministers and central bank governors, which was held in Beèiæi, Montenegro.

This year’s summit, entitled “The financial future of the region”, discussed the latest developments in the economies of the region and the steps required to guarantee a sustainable economic growth.

The panel of finance ministers of Croatia, Kosovo, Macedonia, Montenegro and Serbia, and the deputy finance ministers of Albania and Bosnia and Herzegovina, discussed the impact of global trends on public finances in the region.

The governors’ panel focused on the role of monetary policy and systemic risks in the banking sector. This panel featured the participation of the central bank governors of Albania, Kosovo, Macedonia and Montenegro, the central bank deputy governors of Bosnia and Herzegovina, Croatia, Serbia and Slovenia, and a representative of Asseco SEE group.

During his address, Governor Fullani noted that central banks should not lose sight of the primary objective of price stability, as a precondition for safeguarding the country’s financial stability in the long run. “… We should be forcefully clear on price stability as the only mandate and target of monetary policy. Only so we can preserve public confidence in our inflation targets and central bank institutions.”

Further to his address, the Governor noted that one of the main legacies of the 2007 global financial crisis was the enhancement of the financial stability objective as an important complementary role of the central bank. Similar to many other central banks, the Bank of Albania enhanced its efforts to develop the macro-prudential framework in Albania, as it was clear that the sole micro-prudential supervision was not sufficient to identify on time and address systemic risks. The Bank of Albania has been working on two directions: first, the identification of the macro-prudential objectives and tools, and second, the establishment of the legal and institutional set-up. “… The future agenda for the Albanian authorities has been established in the FSAP program we underwent by the end of 2013. We have to work to improve risk management in the financial sector, strengthen the financial safety nets infrastructure, and ensure fiscal consolidation in the medium term.”

Concluding, the Governor dwelt on the effects of the relationship between the EU and non-EU members, underlining that it is important to comprehensively assess the effects of this relationship so the reform leads to policies, which are both fair and sustainable for the region. “It is important to establish a significant level of communication and coordination among the central banks in the region and EU institutions, regarding this legal and regulative framework. It might also be beneficiary that the EU considers readily available financial tools to counteract these negative effects in the economies of the region.”

 Source: Bank of Albania


Interest rates of accounts and deposits in Albania

Interest rates of accounts and deposits in Albania As of April 2014

The analysis is done for interest rates published by bank of Albania for the first quarter, as reported by banks. The list of the banks is as follow:

Alpha Bank Albania AB
Credins Bank CB
Crédit Agricole Bank (Albania) CAB
Credit Bank of Albania CBA
First Investment Bank Albania FIB
International Commercial Bank ICB
Intesa Sanpaolo Bank of Albania ISB
National Commercial Bank NCB
NBG Bank Albania NBG
Procredit Bank PCB
Raiffeisen Bank RB
Societe Generale Bank Albania SGB
Tirana Bank TB
Union Bank UB
United Bank of Albania UBA
Veneto Banka VB


While analysing the tables please note that the colour values are expressing the following:

color values


During gathering data some cuts are performed:

– In Bank of Albania there are 3 type of interest rates for one type of deposits. Example for 3 months dep. there are three figures standard deposit, minimum amount deposit and top amount deposit. In order to be more clear to the reality we have taken in consideration only the standard and the minimum amount deposit. Top deposit amount may refer to interest rates which are available only to special customers. We are trying to avoid this because are analysis is more for the mass rather than specific groups.

– Term deposit above 2 years are not taken in calculation, this is because of the principle in the above point.

– Term deposits for business are not taken in considerations, first reason is that it is not a good moment for them to invest in deposits and secondly is because we are referring to the mass.

The top banks for LEK accounts and deposits offering competitive price are as below:


norma depozita LEK

The top banks offering highest interest on current and sallary account are ICB bank, Procredit bank and Unitet Bank of Albania. ICB offers competitive rate for open deposit with no terms.

If we look at the Term Deposits instead the situation is different.



Top Banks offering highest interest rates are;

1 Fibank

2. Procredit bank for TD 24 months.


Deposit march 2014


For EUR Terms Deposit the figure is as below: 

eur deposit march 2014

Activities held during the Global Money Week – Albanian Association of Banks

Global Money Week – Albanian Association of Banks held some activities during this week

Published: 20/03/2014

Activities held during the Global Money Week – Albanian Association of Banks

In the framework of Global Money Week, AAB in cooperation with Bank of Albania organizes several activities. At the beginning of the week a memorandum of cooperation was signed between the two institutions, following the campaigns undertaken on Financial Education. Mr Fullani, Governor of Bank of Albania and Mr Seyhan Pencabligil will sign the memorandum. During the week representatives of Bank of Albania and AAB will be present in various television programs, which will serve to raise public awareness on the importance of such activities.

The activities which took place:

10-13 March / Visits of students in commercial banks
High schools students, who are taking the module “Personal Finance in your hands” will visit commercial banks in Tirana and different cities of the country. The Governor of BoA, Mr Fullani will be present in some of the visits.

10 – 17 March / Children’s Puppet Theatre
In cooperation with the Puppet Theatre of Albania, will be on stage a children’s educational puppet show, “Çufo and Tipi in a money adventure”.

17 Mars / Lectures in educational institutions 
Two lectures on “Banks and Money” addressed by bankers , will be organised in educational institutions in Tirana.

31 March / ”My Money”
On 31 March, was organized the rewarding ceremony for the winners of the drawing competition “My Money”. Ten school pupils, was awarded during the ceremony with child’s deposit with opening amount of 10.000 All, at Raiffeisen Bank.