A Bird's Eye View of the Regulatory Framework of Payment Systems in Albania

Abstract

It is evident that payment and settlement systems play an important role for the stability and efficiency of the financial sector and the economy of a country as a whole. It should also be emphasised that the implementation of monetary policy also depends on the existence of reliable and effective market infrastructures. The corollary of this is that payment systems are the means by which funds are transferred through banks, as well as a major channel by which shocks might be transmitted across domestic and international financial systems and markets. In other words robust payment systems are, therefore, a key requirement in maintaining and promoting financial stability as well as critical to the effective functioning of the financial system.