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Raiffeisen Bank owns about 15% of the financial portfolio in the Albanian market, the decline of which has a significant impact on our economy...
Janet Yellen, the Secretary of the Treasury in the USA, has threatened the German, Austrian banks mainly, but also others in Europe, that the USA will close transactions in dollars.
The American secretary has justified her warning in the suspicion that the financial trade between Russia and Europe continues, even though sanctions have been imposed on Moscow.
But basically, if this decision is taken, more than it damages Europe, it destroys those countries that have the largest financial transactions in the American currency.
Albania is the most affected country in our region, since even though it is already a significant part of the eurozone, the vast majority of balance sheet movements are in dollars.
And this can lead to a total blockage of the entire banking system in the country, which has not only deposits and accounts but also reserves in the American currency.
Albania is neither Montenegro nor Kosovo, which since 2000 have entered the European currency area, first with the mark and then with the euro. We have been in the dollar payment system all along, even during the communist period. A payment system that has built stability, and every bank that has entered here has seen it as an economic asset of particular importance.
It is not for nothing that American President Bill Clinton initiated the opening of the first American bank in the region, such as the American Bank of Albania. An economic trust that proved to be efficient and able to increase its capacities not only in income, but what is most important in investments and human resources.
Albania is the country of the dollar "par excellence" in Europe, even though it is small, so it has benefited from investment funds that have also arrived from Asia or Africa.
Every investor company has seen Albania as a dollar gateway for monetary trade, not only in the region.
Therefore, the government and the Bank of Albania should take this warning seriously and take the appropriate steps to avoid it.
There may be different proposals or paths, but the most adequate one seems to be keeping Albania in the American dollar zone, that not only our country will have benefits, but also the "dollar zone" itself will maintain a bridge of communication in the system of Europe's complicated financial situation in the event of a deadlock.
But the Bank of Albania and the government must do this immediately. Because in a situation of chaos, it is true that there may be a disorientation of transfers or increases in the euro in the bank portfolio, but in the long term, income in dollars may dry up, which may collapse the economy in a short time, so so as to jeopardize payments, starting from salaries and pensions./ Pamphlet
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