meta_id 3329919

On July 15, 2026, Albania's Ministry of Finance announced that the Council of Ministers approved three draft laws designed to modernise the country's financial system and harmonise its legislative framework with European Union directives. The three draft laws propose amendments to the Law on Payment Services, the Law on Payment Systems, and the Law on Banks in the Republic of Albania. Finance Minister Petrit Malaj said the proposed changes will deliver concrete benefits for citizens and businesses, including reduced costs for financial services, enhanced security and efficiency within the financial system, strengthened consumer protection, and increased competition and innovation in the market. The legislative package aims to advance Albania's financial market development and support broader economic transformation. Malaj emphasised that a healthy financial system underpins a healthy economy, and these reforms will improve Albania's current financial infrastructure while aligning with EU requirements. The draft laws address payment services regulation, payment system governance, and banking sector oversight. By reducing financial service costs and strengthening consumer protections, the reforms seek to create a more competitive and efficient financial environment. The modernisation effort reflects Albania's commitment to EU harmonisation and financial sector development. The next steps in the legislative process, including parliamentary consideration and implementation timelines, were not specified in the announcement. REFERENCES: Ministry of Finance Albania. "Ministri Malaj pas mbledhjes së Këshillit të Ministrave: Ndryshime ligjore për modernizimin e sistemit financiar të vendit dhe përafrimin e legjislacionit me BE." Accessed July 15, 2026. https://financa.gov.al/en/newsroom/ministri-malaj-pas-mbledhjes-se-keshillit-te-ministrave-ndryshime-ligjore-per-modernizimin-e-sistemit-financiar-te-vendit-dhe-perafrim-te-legjislacionit-me-be/