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Sep 27, 2023 15:44 EEST
September 27 (SeeNews) - The central bank of Albania estimates that joining the European Union’s unified system of transactions Single Euro Payment Area (SEPA) would save Albania 14 million euro ($14.76 million) annually, governor Gent Sejko said on Wednesday.
SEPA entry would buffer the costs for the Albanian economy to 0.2% of the Gross Domestic Product (GDP) from 1.7% they represent in a cash-based economy, Sejko said during a forum, as cited by the central bank in a statement on its website.
The European Union fully implemented SEPA in the euro area in 2014, aiming to facilitate no-cash euro payments, including credit transfers and direct debits, in any location within the European Union. In 2016, SEPA expanded in non-euro areas.
Sejko argued that entering the system would raise transaction efficiency for Albania's euro-dependent foreign trade, enhance competitiveness, back tourism by facilitating faster and cheaper payments, and increase remittances through formal channels.
Paper-based transfers made 65% of the total value of money transfers in Albania in the second quarter, the central bank reported earlier.
($ = 0.948 euro)
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