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Banking In Albania
Banking in Albania, in its present form dating from 1992, consists of the nation's central bank - the Bank of Albania - and an expanding network of secondary banks. The Bank of Albania has the task of supervising the financial system, which currently contains 16 privately owned banks and many other financial institutions. The function of the banking network The banking network allows bank transactions to all the network members bank around the country and the world. For example, a network member bank in Albania has an order from its client to transfer funds to a network member bank in the country. The transaction of transferring of funds will be carried out by the two banks and will be validated if it does not violate any banking laws such as money laundering. Such a system forms an important part of the economic and financial system. History The Albanian banking network began its development in 1913 with the establishment of the central bank, but the banking network started its r ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Central Bank
A central bank, reserve bank, or monetary authority is an institution that manages the currency and monetary policy of a country or monetary union, and oversees their commercial banking system. In contrast to a commercial bank, a central bank possesses a monopoly on increasing the monetary base. Most central banks also have supervisory and regulatory powers to ensure the stability of member institutions, to prevent bank runs, and to discourage reckless or fraudulent behavior by member banks. Central banks in most developed nations are institutionally independent from political interference. Still, limited control by the executive and legislative bodies exists. Activities of central banks Functions of a central bank usually include: * Monetary policy: by setting the official interest rate and controlling the money supply; *Financial stability: acting as a government's banker and as the bankers' bank ("lender of last resort"); * Reserve management: managing a country's ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Bank Of Albania
The Bank of Albania ( sq, Banka e Shqipërisë) is the central bank of Albania. Its main headquarters are in Tirana, and the bank also has five other branches located in Shkodër, Elbasan, Gjirokastër, Korçë, and Lushnjë, while its Research and Training Center is located in Berat. History In the first few years following Albania's declaration of independence on 28 December 1912, the fledgling country lacked a central bank. Under Ismail Qemali's leadership a first central bank was created on 4 October 1913 but it only lasted a few months. In the early 1920s, foreign currency was used for all transactions, generating considerable chaos, and in 1923 municipalities were allowed to issue their own banknotes. One project floated by the League of Nations envisaged a central bank for Albania as a cooperative venture co-sponsored by various European governments, with Albania itself owning only 10 percent of its share capital. The consolidation of the Albanian national government e ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Bank
A bank is a financial institution that accepts deposits from the public and creates a demand deposit while simultaneously making loans. Lending activities can be directly performed by the bank or indirectly through capital markets. Because banks play an important role in financial stability and the economy of a country, most jurisdictions exercise a high degree of regulation over banks. Most countries have institutionalized a system known as fractional reserve banking, under which banks hold liquid assets equal to only a portion of their current liabilities. In addition to other regulations intended to ensure liquidity, banks are generally subject to minimum capital requirements based on an international set of capital standards, the Basel Accords. Banking in its modern sense evolved in the fourteenth century in the prosperous cities of Renaissance Italy but in many ways functioned as a continuation of ideas and concepts of credit and lending that had their roots in the a ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Economic
An economy is an area of the Production (economics), production, Distribution (economics), distribution and trade, as well as Consumption (economics), consumption of Goods (economics), goods and Service (economics), services. In general, it is defined as a social domain that emphasize the practices, discourses, and material expressions associated with the production, use, and management of scarcity, scarce resources'. A given economy is a set of processes that involves its culture, values, education, technological evolution, history, social organization, political structure, legal systems, and natural resources as main factors. These factors give context, content, and set the conditions and parameters in which an economy functions. In other words, the economic domain is a social domain of interrelated human practices and transactions that does not stand alone. Economic agents can be individuals, businesses, organizations, or governments. Economic transactions occur when two grou ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Financial
Finance is the study and discipline of money, currency and capital assets. It is related to, but not synonymous with economics, the study of production, distribution, and consumption of money, assets, goods and services (the discipline of financial economics bridges the two). Finance activities take place in financial systems at various scopes, thus the field can be roughly divided into personal, corporate, and public finance. In a financial system, assets are bought, sold, or traded as financial instruments, such as currencies, loans, bonds, shares, stocks, options, futures, etc. Assets can also be banked, invested, and insured to maximize value and minimize loss. In practice, risks are always present in any financial action and entities. A broad range of subfields within finance exist due to its wide scope. Asset, money, risk and investment management aim to maximize value and minimize volatility. Financial analysis is viability, stability, and profitability asse ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Communism
Communism (from Latin la, communis, lit=common, universal, label=none) is a far-left sociopolitical, philosophical, and economic ideology and current within the socialist movement whose goal is the establishment of a communist society, a socioeconomic order centered around common ownership of the means of production, distribution, and exchange which allocates products to everyone in the society.: "One widespread distinction was that socialism socialised production only while communism socialised production and consumption." Communist society also involves the absence of private property, social classes, money, and the state. Communists often seek a voluntary state of self-governance, but disagree on the means to this end. This reflects a distinction between a more libertarian approach of communization, revolutionary spontaneity, and workers' self-management, and a more vanguardist or communist party-driven approach through the development of a constitutional socialist st ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Micro-finance
Microfinance is a category of financial services targeting individuals and small businesses who lack access to conventional banking and related services. Microfinance includes microcredit, the provision of small loans to poor clients; savings and checking accounts; microinsurance; and payment systems, among other services. Microfinance services are designed to reach excluded customers, usually poorer population segments, possibly socially marginalized, or geographically more isolated, and to help them become self-sufficient.Christen, Robert Peck Christen; Rosenberg, Richard; Jayadeva, Veena. ''Financial institutions with a double-bottom line: Implications for the future of microfinance''. CGAP, Occasional Papers series, July 2004, pp. 2–3. ID Ghana is an example of a microfinance institution. Microfinance initially had a limited definition: the provision of microloans to poor entrepreneurs and small businesses lacking access to credit. The two main mechanisms for the delive ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Savings And Loan Association
A savings and loan association (S&L), or thrift institution, is a financial institution that specializes in accepting savings deposits and making mortgage and other loans. The terms "S&L" or "thrift" are mainly used in the United States; similar institutions in the United Kingdom, Ireland and some Commonwealth countries include building societies and trustee savings banks. They are often mutually held (often called mutual savings banks), meaning that the depositors and borrowers are members with voting rights, and have the ability to direct the financial and managerial goals of the organization like the members of a credit union or the policyholders of a mutual insurance company. While it is possible for an S&L to be a joint-stock company, and even publicly traded, in such instances it is no longer truly a mutual association, and depositors and borrowers no longer have membership rights and managerial control. By law, thrifts can have no more than 20percent of their lending ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Interbank Network
An interbank network, also known as an ATM consortium or ATM network, is a computer network that enables ATM cards issued by a financial institution that is a member of the network to be used to perform ATM transactions through ATMs that belong to another member of the network. However, the functions which may be performed at the network ATM vary. For example, special services, such as the purchase of mobile phone airtime, may be available to own-bank but not to network ATM cardholders. Furthermore, the network ATM owner may charge a fee for use of network cards (in addition to any fees imposed by the own-bank). Interbank networks enable ATM cardholders to have access to ATMs of other banks that are members of the network when their own bank's ATM is unavailable. This is especially convenient for travelers traveling abroad, where multinational interbank networks, like Plus or Cirrus, are widely available. Interbank networks also permit, through different means, the use of AT ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Automated Teller Machine
An automated teller machine (ATM) or cash machine (in British English) is an electronic telecommunications device that enables customers of financial institutions to perform financial transactions, such as cash withdrawals, deposits, funds transfers, balance inquiries or account information inquiries, at any time and without the need for direct interaction with bank staff. ATMs are known by a variety of names, including automatic teller machine (ATM) in the United States (sometimes redundantly as "ATM machine"). In Canada, the term ''automated banking machine'' (ABM) is also used, although ATM is also very commonly used in Canada, with many Canadian organizations using ATM over ABM. In British English, the terms ''cashpoint'', ''cash machine'' and ''hole in the wall'' are most widely used. Other terms include ''any time money'', ''cashline'', ''tyme machine'', ''cash dispenser'', ''cash corner'', ''bankomat'', or ''bancomat''. ATMs that are not operated by a financial i ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
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