The Third Meeting of the Banking Supervisory Authorities of South Eastern Europe Held

The turmoil in the international financial market, that has started in 2007 and has intensified in recent months, had no direct, but indirect and limited influence for the South Eastern Europe economies.

This is one of the conclusions of the Governors of the Central Banks of South Eastern Europe from the meeting of the Banking Supervisory authorities, held today, on October 3, 2008 in Sofia.

During the meeting it was stressed that banks, having strong presence in the region, have no direct exposure currently to markets which are under severe pressure. In light of the dynamic credit growth observed in many countries of the region, the supervisory authorities are monitoring closely the liquidity of banks and credit developments to safeguard the quality of the banks' loan portfolio and financial stability.

It is also important fiscal, income and structural reform policies to be strengthened in many of the countries of the region with a view to contain inflationary pressures and the external current account imbalances.

This is the third meeting of banking supervisory authorities of South Eastern Europe to which, at the invitation of the Governor of the Bulgarian National Bank Ivan Iskrov, attended the Governors of the Central Banks of Albania, Bosnia and Herzegovina, Cyprus, Macedonia, Greece, Montenegro, Romania, Serbia, as well as, the Directors of the Banking Agencies of the Federation of Bosnia and Herzegovina and Republic of Srpska.

The next meeting should take place in Romania in September, 2009.   

 Public Relations Section