The regulated securities market in Albania is limited to government debt securities. These instruments come in two types, treasury bills (of 3, 6 and 12 month duration) and government bonds (2, 3, 5, 7 and 10 year), issued mainly in the local currency, the Albanian lek, and to a lesser extent in euros.

The central bank, the Bank of Albania (BoA) is the official holder of the book of record for government debt and performs the function of a central securities depository (CSD) in the local market. Government securities are kept in dematerialised form at the BoA in the nominee name of the direct participant.

Over recent months the BoA and other market participants have been running final tests ahead of the imple - mentation of a fully-automated CSD system. “The implementation of the new CSD system will also impact the legal framework,” says Mirela Borici, head of GSS Albania, Raiffeisen Bank International.