Page 129 - SE Outlook Regions 2022

“Issuing of government bonds and treasury bills will be the primary
instruments for financing the needs of the state budget. Other
borrowing instruments may also be used,” the government said.

5.0 Markets outlook

5.1 Markets - Albania

The Albanian Securities Exchange (ALSE) was set up the first private capital
securities exchange in Albania. ALSE, launched by a group of financial
markets specialists, was intended as a fresh start for the Albanian capital
market after the Tirana Stock Exchange (TSE) never had a single listed
security in its 18 years of operation.

In the fourth quarter of 2021, the value of trades on ALSE amounted to
ALL9.4bn for T-bills and ALL516.3bn for T-bonds.

In March 2021, the Albanian Securities Registry (ALREG) launched its
operations after joining the Bank of Albania’s real-time gross settlement
system (RTGS).

ALREG is now jointly licensed by the Bank of Albania as an operator of the
securities settlement system and by the Albanian Financial Security Agency
(AFSA) as a registrar, “thus fulfilling the legal requirements to be considered a
central securities depository according to the provisions of the legislation in
force”, the Bank of Albania said at the time. ALREG is the first private entity of
its kind to be licensed and start operating in the Albanian market.

5.2 Markets - Bosnia & Herzegovina

There are two stock exchanges in Bosnia - the Sarajevo Stock Exchange
(SASE) in the Bosnian Federation, and the Banja Luka Stock Exchange
(BLSE) in Republika Srpska.

129 SE Outlook 2022 www.intellinews.com