Confidence in lending and borrowing in Albania has increased since the collapse of pyramid schemes, and legislative steps are now being taken to expand modern financial services. A recent example is the legislation that provides for financial leases. Before 2005, a licence to carry out financial leasing activity could only be obtained from the Bank of Albania (the Albanian central bank), which placed strict and demanding rules in its supervision and issuing of licences. In 2005 Law 9396 On financial leases was enacted. This legislative measure sought to impose fewer barriers in the licensing system and supervision for companies wishing to venture into financial leasing. Although a modest step towards building a modern legal framework in finance, it is a good start.
January 01 2007