Foreign currencies fluctuate/ Exchange rate, October 18, 2024
In the foreign exchange market, today, October 18, 2024, t...

In recent years, Albania's development partners are devoting a special focus to human capital.
The high emigration in Albania to and in the Region is reducing the population, as the economies are increasingly increasing the demand for employees.
The World Bank in the latest update on economic developments in the Region noted that the supply of foreign workers has started, but the countries are in the early stages of preparing the infrastructure for their behavior and management.
Most of the countries of the Balkans and especially Albania are involved in the management of incoming immigration flows.
Albania, Kosovo, North Macedonia and Serbia are aiming to attract foreign immigrants to fill labor shortages.
The Bank points out that in all the countries of the Region there is a long process to obtain work permits and visas, where many actors are involved, making it difficult to coordinate their behavior.
More and more employers look to private employment agencies for recruitment, but all elements of the process that bring employees from abroad need legal regulations that facilitate it.
For example, the selection process lacks accurate information and verification about the skills of foreign workers leading to potential skill mismatches.
There is also limited support for integration measures for foreign workers in WB6 countries. Overall, the WB6 countries rank at the bottom in terms of immigrant integration across Europe.
Bringing in foreign workers faces complexities in bureaucratic processes, which create barriers that prevent immigrants from accessing services.
For example, banking regulations may limit the ability of migrants to have bank accounts in different currencies and do not guarantee quick transfers to countries of origin.
Immigrants also face bureaucratic challenges in transferring and translating personal data across countries, which can be costly and involve lengthy processes.
Also, additional administrative requirements such as medical records may de facto limit their registration and access to certain services.
Weak capacities hinder the ability of government institutions to implement migration policies and support throughout their journey./ Monitor Magazine
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