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The governor of the Bank of Albania, Gent Sejko, commented on the progress of the economy in the country and fluctuations in the currency exchange rate in a press conference.
He said that the Supervisory Council has decided to keep monetary policies unchanged. Sejko said that the return of inflation to the target is expected to happen in the middle of next year.
"Based on the current trend, the Albanian economy is expected to grow in the coming years and inflation is expected to return to the target in the middle of next year. Under these circumstances, the Bank of Albania decided to keep its stance on monetary policies unchanged. The data suggest that the economy continued to grow during the second quarter of the year ," he said.
He emphasized that there will be no changes in the basic interest rate.
"The council decided to keep the basic interest rate of 3% unchanged," said Sejko.
Sejko also spoke about the exchange rate, as he said that the Bank is monitoring the situation and fluctuations in the market.
"The strengthening of the exchange rate has enabled the Albanian economy to simultaneously have one of the lowest levels of inflation as well as one of the highest levels of growth in the region, the Bank of Albania remains attentive to exchange rate fluctuations exchange", he said.
Asked what measures are being taken for the export sector at a time when the euro currency has suffered a sharp decline, Sejko said that the Bank is doing its best to maintain macro-economic balances, while adding that they cannot intervene with special policies to simply support a sector of the economy.
"The acceleration of the strengthening of the lek is dangerous. We are monitoring the situation, we expect to increase the purchase of euros in the market in the coming months. Only during July, the lek strengthened by 12.1%. We have withdrawn 170 million euros so far. We will do our best to maintain macro-economic balances", added Sejko.
Decisions taken by the Bank:
- To keep the basic interest rate unchanged at the level of 3%;
- To keep the one-day loan interest rate unchanged at the level of 4%;
- To keep the one-day deposit interest rate unchanged at 2%.
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