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From the drop in inflation to the base interest rate/ Gent Sejko reveals the objectives of the Bank of Albania

2023-05-03 16:22:00, Ekonomi CNA

From the drop in inflation to the base interest rate/ Gent Sejko reveals the

The governor of the Bank of Albania, Gent Sejko, has declared that the fall of inflation will be the main objective for the next year.

Among other things, Bejko announced that the Bank of Albania will keep the basic interest rate unchanged at 3%.

"The Albanian economy will continue to grow and inflation will gradually decrease and return to the target in the middle of 2024. This normalization will create a better balance between demand and supply. It will support stability in the markets. The pace of growth is expected to slow down slightly during 2023. The supervisory council at BSH decided to keep the basic interest rate unchanged at 3%. High inflationary pressures from the domestic economy remain a risk factor for the destabilization of prices in the country," said Sejko.

Regarding the decline in the value of the euro currency, Sejko said that there are several factors that have influenced it, from foreign investments to tourism.

"Regarding the exchange rate, BSH has clarified that the exchange rate has been in the lead for several years, being overvalued. The strengthening is stronger because it comes as a result of several factors. The data of the balance of payments show a significant increase in foreign investments, income from tourism, increase in exports in total. Remittances have also increased. This has caused the supply of euros in the country to be considerable. We have no reason to intervene, but we must cooperate with exporters and those industries that are affected by the change in the exchange rate," he said, among other things./CNA.al

 

 

 

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