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Meeting with the IMF mission/Governor Sejko: The positive momentum for the Albanian economy will continue

2024-07-12 19:27:00, Ekonomi CNA

Meeting with the IMF mission/Governor Sejko: The positive momentum for the

The Governor, Gent Sejko, in a meeting with the IMF mission

The analysis of the latest economic and financial situation in the country, the projections for the future, as well as the discussion on the policies followed, were at the center of the meeting that the Governor of the Bank of Albania, Gent Sejko, held with the mission of the International Monetary Fund (IMF). , headed by Anke Weber, head of the IMF Mission for Albania.

Governor Sejko assessed that the country's economic and financial development trends have been and remain positive, even in the face of a challenging world environment. Also, the Governor emphasized that the update of the forecasts suggests that the positive moment of economic development will continue in the future.

He discussed the stability of the banking sector, which presents stabilized or improving indicators of capital, liquidity and profitability. He stated that this sector has continued to provide the necessary funds for the growth of consumption and investments, taking care - at the same time - to preserve the savings of Albanian families.

Meeting with the IMF mission/Governor Sejko: The positive momentum for the

Governor Sejko added that the gradual and careful normalization of the stance of monetary policy during the period 2022-2023 made it possible to reduce inflationary pressures, without damaging the medium-term prospects of economic growth.

For her part, the head of the IMF Mission confirmed that the monetary policy followed by the Bank of Albania has had a positive impact on maintaining the country's monetary and financial balances.

Furthermore, Governor Sejko emphasized that the fall in inflation in the second quarter of 2024 was relatively fast, dictated by the increase in the supply of food items in the regional markets and in the domestic market, so the Bank of Albania estimated that the easing of the stance of monetary policy is expected to create more appropriate monetary conditions for respecting the objective of price stability.

The Head of the IMF Mission stated that this current stance of the monetary policy is appropriate and consistent with the observance of the main objective of the Bank of Albania: guaranteeing price stability in the country. Also, she underlined that monetary policy should continue to remain flexible, being continuously guided by new information on economic and financial developments in the country.

Meeting with the IMF mission/Governor Sejko: The positive momentum for the

Weber added that the further progress of financial reforms undertaken over the years will further refine the supervisory and regulatory structure, promoting the development of financial markets, strengthening consumer protection, as well as guaranteeing the protection of the banking system. However, she emphasized that not undermining the independence of the institution of the Bank of Albania remains in any case an essential prerequisite for maintaining price stability and the country's financial stability.

Finally, the Governor stated that the Bank of Albania is committed to maintaining the stability and further development of the banking system, by guaranteeing its careful regulation and supervision, encouraging formalization and increasing the level of education and financial inclusion. , and supporting European integration and rigorously following the reforms that this process imposes.

In a more long-term perspective, the Bank of Albania considers that strengthening the pace of the country's development and its sustainability requires the continuation of structural reforms.

The two sides emphasized the importance of continuous monitoring of the economic and financial situation, as well as the careful coordination of policies by the Albanian authorities, taking the necessary measures at the right time./CNA