TIRANA, Oct. 12/ATA/ The Governor of the Bank of Albania, Gent Sejko stated on Tuesday that, “the Albanian economy is in a phase of recovery, and this growth is moving at a faster pace than expected in our projections supported by the good performance of COVID-19 vaccination of the population, the increase of foreign demand, the increase of consumption and investments.”
At the joint press conference, at the conclusion of Article IV consultations, with the Head of Mission of the International Monetary Fund (IMF) in Albania, Yan Sun, the Minister of Finance and Economy Delina Ibrahimaj, the Governor of the BoA, Sejko said that, “measures taken by the government and the Bank of Albania reduced the financial burden on households and businesses, curbed unemployment and created opportunities for economic recovery, following the unusual circumstances related to the pandemic.”
“The BoA will work on further development of the financial system and improvement of the payment system according to EU standards, “ Sejko said.
“Structural reforms undertaken by the BoA have supported a greater use of the Albanian lek in transactions, reduction of the non-performing loans, and strengthening ofthe banking system,” the Governor Sejko said, while emphasizing that the banking sector in the country is liquid and ready to support the low-cost economy with money.
Focusing on price increase in the domestic market, Sejko noted that, rising inflation come due to imports and is transient.
“Our projections for the economy are positive. Economic activity is expected to increase during the next year and it will be sustainable to generate and achieve the inflation target at 3% by 2022,” he said. //a.i/
