TIRANA, April 16 /ATA/ – Albania’s central bank is ready to use all its policy instruments to stabilize prices following a significant surge in the fuel, energy and consumer prices triggered by Russian aggression on Ukraine.
Albania’s post-Covid economic situation and the complex environment due to the geopolitical tension in the wake of Russia’s unprovoked military aggression against Ukraine were the focus of a meeting between the Governor of the Bank of Albania Gent Sejko, and the United States Ambassador to Albania, Yuri Kim, on Friday
U.S. Ambassador congratulated Sejko for his re-election for a second term in office of BoA Governor, saying the central bank is key to the country’s further development.
Central bank governor noted that following a strong post-pandemic recovery in 2021, the Albanian economy is now facing a new global challenge of the rising prices.
The Governor noted that based on current trends and available information, the price shock on the supply side is expected to have a significant impact.
“However it will not disrupt the ongoing economic recovery. The sanctions imposed on Russia and the increase in volatility and uncertainty in international markets dictated a review of the Bank of Albania’s previous projections and the need to re-evaluate the appropriateness of the monetary policy,” Sejko said.
Governor underlined that central bank acted through monetary policy instrument to maintain price stability in the country, as well as to mitigate consequences of the price shock on living cost, the exchange rate and the health of the banking sector.
Sejko assured Ambassador Kim that the Bank of Albania is ready to use all the necessary legal and regulatory instruments, in cooperation with the country’s authorities, in order to cope with this situation, while maintaining macroeconomic parameters and prices and financial stability in the country.
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