TIRANA, Sept 4 /ATA/ – The Bank of Albania’s Supervisory Council adopted the Financial Stability Declaration for the first half of 2024 on Wednesday.
Central bank said in its report that Albania’s financial system performed well in the first half of the year. The bank also notes that the bank deposits expanded and lending accelerated despite the diminishing effect of Euro devaluation in the domestic exchange market.
According to the Financial Stability Declaration, positive economic growth was mainly driven by surge in consumption and investments, as well as the performance of tourism sector.
Growth was accompanied by employment and wages increase and the households and businesses financial situation has improved during the reviewed period. Central bank noted that its fiscal policy maintained the consolidating trend amid the significant increase in fiscal revenue, while inflationary pressure kept declining with the inflation rate falling below the Bank’s target, leading to decrease in the key interest rate.
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