economy-growth-BoA – Albanian  Telegraphic  Agency. https://en.ata.gov.al News Agency Wed, 08 May 2024 16:01:54 +0000 en-US hourly 1 Sejko: Growing economy is supported by expansion of tourism, investment and consumption https://en.ata.gov.al/2024/05/08/sejko-growing-economy-is-supported-by-expansion-of-tourism-investment-and-consumption/ https://en.ata.gov.al/2024/05/08/sejko-growing-economy-is-supported-by-expansion-of-tourism-investment-and-consumption/#respond Wed, 08 May 2024 16:01:54 +0000 https://en.ata.gov.al/?p=234162 TIRANA, May 8 /ATA/ The governor of the Bank of Albania, Gent Sejko, said on Wednesday at the press conference that the economic activity is projected to continue to grow, both in the short-term and in the medium-term horizon, supported by the expansion of tourism, private investments and consumption.

Sejko announced that the Supervisory Council of the Bank of Albania reviewed and approved the Monetary Policy Report for the second quarter. He pointed out that the expansion of the demand for goods and services keeps the economy in a positive phase of the business cycle.

This progress, he continued, is reflected in the continuous growth of employment, at all time low levels of unemployment, as well as in the rapid wage increase in the private sector. The expansion of employment and wages has continued to underpin the growth of consumption in the economy, but on the other hand, it also keeps internal pressures on inflation high.

Referring to statistics, the Governor announced that the volume of economic activity increased by 3.4% during last year, marking an improvement to 3.8% growth rates in its second half. Likewise, the growth rate of bank credit has accelerated during the first quarter, recording an average level of 11.6%.
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]]> https://en.ata.gov.al/2024/05/08/sejko-growing-economy-is-supported-by-expansion-of-tourism-investment-and-consumption/feed/ 0 Economy is expected to grow, BoA: Base interest rate for the lek kept unchanged at the level of 3% https://en.ata.gov.al/2023/08/02/economy-is-expected-to-grow-boa-base-interest-rate-for-the-lek-kept-unchanged-at-the-level-of-3/ https://en.ata.gov.al/2023/08/02/economy-is-expected-to-grow-boa-base-interest-rate-for-the-lek-kept-unchanged-at-the-level-of-3/#respond Wed, 02 Aug 2023 15:31:50 +0000 https://en.ata.gov.al/?p=211534 TIRANA, Aug 2 /ATA/ The Bank of Albania Supervisory Council decided on Wednesday to keep the base interest rate for the lek unchanged at 3%.

The governor of the Bank of Albania, Gent Sejko, said at the press conference that, “The Supervisory Council deemed that the current stance of the monetary policy is suitable for promoting economic growth and keeping inflation under control.”

According to him, the Albanian economy is expected to grow during the next 3 months, although there will be a slight slowdown as a result of the economic slowdown in the Eurozone and tighter financing conditions both in the country and in the world.

“Economic growth is expected to return close to its historic high in the medium term horizon. Inflation is also expected to continue to decline gradually during the next 3 months and return to the target by the mid- next year,” said Sejko.

“Based on the above, the Supervisory Council of the Bank of Albania decided: to maintain the base interest rate unchanged, at 3.00%, to maintain the interest rate for the overnight deposit facility unchanged, at 2.00%, to maintain the interest rate for the overnight lending facility unchanged, at 4.00%.

Sejko guaranteed that, in any case, the monetary policy will provide the necessary conditions for respecting the objective of price stability in the medium term, taking care at the same time to minimize its impact on curbing economic activity and possible undesirable consequences on financial stability.
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