Governor of Bank of Albania: Albania is experiencing a stable cyclic recovery

The Governor of the Bank of Albania, Gent Sejko praised the stable recovery of the Albanian economy, an accelerated increase during the last three years, that made possible the balance of the local economy.

He made these declaration during the Forum for the Countries of Central and Eastern Europe, organized by ‘’Euromoney’’ in Vienna.

Governor Sejko declared that the stance of the monetary policy of the European Central Bank has a strong and direct impact in the economy and the financial systems of the region, as a result of the geographic issues of the trades, financial integration and stronger cyclic convergence. In this perspective, the actual stance of the monetary policy in Eurozone has been in compliance with the facilitating monetary policy followed by the Bank of Albania.

Furthermore, the restraint of the monetary conditions in Eurozone is expected to happen in parallel with the stimulus monetary reduction in Albania.

For this reasons, Governor Sejko declared that Albania won’t be affected of the strong negative effects from the termination of the monetary program of the European Central Bank.

According to him, the inward flux of foreign investments in Albania have been direct, in energy production and from natural resources, and this situation won’t bring the capital movement or stress the public debt.

He added that the exposing of the private sector in the debt markets is minimal, because the Albanian businesses are financed through the private funds or through the local banking sector. The forum discussed on the monetary policy followed by the Federal Reserve, accompanied by strengthening of the Dollar towards the Euro in the international currency markets.

According to Gent Sejko, this policy will not affect Albania, despite the usual negative effects on oil price and raw materials. During the discussions of the panels, Governor Sejko stressed the importance of the integration efforts of all the countries of Western Balkan into the European Union, in function of accelerating the economic growth, increase of social wellbeing and settling the long-term objectives for the developing of the country.

During this two-day visit, Governor Sejko held meetings with renowned international personalities and high representatives of the central banks, and representatives of different trade banks.

 

/ERvin Çali/ 

Share this...
Share on Facebook
Facebook
Tweet about this on Twitter
Twitter