Bank of Albania’s Monetary Policies

Tirana, December 30, 2015

Bank of Albania has published the Monetary Policies document which reflects the policies followed by the Bank during 2014, the monetary policies the institution will follow during 2016 and the objectives of the Bank for the next year.

During 2015, Bank of Albania has followed a facilitating monetary policy aiming to stimulate and boost lending from private banks and reviving country’s economy. Also, the Bank decreased two times the interest rate respectively in February and November at the historic record of 1.75%. The decrease of the interest rate affected in the decrease of lending costs. Even the average interest of 12 month deposits decreased to 1.4% in 2015 compared to 2% in 2014.

In general terms, the Bank will follow and apply similar monetary policies to those applied in the past years, with a main objective the country’ economic revival. This year’s Monetary Policies document provides a deeper analysis and predictions on the performance of the country’s economy during the next year based on the last practices applied by important international financial institutions and in accordance with EU standards.

News source/photo credits: ATA