BoA’s governor optimistic about economic growth in 2015

The Governor of the Bank of Albania (BoA), Genti Sejko declared in an interview for the Voice of America that the economy of the country will mark a growth estimated to three percent during 2015. This means that economic growth will increase compared to the previous year when it was below than the set objective of 2.1 percent. Sejko, who is currently attending the World Bank/IMF spring meetings 2015 in Washington, D. C, expressed optimism on the fact that the Albanian economy is on the right track.

Sejko said that BoA in cooperation with the International Monetary Fund (IMF) have foreseen an increase in three percent.  However, he added that the Albanian economy just like the other countries in the region, especially Greece, is facing many challenges.

“The situation in Greece can affect the Albanian economy and it can also have a negative effect on the economic growth for the current year,” Sejko said.

So far, BoA has changed the key rate 13 times and despite this there was no encouraging of crediting. Sejko explained that BoA cut the key rate based on its strategy on a facilitating monetary policy. The bank will implement the same policy during 2015.  The Governor said that the cut of the key rate to the record low of two percent caused an increase of crediting up to 4.6 percent during 2014. He added that this trend was stable even for the first quarter of 2015. On the other hand, Sejko highlighted that the second quarter of the year has always marked an increase in crediting and economic growth.

News Source: VoA