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BoA Pushes Key Rate to 2.25% to Curb Inflation
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BoA Pushes Key Rate to 2.25% to Curb Inflation

TIRANA, October 5 The Bank of Albania (BoA) raised its key interest rate to 2.25% on Wednesday. The decision aims to cool off inflation that came in at 7.5 percent and 8.0 percent respectively in July and August, confirmed BoA’s governor Gent Sejko during a press announcement. “Recent information suggests that increased supply and uncertainty...

The EU Opens Accession Negotiations with Albania and North Macedonia
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The EU Opens Accession Negotiations with Albania and North Macedonia

TIRANA, July 19 Today, Tuesday 19 will go down in the history of Albania’s path towards its membership in the European Union. The EU held the long-awaited first intergovernmental conferences with Albania and North Macedonia, as Skopje, finally solved its dispute with Bulgaria. The conference follows March’s 2020 decision of the Council of the EU...

Albania moves to Legalize Medical, Industrial Cannabis Cultivation
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Albania moves to Legalize Medical, Industrial Cannabis Cultivation

TIRANA, July 1 A minimum of Lek 1 billion (approx. Euro 840 million) and a surface area of cultivation of cannabis no less than five hectares, will be among the main requirements to obtain a cultivation license in Albania. The newest proposed bill on ‘The control of cannabis and its products cultivation and processing for...

How does Tirana Compare Globally for Expat Cost of Living
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How does Tirana Compare Globally for Expat Cost of Living

TIRANA, June 29 Cheaper than Nairobi and more expensive than Budapest, Albanian capital Tirana ranked 161st in the HR company Mercer’s 2022 Cost of Living survey. The publication reveals the most and least expensive cities for international employees, ex-pats, digital nomads, and anyone who gets paid while traveling around the world. In the list that...

Albania to Tax Cryptocurrency Gains Starting 2023
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Albania to Tax Cryptocurrency Gains Starting 2023

TIRANA, June 24 Albania is considering a move to tax gains on cryptocurrency transactions and mining starting January 2023. The latest tax bill on income, which is now available for public consultation, plans the taxation of cryptocurrency. The bill also provides an official definition of the ‘virtual asset’ and mining concepts. Even though a law...

EU Commission Cuts Albania’s GDP Growth Forecast to 2.7%
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EU Commission Cuts Albania’s GDP Growth Forecast to 2.7%

TIRANA, May 17 The European Commission has slashed Albania’s GDP forecast for 2022 to 2.7 percent from 3.7 percent predicted earlier, citing the impact of Russia’s invasion of Ukraine. The European Commission lowered its growth estimate for Albania for 2022 by a full percentage point. The outlook highlights that the normalization of growth was dampened...

Govt Approves Wind Farm Project in Fieri Area
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Govt Approves Wind Farm Project in Fieri Area

TIRANA, March 31 The Council of Ministers green-lighted the plans for the construction of a wind farm in the Fieri region. The Wednesday approval paves the way for the development of wind energy projects in Albania. According to the decision, the park will be constructed in the area of Gryka village, which is part of...

TAP Transports First 10bcm of Natural Gas to Europe
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TAP Transports First 10bcm of Natural Gas to Europe

TIRANA, March 17 A total of ten billion cubic meters (bcm) of natural gas from Azerbaijan has now entered Europe through the Trans Adriatic Pipeline, TAP-AG announced on Thursday, March 17th from Baar, Switzerland, where it is registered. Out of those 10 bcm, about 8.5 bcm have been transported to Italy, the press release points...

Bread Price Increased by 25% in March
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Bread Price Increased by 25% in March

TIRANA, March 11 Albanians have been warned since September 2021 that the price of bread would increase. Back then, the bread price increased by 14 percent. However, the war in Ukraine and the energy crisis caused a huge spike in bread prices over the last weeks. Despite, the above-mentioned reasons, citizens believe that wheat importers,...

Consumer Index Price Hits Decade-High in February
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Consumer Index Price Hits Decade-High in February

TIRANA, March 9 The February inflation report was the hottest ever for the last decade. According to the data published by the Albanian Institute of Statistics (INSTAT), February consumer prices reached the highest level in over ten years as costs increased for a wide range of products. Based on INSTAT stats, the Consumer Price Index...