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“Sanctions imposed on Russia and increasing volatility and uncertainty in international markets have generated a new and challenging global economic reality” – said today the Governor of the Bank of Albania, Gent Sejko during a meeting with representatives of the World Bank.
Governor Sejko stressed that after the in-depth analysis conducted by the Bank of Albania, this new economic reality dictated the revision of previous economic projections and the reassessment of the adequacy of the monetary policy stance.
In this context, the Bank of Albania considered it necessary to change the direction of monetary policy with the new economic conditions, which aims to create the necessary monetary conditions to meet the inflation target, to maintain financial stability, as well as for sustainable growth. and long-term economy and employment in Albania.
Following the discussions, they focused on inflation performance, exchange rate, developments in the banking and financial sector, as well as the proper orientation of economic policies.
Regarding the price performance, the Governor stressed that it will be determined by the intensity and duration of this conflict, by the impact it will have on prices and international trade, as well as by the sustainability of economic growth in the country.
Regarding the banking sector, the Governor said that the activity is developing in normal conditions and the indicators of this sector are stable.
WB representatives positively assessed the immediate and timely response of the BoA monetary policy. They also praised the important role that the Bank of Albania has played in maintaining the macroeconomic stability of the country, and expressed their readiness to continue to provide technical assistance to the Bank of Albania.
Part of the meeting were Linda Van Gelder, Regional Director of the World Bank (WB) for the Western Balkan countries based in Vienna and Emanuel Salinas, Permanent Representative of the World Bank Office in Albania.
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