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Bank of Albania: The price crisis is part of the past

2024-08-15 15:42:27Biznes SHKRUAR NGA REDAKSIA VOX
Bank of Albania: The price crisis is part of the past
Bank of Albania

The price crisis is part of the past, says the Bank of Albania, which expects the average inflation this year to be 2.5%.

The decrease in inflation compared to previous years has come as a result of the decrease in the prices of goods in foreign markets and the devaluation of currencies.

"The hit on prices and on inflation that we have experienced is something that is already a thing of the past. For the remainder of this year, we expect inflation to remain at 2.5%, and in 2025 to reach 3% ," said Erald Themeli, director of Monetary Policy.

The Director of Monetary Policy at the Bank of Albania, says that the country's economy is in good times, and the main engine is tourism.

"We find a solid economic growth at the level of 3.6% and at such levels in the second quarter as well. We have an improvement in employment, but also an increase in wages. We expect this growth to be at the same figure until 2026. Tourism had a contribution in the first half of the year, it seems that this trend will continue for the rest of 2024 , "says Themeli.

On the other hand, businesses and citizens have not stopped the demand for loans, mainly in Lek.

"In this first part of the year, the loan has been focused on investments, but it has covered the needs of families, both for home purchase and consumer loans. Credit is dominated by the growth of the loan portfolio in lek, which currently has an annual growth of 20%, but there is also a positive contribution from the growth of the loan portfolio in foreign currency ," said Themeli.

Even in this Monetary Policy report for the third quarter of the year, emphasis is placed on the lack of labor in the country, which is reflected in the slowdown in employment, even though wages continue to rise to maintain the existing staff.


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