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Seyko: Inflation to hit economic growth, but will be temporary

2022-04-23 16:57:45Biznes SHKRUAR NGA REDAKSIA VOX

Seyko: Inflation to hit economic growth, but will be temporary

The Bank of Albania's forecast for the short-term future is not optimistic. Governor Gent Seyko said at a meeting with IMF representatives that inflation will remain above the bank's target and the price crisis will hit economic growth.

"Rising prices in world markets and reducing foreign demand will be accompanied by higher inflation rates and slower economic growth compared to previous estimates", Bank of Albania Governor Gent Sejko said during the International Monetary Fund and World Bank Group Spring Meeting in Washington.

Seyko added that inflation in Albania is expected to stay above the Bank's 3 percent target during 2022, reflecting the shocks coming from increased prices in international markets, however, this blow will have temporary effects.

Regarding the banking sector, the Governor said he appears stable against the pandemic's two-year shocks and effects, and that his activity continues to expand mainly based on deposits, his profit ability has improved while liquidity remains high. Thanks to the plan of measures to reduce troubled loans and the commitment of the Bank of Albania already the ratio of troubled loans has marked the lowest value in the last 15 years, 5%.

In the following, the Governor stressed that in the face of rising prices of food, raw materials and basic products, monetary policy was adapted aimed at creating the necessary monetary conditions for respecting the Bank of Albania's inflation target with the aim of maintaining financial stability and sustainable and long-term growth of the economy.

 


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