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Record prices, the Bank of Albania increases the interest rate by 0.5%, Governor Sejko warns of rising food prices
Written by Rigels Seliman 4 Gusht 2022
The Bank of Albania has increased the basic interest rate for the 3rd time in 4 months due to high prices, which are expected to peak in this remaining period of the year. The decision was taken yesterday by the Supervisory Council of the Central Bank of the country, as inflation has been assessed as the main risk for the country's economy. During a press conference, Mr. Governor Gent Sejko revealed that the Bank of Albania has increased the interest rate by 0.5%. "The Supervisory Council of the Bank of Albania continues to assess that the high levels of inflationary pressures are the primary risk to the sustainable and long-term growth of the country. For this reason, in compliance with the objective of price stability, the Supervisory Council decided: to increase the basic interest rate by 0.5 percentage points, from the level of 1.25% to the level of 1.75%; increase by 0. 5 percentage points the overnight loan interest rate, from 2.25% to 2.75%; to increase the one-day deposit interest rate by 0.5 percentage points, from the level of 0.25% to the level of 0.75%", he declared.
Increase in prices
Furthermore, the Governor of the Bank of Albania, Gent Sejko, emphasized that this policy normalization, according to him, will create more suitable conditions for maintaining price stability and returning inflation to the target within the medium-term horizon. Until July, the living costs of citizens have increased above the institutions' forecasts as the Governor of the Bank of Albania, Gent Sejko, said that the increase in prices extended even further to basket products. "The increase in prices was present in a wide category of products, illustrating the continuation of supply shocks in the prices of other basket items," he said.
Increase in inflation
Meanwhile, Governor Gent Sejko emphasized that due to the impact that the war has given to the international markets, Sejko said that the import bill has been high until now, while he added that inflation will continue to grow further. "The normalization of our monetary policy will create more suitable financial conditions for the sustainable growth of the economy and the reduction of inflation. Inflation is projected to return to our 3% target in the first half of 2024. These projections continue to remain subject to high uncertainties. In particular, risks on inflation are on the upper side, while those on economic growth are on the lower side," he said.
Unemployment has been reduced
Por pavarësisht pasigurisë së lartë që është prezente për shkak të agresionit rus në Ukrainë, Sejko u shpreh se ekonomia e vendit është në trend rritës, ndërsa papunësia është reduktuar. “Përkundrejt këtyre zhvillimeve, ekonomia shqiptare ka pasur një ecuri relativisht solide në gjysmën e parë të vitit. Vëllimi i aktivitetit ekonomik u rrit me 6% në tremujorin e parë të vitit dhe treguesit indirektë sugjerojnë rritje të mëtejshme në tremujorin e dytë. Kjo ecuri pasqyron bilancet e shëndosha financiare të biznesit dhe familjeve, fleksibilitetin operacional të sektorit privat, si dhe rezistencën e sistemit financiar shqiptar ndaj goditjeve. Rritja ekonomike është diktuar nga zgjerimi i konsumit familjar, i investimeve të sektorit privat, si dhe i eksportit të mallrave dhe shërbimeve. Nga ana tjetër, rritja e çmimeve në tregjet ndërkombëtare ka sjellë rritjen e faturës së importeve, ndërsa politika fiskale ka pasur një natyrë konsoliduese”, nënvizoi Guvernatori i Bankës së Shqipërisë, Gent Sejko.