BoA analyzes the economy: “Every one of our policies and forecasts is made under the conditions when there will be no other quarantine”
The Bank of Albania has published the latest monetary policy report for the last quarter of the year. “The information obtained in the analysis in this report shows that economic activity has improved during the summer months, after the strong decline recorded in the second quarter. This recovery reflected the easing of social distancing measures and the support provided by the comprehensive fiscal, monetary and macroeconomical stimulus. However, despite the positive trends, the prospect of future economic recovery remains fragile. The new wave of infections and the introduction of restrictive measures in many countries, and potentially in Albania, present serious challenges for public health and the performance of the economy in the coming period “- underlined the Governor of the bank, Gent Sejko in the presentation of the report. In this context, the Supervisory Council of the Bank of Albania considers that the current monetary policy stance remains appropriate.
“Monetary conditions and low interest rates provide the right support for economic growth and for bringing inflation back to target by 2022,” he added. The institution estimates that the pandemic has given a strong negative impact on the Albanian economy and that its consequences are clearly materialized in the main indicators; Measures of social distancing and growing uncertainty have led to strong contraction in economic activity, reduced employment and declining inflation.
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