Thursday, August 6, 2015

Albania holds rate, inflation report Aug. 12

    Albania's central bank left its key interest rate steady at 2.0 percent, saying in a brief statement that this decision was based on the supervisory council's discussion of its latest monetary policy report.
    The Bank of Albania, which cut its rate by 25 basis points in January following total cuts of 75 points in 2014, will publish its quarterly monetary policy report for the third quarter on Aug. 12.
    On July 1 the central bank said is was carefully assessing any scenario that may arise in connection with the crises in Greece - Albania borders Greece on the south - and was ready to take any necessary measures to ensure price stability.
    However, it also added that Albania's economy and banks had a low exposure to Greece.
    Albania's inflation rate fell to 1.4 percent in June from 1.8 percent in May and the central bank has forecast that it would range from 1.8 to 2.2 percent this year before rising toward the bank's target over the next two years.
    The central bank targets inflation of 3.0 percent, plus/minus 1 percentage point.

    The Bank of Albania issued the following statement:
"Today, on August 6, 2015, the Supervisory Council of the Bank of Albania reviewed the Quarterly Monetary Policy Report. Based on the most recent economic, monetary and financial developments, and following discussions on the expected outlook, the Supervisory Council decided to keep the key interest rate unchanged at 2.00%."


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