withstanding the impact of this international crisis. in this effort, our economy will find support in factors related with the flexibility of the real sectors and of businesses, the appropriate level of some macroeconomic indicators related with fiscal and monetary areas, the stability of the banking sector and the very limited exposure to nonresident ’ s assets and liabilities, the ability of the public authorities to maintain fiscal and monetary discipline and to act in a decisive and harmonized way to support economic growth. thank you!

of eased monetary policy signals is also observable in the deposits market, while it is expected to be transmitted in the future also in other market segments, conform to the time lag of the transmission mechanism. in the primary market, government security yields showed upward trend reflecting developments in relevant structural factors of the demand and supply, without signalling added risk or inflation premiums. verified developments insofar, change the basic projections for economic developments in the future. year 2012 is expected to be influenced by unfavourable developments in the global economy, which may affect the albanian economy as well. foreign demand is expected to provide lower contribution over the course of the year, impacted by economic slowdown in our trade partners. fiscal policy orientation towards further consolidation of fiscal parameters limits the space for a substantial fiscal stimulus to foster the economic activity. under these circumstances, private domestic demand remains determinant for aggregate demand increase in the future. overall, analyses suggest a better performance of private consumption and spending, helped also by the eased monetary policy stimulus. estimates of the bank of albania suggest that, in the course of the year, demand growth below the potential of the economy will continue to exercise low inflationary pressures from the demand side. at the same time, the balance of inflationary pressures generated by supply - side factors is assessed as contained, given the reduced imported inflation and anchored inflation expectations. taking into account the insofar developments and expectations for the future, bank of albania projections show that, with 90 % probability, consumer price inflation for 2012 will range within the 0. 7 % – 2. 8 % band. materialisation of this baseline scenario will be reflected in retaining the stimulating nature of the monetary policy in the course of the year. moreover, the bank of albania remains heedful to future developments and ready to respond in the appropriate time and extent in order to comply with its target on inflation. based on the analysis of the information set out above, the supervisory council holds that pressures on consumer prices at home remain low over the monetary policy relevant horizon ; they have been, however, on the down side over the recent months. on the demand side, below - potential economic growth will continue to generate low inflationary pressures, while shocks from the supply side are expected to be moderate. at the conclusion of discussions, the supervisory council decided to keep the key interest rate unchanged at 4. 25 %. this decision aims to establish the appropriate monetary conditions to comply with the inflation target in the medium run.