rate remained unchanged at 1. 0 % while the financial market was supplied with the necessary liquidity and informed through the forward guidance on the future path of the monetary policy stance. the accommodative monetary policy implemented by the bank of albania has proven successful for boosting economic growth, inducing better utilisation of production capacities and building up inflationary pressures in the economy. the transmission of the monetary stimulus is noted in several aspects : first, the monetary stimulus has led to the reduction of financing costs for households and enterprises. interest rates are close to historical lows, across all the range of financial instruments. second, the accommodative monetary policy has led to the expansion of credit in lek, and to the reduction of existing debt service costs. lek credit to the private sector increased at 6. 7 %, on average, in 2018. in parallel, the reduction by 5. 6 percentage points of the interest rate on lek credit compared to 2011 – when the monetary policy easing started – helps albanian firms and households to save around all 15 billion per year. third, the accommodative monetary policy has supported albania ’ s financial stability. growth of demand for goods and services and reduction of debt costs led to the improvement of the solvency of firms and households, and has encouraged loan restructuring. also, the orientation of lending toward lek credit has reduced the exposure of the economy and of the financial system against exchange rate volatilities. monetary policy - related measures undertaken by the bank of albania have contributed to the expansion of aggregate demand and boosting economic growth. our assessments suggest that the accommodative monetary policy stance has contributed positively, on average by 0. 5 percentage point, to economic growth in the last two years. also the accommodative monetary policy stance has contributed to the stability of the domestic currency. both transmission channels have contributed and will continue to contribute to price stability in albania. the current trends in the development of the economy and our projections suggest that inflation will converge toward the target within a two - year horizon. banking supervision and financial stability the main aspects of our work for safeguarding financial stability were strengthening the stability of the banking system, enhancing its resilience to shocks, adopting international standards on supervision and regulation, and administration of consolidation processes in the banking sector. the bank of albania judges that the ability of the banking sector to withstand risks is high. the activity of the banking sector in 2018 was stable with

in malaysia, have implemented the prudential standards issued by the ifsb. these prudential standards which have been designed to take into account the unique features specific to islamic finance will contribute towards ensuring its soundness and stability. developments in the sukuk markets the year 2007 saw an exceptional growth of the global sukuk market which expanded by more than 70 percent during the year. new issues during the year reached a record high to about us $ 47 billion and the outstanding global sukuk market has now surpassed the us $ 100 billion mark. despite the more challenging international financial environment arising from the financial crisis that has occurred in a number of the advanced economies in the recent twelve months, the sukuk market while also affected, it has been to a lesser extent. up until june 2008, it has held its ground with a total global issuance now exceeding us $ 10 billion. with greater recognition of the sukuk market as a competitive and attractive form of financing, the global sukuk market is expected to continue its growth going forward. the international islamic financial hub evolving in malaysia is supported by five pillars. pillar 1 : sukuk origination following the first ever sukuk in the world that was issued in malaysia in 1990, malaysia has now developed a deep, liquid and vibrant sukuk market. recently, the largest sukuk ever was raised in the malaysian sukuk market in 2007. the magnitude was approximately rm15 billion or about usd5 billion equivalent. despite being issued during the height of the subprime crisis, it attracted huge demand and was oversubscribed by more than two times. sukuk origination has thus been identified as one of the important pillars of the malaysian islamic financial system. as of the end of 2007, more than 60 percent of the outstanding global sukuks originated from malaysia. it has been increasing by an annual rate of about 20 percent and it accounts for about 56 percent of the outstanding bond market in malaysia. several foreign multilateral development banks, quasi sovereign agencies and mncs have received the approval of the authorities for the issuance of sukuks in our domestic sukuk market. the malaysian foreign exchange administration rules have been extensively liberalised to enable non - resident corporations to raise ringgit and foreign currency denominated funds from our market. international issuers may thus issue multi - currency sukuks in addition to having the flexibility to swap domestic currency funding into other currencies. pillar 2