are still in search of a “ friend ” to negotiate with the bank. as mentioned above, i understand that above all the reason behind might be our poor tradition in addition to the high degree of informality and a lot of other objective and subjective reasons. however, i think that the cause might be even the lack of detailed clarifications, and lack of informative publications, and lack of the propaganda in the public environment as well as in media. i think that in the propaganda spaces in the media more space should be given to the clarifications of special products, while launching of new products should be accompanied by standard advertising campaigns. dear participants, allow me that before closing my speech to express again my high appreciation on the albanian association of banks, ensuring that governor of bank of albania will always be its decent partner in the long path of institutional co - operation. i sincerely hope that this meeting of banking associations is an important step towards establishing a fruitful regional co - operation. i am personally committed, in future contacts with my colleagues of the region ’ s countries, to dedicate a special room to this co - operation, hoping that i will find on them a well - understanding and full support. i again wish you successful and fruitful proceedings of this meeting. thank you.

of credit growth reflects the banks ’ cautious in terms of lending. in this context, the bank of albania points out that, notwithstanding the externally generated short - term risks, the medium and long - term outlook for albania remains sound. albanian consumers and businesses should be more realistic about their development plans and adopt a more pragmatist approach to increase current investments and consumption. also, the banks ’ sound balance sheets should provide more financial funds to support the economy by increasing lending. looking forward, the new information obtained during the last month confirms our previous projections on the expected performance of the albanian economy over the monetary policyrelevant horizon. the albanian economic activity is expected to grow at positive but low and below potential rates. the poor performance of private investments and consumption restricts the room for economic growth. on the other hand, preliminary information suggests that the fiscal stimulus may be upward in the next year, complementing the foreign demand as a short - term contributor to next year ’ s economic growth. however, the overall effect of fiscal stimulus will depend on the response by the private sector and financial markets. at the same time, its long - term effect will depend on additional costs that it will bring about on the budget. the bank of albania deems that the aggregate demand will not exert upward pressures on inflation. against the backdrop of a stable monetary environment, well - anchored inflation expectations and moderate impact from import prices and exchange rate, inflation is expected to remain within the bank of albania ’ s target over the period ahead. under these circumstances, our monetary policy is expected to retain its stimulating nature in the medium term. * * * concluding the discussions, the supervisory council decided to keep the key interest rate unchanged, at 4. 0 %. bis central bankers ’ speeches