a net profit of about all 9. 3 billion. current and future challenges as i emphasized many times earlier in my speech, the albanian economy is being affected more and more by the global crisis impact. the uncertainty induced from the global financial system shock was reflected in the withdrawal of a part of deposits from the banking system, thus generating liquidity problems in the system and upward interest rate tendencies. this situation has naturally decreased the possibilities and willingness of the system to credit the economy. on the other hand, global economy developments suggest that during 2009 the albanian economy may be faced with a decreased level of remittances and capital inflows. these developments, in turn, would further decrease the possibilities for financing the economic activity and would damage the foreign currency demand and supply balances. they give rise to depreciating pressures on exchange rate, likewise in many economies of eastern europe. this depreciation is in itself a corrective behaviour, under the conditions of a flexible exchange rate regime applied in albania. from bank of albania ’ s viewpoint, the main problem the albanian economy will encounter during the current year is lack of liquidity, and related to it, the tightening of conditions for financing activities. as we have emphasised even in our public presentations, this restriction should be recognised and factorised in business plans of all economic agents. the albanian economy will access less credit during 2009. lack of liquidity would also reduce the possibilities of the fiscal and monetary policy for reaction. under these circumstances, a broader efficiency is required in making use of banking system funds, via a priority ranking of expenditures in view of their impact on the economic growth. furthermore, the bank of albania deems that current account deficit behaviour should be constantly monitored. equalization of this deficit to reduced capital account inflows should be another priority of development of economic policies. as i emphasised earlier, this moment significantly conditions the financial and macroeconomic balances at home. therefore, it will be constantly held in focus of bank of albania ’ s monetary policy. honourable mr. chairman of the commission, honourable ladies and gentlemen, the current problems the albanian economy is faced with have not originated in albania ; therefore, their solution will mostly depend on global economic activity improvement. the country ’ s macroeconomic stability has absorbed the economic and financial global crisis impact on the country ’ s economic activity. this stability, reflected in low consumer price inflation, stability of the balance of payments and public debt, sound balance sheets of economic agents, low

at high schools and universities, regional meetings with representatives of the banking system, local government, business and the public. the bank of albania has carried out its work in two main directions : first, enhancing the transparency and communication with the public on its decision - making ; and second, enhancing the banking system ’ s transparency. during 2008 the bank of albania tried to enhance the transparency about decision - making and its effects on the economy, adding not only physical contacts and the number of publications, but also investing in public education, in order to raise the economic culture in general and the financial one in particular. it has aimed at ensuring a compliance of the rational decision - making at micro level with bank of albania ’ s decisions. only during 2008 : • there were published more than 4500 pages in albanian and above 2100 pages in english ; • there were distributed about 80. 000 educational brochures ; • there were carried out training workshops for about 100 teachers of economics in tirana and vlora ; • there was organised a competition on “ real value of money ” in tirana and vlora ; • there were organised 44 conferences, workshops, seminars, forums and round tables ; • there were organised 5 training workshops with journalists from visual and written medias in the field of economics. also, “ transparency on decision - making ” was enhanced by providing signals on future tendencies of monetary policy decision, thus creating a standard form of communication that enables the public to perceive the direction of future monetary policy decisions. “ transparency on economic developments ” was enhanced through the publication of inflationary expectations tendencies generated from forecasts and analyses based on empirical models of the bank of albania and from the extension of the forecasting period from 12 to 24 coming months. also, it is worth noting that in the framework of the banking system transparency, a set of regulatory measures were prepared, aiming to enhance transparency to clients, and protect them in consequence. the financial result the bank of albania has carried out its economic and financial activity pursuant to effective laws. its balance sheets have been constantly monitored and have been audited by the kpmg, which has certified their truth in compliance with the accounting policies adopted by the bank of albania ’ s supervisory council. during 2008 bank of albania ’ s balance sheet assets increased by all 60. 1 billion, or about 23 percent. this growth is attributed mainly to increased foreign reserve of the bank of albania and its transactions for injecting liquidity in all. during 2008 the bank of albania had