gent sejko : the importance of media in analysing albania ’ s monetary policy address by mr gent sejko, governor of the bank of albania, at the end - of - year meeting with the media, tirana, 20 december 2018. * * * dear ladies and gentlemen, welcome to our end - of - year meeting with the media. i would like to thank you for your readiness, objectivity, and seriousness in covering the activities of the bank of albania and informing the public about them, throughout 2018. thanks to you, our analyses and decision - making have been communicated in a thorough manner, mindfully tailored and styled in accordance with the age and profession of the targeted audience. i must note that, in addition to broad geographic coverage, your comments and analyses on the economic and financial developments in albania have been very professional. at the bank of albania, my colleagues and i maintain that the current media reality is an important part of our activity. our decision - making could not be considered complete without your contribution. communication is a vital and delicate process for a central bank. i must emphasize that, without your help and objectivity, realisation of bank of albania ’ s decision - making regarding monetary policy and financial stability would have been an impossible mission. figuratively, i would point out that you are the ones that enable the translation of our analyses and conclusions into an adequate and easy - to - understand message for the general public. you have informed the public on our actions and interventions related to monetary policy, as well as on our decisions related to financial stability, market efficiency, banking regulations and other more specific aspects. this leads us to the conclusion that the level of reporting has improved significantly, which, in turn, urges us to be more demanding of ourselves in all the arguments and analyses underpinning our decision - making. i would like to thank you for your constructive role in reporting news items related to developments in the economy, finances, money, the banking system, inflation, financial stability, as well as to the risks towards which our economy is exposed. i would also like to assure you that the bank of albania will continue to be an open and very loyal institution vis - a - vis the media. the bank of albania will be continuously open to communication with regard to the entire spectrum of economic, financial, contemporary, professional and unbiased news. dear ladies and gentlemen, it has become a tradition now for us to organise, during the end - of

ardian fullani : overview of economic developments and key issues in albania speech by mr ardian fullani, governor of the bank of albania, on the monetary policy decision by the supervisory council of the bank of albania, tirana, 20 december 2012. * * * today, on 20 december 2012, the bank of albania ’ s supervisory council reviewed and approved the monthly monetary policy report. based on the latest monetary and economic developments in albania, and following the discussions on their future outlook, the bank of albania ’ s supervisory council decided to keep the key interest rate unchanged, at 4. 00 %. the supervisory council deems that the current monetary conditions are adequate to meet bank of albania ’ s inflation target in the medium term. moreover, these conditions ensure the right monetary stimulus to support the domestic demand. let me now proceed with an overview of the economic developments and key issues discussed at today ’ s meeting. * * * annual inflation in november stood at 2. 5 %. the major part of inflation continues to be determined by the performance of food prices. contribution of other goods was steady from the previous month. inflation fluctuation owed mainly to the supply - side factors, of external and internal origin. nonetheless, the intensity of supply shocks was low and lasted for a short period of time. the supervisory council finds that developments in the real economy and financial markets produced low inflationary pressures. the albanian economy continues to remain below its potential. this development is reflected in the low increase of wages and production costs. prices in the global markets and the exchange rate were relatively stable ; hence, they did not exercise pressures for upward prices at home. likewise, expected inflation remains anchored around bank of albania ’ s 3 % target. finally, monetary developments are characterised by low demand for liquid monetary assets. the monetary policy pursued by the bank of albania has contributed to stimulating the aggregate demand, administrating the liquidity in the system, and keeping inflationary expectations in check. this situation of inflationary pressures is expected to remain steady in the medium run. available figures on the economic activity over the second half of the year are partial. indirect data analysis, however, confirm earlier estimates for positive growth during this period, at levels similar to the second quarter of the year. economic growth was mainly driven by foreign demand, while domestic demand was weak. consumer spending is assessed to have been up during the third quarter, reflecting also better activity of the services sector. private consumption, however, remains weak, due