ardian fullani : overview of albania ’ s latest economic and financial developments speech by mr ardian fullani, governor of the bank of albania, on the monetary policy decision - making of the bank of albania ’ s supervisory council, tirana, 28 august 2012. * * * today, on 28 august 2012, the supervisory council of the bank of albania reviewed and approved the monthly monetary policy report. based on the analysis of albania ’ s latest economic and monetary developments and following discussions on their performance outlook, the supervisory council of the bank of albania decided to keep the key interest rate unchanged at 4. 00 %. the supervisory council deems that the monetary conditions are appropriate to meet the inflation target in the medium run and provide the needed monetary incentive to support the domestic demand. let me now proceed with an overview of the economic and monetary developments and key topics discussed at today ’ s meeting. * * * annual inflation marked 2. 7 % in july, up 0. 5 percentage points from a month earlier. the inflation rate went up mainly due to higher unprocessed food prices during this month. similarly, non - food consumer prices added their contribution to annual inflation as a result of higher oil prices. regardless of minor fluctuations, the contribution of other goods of the basket to inflation remained steady. despite rising, consumer price inflation remains in the lower interval of bank of albania ’ s inflation target band. from the macroeconomic viewpoint, it rose due to impact of transient factors, while the poor performance of aggregate demand continues to generate low pressures on consumer prices. furthermore, increase in production costs remains weak, imported inflation remains low, and inflation expectations of economic agents remain anchored. second - quarter data on the economy point to slow growth of economic activity during this period. while some of the indirect indicators signal improvement from the first quarter, consumers ’ propensity to save continues. this behaviour is reflected in the postponement of substantial expenditures, increase in deposits and investments in securities, and decline in consumers ’ demand for bank loans. private investments remain weak, reflecting the poor performance of the final demand in the economy. capacity utilisation rate remains low, whereas exports of machineries and equipment fell 9. 5 % in the second quarter, in annual terms, after expanding about 1. 5 % in the first quarter of the year. the banking system continued to grant credits for private investments at rates comparable to those of the first quarter of the current year. the fiscal policy pursued its consolidation during the first

gent sejko : intensifying mutual cooperation between albania and turkey speech by mr gent sejko, governor of the bank of albania, at the signing of the memorandum of cooperation between the bank of albania and the central bank of the republic of turkey, tirana, 6 november 2017. * * * honourable governor cetinkaya, your excellency ambassador bayraktar, dear members of the delegation from the central bank of the republic of turkey, dear guests, ladies and gentlemen, i have the pleasure to have the governor of the central bank of the republic of turkey, mr murat cetinkaya, as our guest on a one - day visit to the bank of albania, on the occasion of the signing of a memorandum of cooperation. this memorandum is an expression of our common will and desire to continue and intensify the mutual cooperation that has been already in place for years. opening addresses are supposed to be brief and i would rather not break with such tradition. however, i find it appropriate to share with you some thoughts on : ( i ) the international context surrounding the signing of this memorandum ; ( ii ) the current level of the bilateral relations between albania and turkey ; and, ( iii ) the main aspects of future cooperation. 1. international context our institutions – the respective central banks – play a significant role in promoting and guaranteeing monetary and financial stability, supporting the sustainable development of our countries and the welfare of our citizens. the central banks draft, implement, monitor and assess their monetary, micro and macro - prudential policies against the backdrop of a highly integrated and interdependent global economy. on the one hand, integration bolsters economic growth, enabling a more efficient distribution of labour and capital, thus facilitating the transfer of knowledge and of technology, and promotes the adoption of best practices in economic and financial management. on the other hand, experience has shown that globalisation may spill over and amplify negative shocks among the countries, hence creating risks to financial stability, which interfere with central bank mandates. the experience of albania during the transition period and onward perfectly illustrates these aspects. the albanian economy has benefited from integration with the global economy ; but, recently, we have also been under the pressure from consequences that some of our trading partners experienced due to the financial crisis. therefore, our response functions have become increasingly complex, relating not only to the adjustment of the domestic product, labour and capital markets to external shocks, but also to the performance of international