public confidence would lead to more effective mobilization of all financial resources in the economy, addressing them according to free market principles to the benefit of individuals, businesses, decision - makers and banking industry itself. ultimately, this would be translated into the benefit of the country, giving an additional, real and tangible opportunity to the country ’ s rapid convergence to the european union. thanking you for your attention, i invite you to discuss on these issues.

have provided a tangible contribution to the maintaining of the economic activity along this period, but they have been associated with increased pressures over the money markets. the bank of albania considers that the fiscal policy should continue to be prudent towards these balances in the future, and should take into consideration the long - term fiscal stability while drafting and implementing mid - term and long - term budget plans. external trade was featured by weakening in the trade volume during the first nine months of the year. however, trade exchanges value recorded during september is the highest recorded since 2009. after about three months of constant narrowing, the trade deficit enlarged during this month by about 9 percent in annual terms. exports dropped by about 18 percent in annual terms, though the lek ’ s weak position vis - a - vis the euro is a favourable factor for exports. imports recorded positive growth rates for the first time since january of the current year. in annual terms, they grew approximately 1 percent, due to positive growth rate of consumer goods import, whereas import of intermediate goods and capital has declined. monetary indicators of september presented a slower performance of the banking system ’ s intermediating activity. in annual terms, broad money recorded a nominal growth of 2. 8 percent in september, against 4. 5 percent in august. foreign currency credit contraction and intermediation of the public sector credit by nonbanking agents have influenced the slowdown of monetary indicators growth rate. in september, loan portfolio of economy grew at lower rates than in the previous months. annual credit growth rate decreased to 13. 2 percent. the credit slowdown is totally a consequence of foreign currency credit tightening, while the all credit increased by 31 percent in annual terms. the major part of the new credit, around 85 percent of it, was absorbed by businesses and was used mainly for meeting the needs for liquidity, whereas credit for long - term investments decreased. also, household loan portfolio growth decreased, chiefly due to consumer credit contraction. housing loan to households continues to maintain positive growth rates, remaining at 5 percent in annual terms. domestic credit intermediation in all has raised the need for bank of albania ’ s presence by injecting liquidity. the banking system needs for liquidity have been met through open market operations of the bank of albania, preserving an appropriate time structure of this injection. short - term interest rates in the interbank market have reflected decreased borrowing cost by the bank of albania and have been steady. furthermore, the primary market was featured