policy will need to take heed of both internal and external stability. this balance of emphasis will provide thailand with some flexibility in dealing with the pressure that could stem from the external front. in essence, i see the need for monetary policy in the period ahead to be vigilant and give due safeguards to both internal and external stability. one question often asked is, “ does the continued emphasis on stability mean that monetary policy is abandoning growth? ” the current policy preference for now is clear – stability ahead of growth. and to qualify this, i would like to make three points. first, an important pre - condition for growth on a sustained basis is a stable macroeconomic environment. to this end, the best contribution that monetary policy can make to promote growth is to ensure continuity of macroeconomic and financial stability. i remarked earlier that macroeconomic and financial stability are the gains we have made in the last few years. they are the gains that we must continue to preserve. second, the increased emphasis of monetary policy towards external stability so far has not put undue pressure on key domestic interest rates. they remain broadly accommodating. this is because of the large liquidity overhang in the banking system. i believe interest rates at the current levels are appropriate and consistent with the need to support the recovery of domestic demand, provide incentives for corporate debt restructuring, and maintain the economy ’ s cost competitiveness. and third, in addressing the issues of growth with stability, we must look for a proper coordination of fiscal and monetary policies. at this time, fiscal policies will have a dominant role in reviving the weaknesses in domestic demand. the government has been cautious to balance fiscal stimulus measures within the context of longer - term fiscal sustainability. the role of monetary policy is to ensure the continuity of macroeconomic and financial stability. ladies and gentlemen, one of the key concerns over thailand ’ s long - term fiscal sustainability has been the issue of how the government will find solutions to the remaining cost of financial restructuring. the cost, which includes the remaining uncovered losses up to now plus the contingent losses for the next three years, is currently estimated at 774 billion baht or about 17. 2 billion us dollar. on this issue, yesterday, the thai authorities announced a plan which would constitute a comprehensive solution to this problem. the solution centres on a programme of government guaranteed bond issue that would provide for the full financing of the estimated cost. this programme of bond issuance will run for a maximum period of

is the return of inflation to the target at a shorter time. for that reason, we are engaged in a normalising cycle of the monetary policy stance, by increasing the policy rate to 2. 75 % from 0. 5 % during 2022. this normalisation aims at establishing a better supply - demand equilibrium for goods and services, by inducing the adequate stimuli for both the monetary and financial stability of albania. this stability - as we have continuously emphasised - remains the crucial precondition for the sustainable and long - term growth of the economy and for the social welfare and equality. forward looking, projections in our baseline scenario suggest inflation will reduce in the course of the next year, and return in our 3 % target in 2024. also, these forecasts show the albanian economy will continue to grow in the coming years. despite the growth will somewhat slow down the momentum in the short run, the stabilisation of monetary environment and the reduction of uncertainty will pave the way for a faster economic growth in both medium term and long term. last, but not least, our forecasts suggest that financial markets will continue to be calm, the foreign exchange rate relatively stable, and the soundness of financial intermediaries, including the banking sector, will not be jeopardised. allow me to highlight that this economic prognoses, first reflects the health of the private sector in the albanian economy. in recent years, this sector has marked a distinguished progress, in terms of finding new markets, strengthening operational efficiency, improving financial soundness, and enhancing its strategic vision. the rapid rebound of the albanian economy after the pandemic shock bests certifies this progress. i think that the qualities that helped private sector in that period : care for the employees ; collaboration among businesses, both in horizontal and vertical plans ; the right share of costs in all the production chain ; and the operational and financial flexibility will be important elements for tackling high inflation. in parallel, i believe that the banking sector will continue to financially support the businesses, by orienting funds towards profitable projects and most productive sectors. last, our prior task, as public decision makers, is to take the adequate measures to restrain the supply - side shock in causing long - term consequences in the soundness of the albanian economy. in this context, i assure you that the bank of albania will continue to be entirely devoted to guarantee the price stability and financial stability of albania. dear ladies and gentlemen, while, we have