gent sejko : money and banking in albania, from antiquity to modern times opening address by mr gent sejko, governor of the bank of albania, at the first conference of the museum of the bank of albania “ money and banking in albania, from antiquity to modern times ”, tirana, 14 june 2017. * * * dear professor picard, dear academics, professors and researchers, dear guests, it is a special pleasure for me to welcome you to the first conference of the museum of the bank of albania. this is a special event, which brings together academics, researchers, and experts of central bank and currency museums, to establish a new bridge of communication and cooperation that will help us to take further our work at the museum. in our short experience in museum management, we have learned that it is very essential to cooperate with other institutions responsible for the administration of cultural heritage, as well as with scientists and experts that study and preserve them, and tell their history. also, with the support from the ministry of culture, centre for albanian studies and institute of archaeology, we have today the museum of the bank of albania, whose collection displays unique and impressive items. the systematic work of our distinguished archaeologists and of the dedicated central bank employees over the years has helped in materialising the efforts for presenting the history of the albanian currency, from the axes of the hoard of torovica, to the first coins struck in dyrrhachium, to those in circulation throughout various historic periods, up to modern days. through over 30 exhibits and 5 educational rooms in the museum, we show interactively the ancient history of our currency. the permanent exhibition in the lower floor displays collections from monetary systems that have existed in our territories over the past two thousand years. they are part of the numismatic collection of the bank of albania and the albanian institute of archaeology. we have selected and studied them meticulously in a close and long process of cooperation with archaeologists, numismatists, historians and ethnologists in albania. i take this opportunity to thank them for their valuable contribution. our museum, however, is not just a money museum. it is also the museum of the central bank, which considers financial education as an essential objective. the public needs to be informed in order to be able to make judicious and sound financial decisions, which, in turn, contribute to financial stability. that is why we have dedicated the upper floor of the museum to financial information and

ardian fullani : recent economic and monetary developments in albania speech by mr ardian fullani, governor of the bank of albania, at the press conference on the monetary policy decision of the bank of albania supervisory council, tirana, 28 december 2011. * * * today, on 28 december 2011, 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 leave the key interest rate unchanged at 4. 75 %. the supervisory council deemed that the actual monetary conditions are appropriate to meet the inflation target over the medium run and provide the necessary monetary stimulus and to support economic activity in albania. ( let me now proceed with an overview of economic developments and main issues discussed at today ’ s meeting. ) * * * inflation rate in november was 2. 9 %, slightly down by 0. 1 percentage points from the previous month. most of inflation in november was formed by higher prices of processed foods and non - food consumption goods, whereas other items of the consumer goods basket had low inflation rates. recent months were characterised by progressive reduction of inflationary pressures on the economy. on the supply side, prise rise slowdown for main products in international markets and national currency stability were reflected in dampened imported inflation. moreover, the cancelling out of direct administered price increase effects contributed to lower inflation rates during this period. on the demand side, below - potential growth of the albanian economy and under - utilised capacities in the labour and capital markets were reflected in limited pressures on production costs and ultimate prices in the economy. furthermore, the bank of albania ’ s positive experience on inflation control and its reliable monetary policy have contributed to controlling inflation expectations and mitigating transmission of supply shocks on headline inflation. overall, this trend is expected to continue in the period ahead. the absence of direct data on real economy indicators makes a comprehensive analysis of the albanian economy difficult. our judgement is thus based on indirect data, which proxy developments in various sectors of the economy, as well as information filtered from monetary indicators, fiscal indicators, external sector indicators, and businesses and consumer confidence surveys. the analysis of these indicators supports the assessment for positive - but - below potential performance of the albanian economy in the second and third quarters. economic growth was also supported by external demand and public sector demand, whereas private consumption and investments continued to be sluggish