Monetary Policy Document 2015

This document lays out the Bank of Albania's monetary policy strategy - the main principles for the formulation, implementation and communication of the monetary policy – and presents the main channels for its communication. The document delineates in concrete and transparent terms the primary objective of the Bank of Albania, and the theoretical and operational framework for monetary policy formulation and implementation. The Monetary Policy Document has been designed as a follow-up of the Monetary Policy Document for 2012-2014. The monetary policy strategy maintains Bank of Albania's principles and practices during the past years. It has also been complemented with new elements in the analysis and forecasting process, in line with the latest international practices in the field of monetary policy, and the economic and financial market developments in Albania. The publication of this document contributes to enhancing Bank of Albania's transparency and accountability. It also helps anchor economic agents' expectations to the 3.0% inflation target, directly contributing to the improvement of the monetary policy efficiency.