Monetary Policy Document for 2012-2014

The Monetary Policy Document for the period 2012-2014 has been designed as a follow-up of the Monetary Policy Documents for the period 2004-2011. It is formulated in line with Albania’s comprehensive medium-term development programme and the Bank of Albania’s Medium-Term Strategy. In general terms, the monetary policy strategy for the period 2012-2014 will maintain the key principles and arrangements pursued during the recent years. It will, however, be complemented with new elements in the areas of economic analyses, forecast and the decision-making, in line with the most recent practices of monetary management and the economic and financial market development in Albania. This Document explores, in concrete terms, the commitment of the Bank of Albania to being a transparent institution. The disclosure of the key monetary policy components enhances the transparency and accountability of the Bank of Albania. In addition, it serves to anchor the economic agents’ expectations to the inflation target, thus providing a direct impact on the enhancement of the monetary policy efficiency.