Monetary Policy Report for the third quarter of 2009
Author: Monetary Policy Departament
Printed on: 05.11.2009
Production date: 05.11.2009
Material category : Periodic Publications / Quarterly assessment of the economy
The third quarter of 2009 witnessed positive signs in the Albanian economy
and financial markets. It particularly marked a turning point in terms of restoring
confidence in the Albanian banking system. The stable liquidity situation, the
preservation of financial stability and the banking system’s capitalization
parameters constitute a solid platform for restoring its intermediation and
financial role in economy. In tandem with the latest positive tendencies of
the global economy, which still remain frail in terms of their nature and
permanence, these developments prompt us to consider the future Albanian
economic activity under the optics of a prudent optimism.
Over the course of the year 2009, the Albanian economy has been affected
by the global economic and financial crisis primarily through the decline of
foreign demand and remittances, higher risk premiums and reduced and highcost
financial support. However, our economy continued to record positive
economic growth rates during this period, while the domestic inflationary
pressures remain contained. Economic activity at home has been sustained
by the fiscal stimulus and the preservation of relatively high consumer demand
rates. In the meantime, investments and export demand have recorded lower
growth rates in the first nine-month period.