IMF: The free exchange rate regime, the right choice - the Head of Mission in a meeting with Governor Sejko, evaluates the monetary policy of BSH
The International Monetary Fund has evaluated the choice of the Bank of Albania to maintain a free exchange rate regime.
Recently, the Governor of the Bank of Albania, Gent Sejko, held a meeting with the mission of the International Monetary Fund, headed by Anke Weber, head of the Mission for Albania.
The purpose of the Mission's visit to Albania is to hold talks with the Albanian authorities within the framework of chapter 4 on the movement of capital of the European legislation, for which the Bank of Albania will lead the process of approximation with the European Union.
Governor Sejko introduced the interlocutors to the latest developments in the local economy, where he emphasized that the main indicators of its economic, monetary and financial stability are in a positive development trend.
The representatives of the International Monetary Fund expressed their appreciation for the monetary policy followed by the Bank of Albania and for its important contribution to monetary and financial stability. Also, they underlined the positive role that the free exchange rate regime had in cushioning shocks and emphasized the need for its continuation in the future.
IMF officials positively assessed the ongoing supervisory and regulatory work of the Bank of Albania, as well as its impact on the positive indicators of the banking sector.
In a free regime, the value of the lek against foreign currencies is freely determined in the foreign exchange market. Exchange rate fluctuations reflect the free movement of goods and capital in Albania's commercial and financial exchanges with its trading partners.
Without violating the regime of a free exchange rate, the Bank of Albania can carry out actions in the foreign exchange market with the objective of adjusting the exchange rate to the level determined by the basic macroeconomic factors, avoiding disturbances and increasing or decreasing the foreign exchange reserve.
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