The base interest rate remains at 2.5% - Sejko: The current monetary policy stance is appropriate
The base interest rate will continue to be 2.5%. At the most recent meeting of the Supervisory Council, the Bank of Albania decided to keep the base interest rate unchanged at 2.5%.
According to the Governor of the Bank of Albania, Gent Sejko, the current monetary policy is appropriate to keep inflation under control.
"The Supervisory Council judges that the current monetary policy stance remains appropriate for achieving our price stability objective in the future. It enables the gradual transmission to financial markets of the key interest rate cut that we undertook at the beginning of July, and provides a fair balance between promoting economic growth in the short term and preserving price stability in the medium term ," said Sejko.
The Governor stated that although inflation increased, it was lower than the Bank of Albania's forecasts.
"From the perspective of the consumer basket items, the increase in inflation was dictated by the faster increase in food and rent prices, while inflation of other basket items was relatively stable. However, the inflation rate resulted somewhat lower than our forecasts, as a result of the reduction in business profit margins, the continuation of positive supply shocks, as well as the faster-than-expected decline in inflation in the Eurozone ," the Governor stated.
The easing of the monetary policy stance over the past four quarters has reduced the banking sector's funding costs and the yield on 12-month treasury bills. In addition, the Bank of Albania's increased presence in the domestic foreign exchange market has helped absorb upward exchange rate pressures.
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