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Governor of the Bank of Albania: Economy will bounce back next year

The Governor of the Bank of Albania, Gent Sejko, held a press conference on Wednesday where he spoke over recent decisions on monetary policy.

Sejko said the difficult situation created from the pandemic is improving, while inflation has dropped significantly.

In addition, the governor emphasized that the pandemic portrayed a rise in unemployment, but added that the banking sector has continued without any problems its liquidity activities for businesses and families.

“The impact of the pandemic was quite serious during the second quarter of the year, but it improved in next months. These monetary conditions provides an incentive to boost the economy. The pandemic was the most serious crises that the world had faced. There was a rise in unemployment, while unprecedented fiscal measures eased the impact of the pandemic”, said the governor of Albania’s central bank.

Even though international institutions have predicted a difficult economic situation ahead, Sejko said that the Albanian economy will bounce back next year, unless the situation from the pandemic deteriorates.

He added that the key interest rate will not change.

“The economy will return to recover by next year, unless the situation deteriorates. What remains important is to continue to have coordinated financial policies between the Bank of Albania and the government”.

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