The governor of the Bank of Albania Gent Sejko, in a statement to the media, said that the Albanian economy is expected to grow in the coming years.

He added that the Bank of Albania will continue to support the country’s economic growth in the future.

Sejko also underlined the devaluation of the euro, stressing that the strengthening of the lek has helped reduce foreign inflationary pressures

“The Albanian economy is expected to grow in the coming years, while inflation is expected to return to the target in the middle of next year. In these circumstances, the Supervisory Council of the Bank of Albania decided to keep the stance of the monetary policy unchanged. The banking sector will continue to support economic growth in the future as well. The exchange rate of the lek against the euro has continued to strengthen in 2023. This strengthening recorded an average value of 8.5% during the second three months and accelerated further in July, registering a value of 12.1%. The strengthening direction of the exchange rate is in line with the confidence of the economic and financial balance from abroad, influenced by the rapid growth of income from tourism and by the high values ​​of foreign direct investments. The strengthening of the lek has helped to reduce foreign inflationary pressures and enabled a slower normalization of interest rates. However, the velocity of the exchange rate remains high and fluctuations in the foreign exchange market have increased recently. The trends observed in the first half of the year will continue to be present in the future. According to the basic scenario, the Albanian economy is expected to continue growing over the next three months and years. This is as a result of the economic slowdown in the Eurozone and tighter financing conditions both in the country and in the world. Inflation is expected to fall during the next three months and return to the target in the middle of next year,” he said.