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Albania’s central bank to apply de-euroisation measures

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15 mins read
9 years ago
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TIRANA, July 4 – Albania’s central bank says it is in its final stage of concluding a de-euroisation strategy and intends to launch its implementation next year in a bid to accelerate the reduction of the current high levels of foreign currency in the country’s banking system, considered a key barrier for the transmission of its easier monetary policy and giving a boost to sluggish credit and consumption. Governor Gent Sejko says the de-euroisation strategy will discourage savings and credit in Europe’s single currency currently accounting for half of total deposits and loans in a gradual process to make the…

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Story Highlights

  • “The measures apply to the level of compulsory reserve, public transparency, but there could be a certain effect in the financial sector and we have to be quite sure that every kind of measure undertaken by the Bank of Albania as a regulator should have a mitigated and well-managed impact on the financial sector in order to avoid negative shocks to the financial sectors,” says central bank governor Gent Sejko

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