Albanian account deficit increases by 60%

TIRANA, Dec. 8 Albania’s current account deficit was 840 million Euros for the first nine months of the year, an increase of 60 percent compared to last year.
Officials attribute the rising deficit to the sharp increase in commodities prices and a steep decrease in remittances from Albanians abroad, according to the central the Bank of Albania.
Fuel imports in Albania reached 210 million Euros, an increase of 50 percent compared with 2007, while the remittances stood at 623 million Euros, down 13 percent compared with the previous year, the bank reported.
Next year’s budget has cut its deficit from 5.2 percent to 4.2 percent instead of the 3.5 percent recommended by the International Monetary Fund (IMF).
The country’s currency has remained stable.