Tirana, 25 March 2008. The Bank of Albania concluded in its latest report that Albanian financial nonbank intermediaries, comprised of insurance companies and pension funds, remain undeveloped.
In general, the Bank of Albania is satisfied with the steady growth of the Albanian financial market and, especially, Albanian banks during recent years. However, the bank remains worried about the future development of Albanian banks and the financial market in general. The Bank of Albania blamed the poor development of other financial instruments, such as insurance companies and pension funds. According to the data released by the Bank of Albania, the banks currently control 76 percent of the financial market. In the meantime, the product penetration of insurance companies and pension funds remains comparatively low.(Tirana Times Staff)
Trade deficit rises as imports grow by 22.6%, 65% of all trade with European Union
Tirana, 2 April 2008. INSTAT released its trade figures for February, 2008. According to the data, the trade deficit for February rose to $260 million, or 10.9 percent more than in January, and 26.5 percent more than February, 2007.
During February, Albania exported $90 million in goods, or 17.15 percent more than in January, 2008 and 13 percent more than in February, 2007.
During February, Albania imported goods worth $350 million, or 12.5 percent more than in January, and 22.6 percent more compared to February, 2007.
According to the report, 65 percent of the country’s trade is with the European Union. Albania’s main trade partners, according to INSTAT, are Italy and Greece. However, there was a slight rise in its trade with Croatia, China, Turkey, Austria, Russia, and other countries. (Tirana Times Staff)
Businesses urged to purchase insurance
TIRANA, March 31 – Gjok Uldedaj of the Tirana Chamber of Commerce has urged local businesses to purchase insurance. He pointed to such events as the recent explosion at an artillery shell disposal factory near Tirana which caused loss of life and many business to be destroyed, as a reason businesses must be insured.
Uldedaj noted that insurance companies proved themselves during the recent disaster by acting quickly to compensate those businesses that were insured.
However, Uldedaj was quick to add that there should not need to be such incidents to make businesses aware of the importance of insuring themselves and their future.(Tirana Times Staff)
