Bank of Albania on inflation

TIRANA, Aug. 20 – The central bank of Albania said Wednesday that annual inflation in July was 3.2 percent, considered as the highest norm this year, or two times more than the same period a year ago. That waas reflected mainly in the prices of the foodstuff products.the bank said that the lower offer for agricultural products, the effect from the high inflation of the neighboring countries and those Albania deals with and the recent increase of the electricity price were the main causes for that inflation rate. The situation is expected to change in the coming months because of the budget expenses and the budget deficit. The interest rate did not change but kept at 5.25 percent since it was set in July. The bank said its effects has not been reflected to the deposits.
The bank said that keeping inflation under control remained the major goal for that it would make all the necessary movements to guarantee the softening of the inflationist pressure in the economy.
The bank also dealt with the sale of 11.25 percent fo the shares at the ProCredit Bank from the European Bank for Reconstruction and Development to the ProCredit bank itself, which now has 43.75 percent of the shares.