Local business urges BoA to act during world financial crisis

TIRANA, May 5 – Konfindustria, an
association of local businessmen, urged
the central Bank of Albania to reconsider
its monetary policies in the country
in an effort to help the country cope
with the recent world crisis.
Konfindustria said that the bank had
failed to keep inflation under control,
which has surpassed the 0.6 percent (annual
4.6 percent) target. On top of that,
there is increasing concern about the
deepening of Albania’s commercial
deficit and the current deficit during the
first quarter this year.
The association praised the central
bank for not increasing the lek interest
rate from 6.25 percent.
It also supported the bank policy of
keeping bad loans under control, saying
bank loans should remain a most
important topic of interest to the institution.
Lastly, Konfindustria said the ongoing
power crisis was another factor having
a negative impact on the country’s
economic development. (Tirana Times Staff