PM: Global Crisis Will Affect Albania

Tirana, Oct 28 Albania’s Prime Minister Sali Berisha admitted on Tuesday at a business roundtable that the economy would be affected by the global economic downturn.
Albania is not directly affected by the crisis but will see a slowdown in emigrant remittances, which account for almost 1 billion every year.
“Not only emigrant remittances but also investments will slow down,” said Berisha.
“For us it does not remain anything more than to continue our work that improves the environment for investments, despite what happens in the international markets,” he added.
According to the Albanian premier the banking system in the country is functioning normally.
On Monday Albania’s Central Bank announced that it will limit the investments foreign banks operating in Albania make to their parent companies, in an effort to thwart the international financial crisis knocking on the door.
According to the new regulations, foreign banks currently operating in Albania would not be allowed to invest more than 10 percent of their capital in parent companies. Previously the limit was 25 percent.
The move also aims to counteract a possible economic slowdown by making sure that there is ample credit for the internal market.