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Since 2003, when it started to apply the interest rate policy, the main goal of the Bank of Albania has been to reduce them. This reduction of rates makes it more accessible for citizens to have the opportunity to receive money. After rates hit record lows during the pandemic, the Bank was forced to raise them again to combat the price crisis:
“This measure leads to an increase in the cost of loans, an increase in the cost of money, better and more careful selection by banks and it is inevitable that the cost of other banking services will increase further and all in the end. leads to increased costs of doing business and the cost of citizens. I believe that the rates will be revised and in its entirety can not but lead to a slowdown in economic growth.
The consumer price index or inflation came for two main reasons in the country:
“Domestically due to failed policies that have been pursued mainly to boost production, minimalist support of the agricultural sector, and from abroad is carrying the effects of the crisis, because we are part of the global economy.”
According to expert Zef Preci, the decision of the Bank of Albania should be supported by the government, with the review of tax policy:
“Improving fiscal policy nowadays is good governance. Expanding the base of taxpayers, without raising taxes and without popularizing with taxes that are removed and imposed. If we import 55% of the grain today, it should not be like this next year and this year, appropriate measures should be taken. ”
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