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In the markets, citizens are buying more and more expensive food products.
Rising prices of fuel, electricity and other raw materials are some of the factors, but the most important according to traders are the effects from international markets. Albania is a country that imports many goods and has a high trade deficit.
According to the Governor of the Bank of Albania, Gent Sejko, an intervention in the monetary and fiscal policy is being planned to face the situation
“We have a macroeconomic stability, sufficient financial reserves but also a very solid financial system. “With monetary policy, we will react at the same time with fiscal policy to maximize the impact of inflation on international markets.”
To the panic of citizens to be supplied with flour and other food products, the governor gives this answer:
“There is no room for panic. We receive aggravated psychological information from the war in Ukraine, but I certainly guarantee that we have a stable macroeconomic situation and assuming that the conflict scenario will be localized we do not anticipate a very aggravated economic situation, but a manageable situation. “We will continue to have economic growth and stability.”
Regarding the prices, he says that the forecasts are still gloomy:
“No one can accurately predict in this situation exactly what the conflict will be like. At the moment we are in this forecast that in 2023 there will be a stabilization of inflation and prices. “
According to him, the Bank has predicted the worst-case scenarios from the economic crisis, which could be an economic decline of -2% and rising inflation.
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