PRESS RELEASE
The Governor of the Bank of Albania, Dr. Shkëlqim Cani, meets with Mrs.Doris Koehn, Vice President of the German Bank, KFW, and Chairman of ProCredit Bank' Board, Albania

The Governor of the Bank of Albania, Dr. Shkëlqim Cani, met toady the Vice President of the German Bank, KFW, Mrs. Doris Koehn, at the same time Chairman of the ProCredit Bank' Board in Albania. The main topic of discussion was the macroeconomic developments in Albania and ProCredit Bank performance in the Albanian banking market.

In his speech, Governor Cani stated the developments of the main macroeconomic indicators are positive. The Albanian economy, due to a quick and stable development of the private sector, is recording an average growth of the Gross Domestic Product at 6 per cent. The monetary policy of the Bank of Albania results successful and the general level of prices is kept under control, within the two-to-four percent targeted range. The last expectations also show that the economic growth for 2004 will be about 6 per cent and inflation within the 2-4 per cent targeted band.

Regarding the banking system, the Governor said that after the privatization of the largest bank, the Savings Bank, from the Raiffeisen Bank, competitiveness is expected to be considerably raised. In general, ProCredit Bank's indicators are positive. This bank appears to show an aggression that should go on with the opening of new branches in Tirana and in other cities as well. But, in the same time, continued Mr. Cani, after the implementation of the automated network of money withdrawal, (ATMs), ProCredit Bank should appear more aggressive in supplying the clients with credit cards and providing other services too.

Mrs. Koehn estimated the monetary policy and the Bank of Albania Management as excellent and of positive impact on the successful activity of ProCredit Bank in Albania. ProCredit Bank is in the process of making contracts and very soon will provide credit cards and other services, to strengthen its position in the Albanian banking market even after a strong competition will emerge with the presence of the Raiffesen Bank.