PRESS RELEASE
The Governor of the Bank of Albania, Mr.Shkëlqim Cani, meets with the IMF Mission

The Governor of the Bank of Albania, Mr. Shkëlqim Cani met today in the morning the International Monetary Fund Mission that is visiting Albania these days, headed from Mr. Julio Escolano, Chief of the Mission and followed by Mr. Jan Peter Olters, Resident Representative of IMF Office in Tirana.

The discussion was mainly concentrated on the main following issues: the monetary developments and inflation, the exchange rate developments, the crediting growth and the changes of the regulative framework of banking supervision. It was also dialed with the agenda of the next Mission of November 2004.

The Governor stated in his speech that the data of the last months and the forecasted developments of the Consume Price Index show that the inflation is deemed to be within the target interval 2-4 per cent by the end of 2004.

Regarding Lek appreciation against the main foreign currencies, Mr. Cani pointed out that the macroeconomic sustainable stability has impacted the public credibility growth for the domestic currency. While, apart of dollar depreciation in the international market, the Governor mentioned also the main grounds principally seasonal of the domestic market, as the growth of the production mainly agricultural one, the foreign incomes flow from tourism and emigrants' remittances, the interest rates differences between Lek and the main foreign currencies, the interest increase of individuals to invest in Lek deposits, T-Bills etc

The IMF mission will continue the meetings with the specialists of the Bank of Albania to discuss on the issues of the monetary program, the balance of payments, the inflation and real sector developments, banking supervision etc There will hold on a common press conference of the Governor of the Bank of Albania, the Head of IMF Mission and the Minister of Finance, at the end of the Mission visit.