Press Conference given by the Governor of the Bank of Albania, Mr. Shkëlqim Cani.

Publication date: 17.01.2001


Bank of Albania's main target, as defined in the central bank law is achieving and maintaining the stability of consumer prices. Such target is embodied in the intention to reach low inflation rates, annually. For year 2000, such target was fixed at 2-4 percent. Fixing the inflation target through an interval provides the authorities with more flexibility in reaching it, especially, in unstable economies. Inflation performance interim 1998, 1999 as well as that of January - November 2000, created the conviction that even for 2000, it will be observed the inflation target.

It did not happen so, in fact. Beyond any forecast, December developments produced an annual inflation rate at 4,6 percent bringing in a total capsize of inflation rate from -0,4 percent as 11- month term November against December 2000) at 4,2 percent at year-end. Such rate is 0,2 percentage points over the upper limit of inflation target.

Read the full text of the Governor's speech.