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

Pursuing the law, Bank of Albania has strengthened its independence to fulfill the main target of its activity, "maintaining and achieving consumer price stability". Passing from an annual inflation rate of more than 42 per cent in 1997 by nearly 0 per cent at the end of 1999 and holding the same limits until the end of April 2000 is undoubtedly an indisputable success.

Based on the inflation level at the end of April 2000 and knowing the seasonal behavior of consumer prices and under the conditions of the normal performance of the political and economical situation of the country, the annual inflation target of 2-4 per cent is considered achieved for 2000.

Determining factors of inflation level in 1999 and in the fourth month-period of 2000 are several, such as the strengthening of fiscal discipline, the exchange rate performance (of high quantitative effect), the appropriate monetary policy applied by Bank of Albania etc. Inflation decrease was affected by the shrinkage of credit investments, the level of imported inflation, public "accommodation" by a low inflation level ect.

Read the full text of the Governor's speech.