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The Bank of Albania is responsible for formulating, approving and implementing the monetary policy in the Republic of Albania.

What is Monetary Policy?
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In order to implement the monetary policy, the Bank of Albania carries out operations in the interbank market, the foreign exchange market and the government securities market.

Markets
Financial Stability
The Bank of Albania, in cooperation with other authorities, contributes to safeguarding financial stability in Albania.

Financial Stability
- De-euroziaton package
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The Bank of Albania is responsible for the licencing and supervision of banks and other institutions that conduct banking and financial activities in the Republic of Albania.

Supervision
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Resolution is the use of appropriate tools in the case of troubled banks facing financial distress.

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The Bank of Albania compiles statistics to support the decision-making processes and bodies and performs statistical functions for the public at large.

Statistics
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The Bank of Albania is the sole authority for issuing banknotes and coins of legal tender in the Republic of Albania. The monetary unit of the Republic of Albania is the "Lek”.

Role of the Bank of Albania in issuing the national currency
- Currency in circulation
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To promote the normal operation and functioning of the payment system, as one of its main duties, the Bank of Albania plays an active role as the operator, overseer and catalyst and reformer of the payment systems.

Payment System
Museum and education
The Bank of Albania has been committed for years to expanding and deepening financial literacy in Albania, through educational activities and publications, as well as through its Museum.

Museum and Education
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Natural rate of unemployment – Reduced form approach

Natural rate of unemployment – Reduced form approach

Author: Enian Cela, Lorena Skufi

Printed on: 07.12.2018

Production date: 07.12.2018

Material category : Not Periodic Publications / Working Papers

In this paper, we attempt to estimate a series of the natural rate of unemployment (NAIRU) for Albania in the period 1998-2012 applying a State-Space model featuring Kalman Filter. The approach is based on an Augmented Phillips Curve with NAIRU specified as an unobserved variable. The constraint is activated upon the path of the NAIRU.

Entire document [1.01 MB]