Semi-Annual Monetary Policy Statement (S1-2004)

The monetary policy during the first six-month period has continued to be eased. The inflation target stability and its positive experience have made necessary the adjustment of monetary policy in terms of easing the monetary conditions in the economy. The Bank of Albania has cut three times the base interest rate within April-June 2004. Given that each cut has led the base interest rate towards new historical minimums, the Bank of Albania has acted prudentially, cutting it by 0.25 percentage point each time.