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Monetary Policy, goals and Instruments

Monetary Policy of the Republic of Albania is an exclusive right of Bank of Albania. The Policy is designed in the view of achieving the main objective "to achieve and maintain price stability". The process of policy formulation and its implementation is based on: the respective legal framework, the theoretical background employed for modeling and forecasting inflation; on appropriateness of the operational target; the set of monetary instruments used to finalize the monetary policy goals.

The monetary policy stance and the decision taking process have been publicly announced through a variety of documents as follows:

  • Monetary Policy Documentwhich describes core principles through which the monetary policy will take place.
  • Monetary Policy Report , which is the main instrument the Bank of Albania uses to communicate its monetary policy to the public. It provides a comprehensive overview of the recent macroeconomic developments and the factors that have affected and are expected to affect consumer price performance in Albania.
  • Periodical analyses , which aim at complementing the description of macroeconomic developments elaborated in the Quarterly Monetary Policy Report. These quarterly analyses elaborate on the external sector, financial intermediation and international market developments.
  • The publication of  the decisions on interest rates taken by the Bank of Albania's Supervisory Counsil no later than 48 hours from the moment of decision taking.
  • Press conferences of the Bank of Albania's Governor in order to communicate and explain the monetary policy decisions.
  • The publication of all rules and regulations about the instruments used to conduct the monetary policy.
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