Albania’s Central Bank Cut Its Key Repo Rate

Albania’s central bank on Wednesday cut its key repo rate to a record-low level of 4% to stimulate economic activity amid low inflation, newswires reported.

“This easing of monetary policy will spur economic activity by providing more monetary stimulus,” Central Bank Governor Ardian Fullani said at the bank’s supervisory board meeting.

Despite the shocks from the eurozone crisis, Fullani said the Albanian economy had managed to maintain macroeconomic and financial stability in the first half of 2012, with GDP contracting just 0.2% in the first quarter of this year compared with the same period of last year, while average inflation was 1.9% in the second quarter, 0.8 percentage point higher than the first quarter and well below its 3% target.Source: bne

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