Post on 04-Apr-2018
7/31/2019 Bank of Albania Monetary Policy Document for 2012 - 2014
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GANKXD_] ZACMF] HAF[GKNX IA_
XLK ZK_MAH
?:4? ' ?:48
ODN` AI DCODNMD
7/31/2019 Bank of Albania Monetary Policy Document for 2012 - 2014
2/24
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GANKXD_] ZACMF] HAF[GKNX IA_
XLK ZK_MAH ?:4?'?:48
7/31/2019 Bank of Albania Monetary Policy Document for 2012 - 2014
3/24
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GANKXD_] ZACMF] HAF[GKNX IA_
XLK ZK_MAH ?:4?'?:48
MNX_AH[FXMANXlk Odn` ai Dcodnmd mv xlk gankxdr} d{xlarmx} ai xlk _kz{ocmf
ai Dcodnmd. Z{rv{dnx xa xlk ckedc irdgkuar` mn iarfk# mx ldv xlk
k|fc{vmyk rmelx xa hkvmen# dzzrayk dnh mgzckgknx xlk gankxdr}
zacmf} mn Dcodnmd. Xlk gankxdr} zacmf} mv hkvmenkh# dzzraykh dnh
mgzckgknxkh umxl d ymku xa dffagzcmvl xlk gdnhdxkh aobkfxmyk
ai xlk Odn` ai Dcodnmd2 dflmkyk dnh gdmnxdmn zrmfk vxdomcmx}.
Xlra{el xlk Gankxdr} Zacmf} Haf{gknx# xlk Odn` ai Dcodnmd2
z{ocmfc} k|zcdmnv mxv zrmgdr} aobkfxmyk ai zrmfk vxdomcmx}# o}
hkimnmne mx mn t{dnxmxdxmyk xkrgv dnh cd}mne a{x mxv xmgk irdgk0
hkvfrmokvxlkxlkarkxmfdcirdgkuar`xldxumcce{mhkxlkhkvmen
ai gankxdr} zacmf}0 hkxdmcv xlk t{dnxmxdxmyk dnh t{dcmxdxmyk mnhmfdxarv xldx umcc
vxkkr xlk Odn` ai Dcodnmdv hkfmvman'gd`mne mn xlk drkd ai
gankxdr} zacmf}0
mnxrah{fkv xlk irdgkuar` ai mnvxr{gknxv kgzca}kh xa
mgzckgknx xlk gankxdr} zacmf}0 dnh
zrkvknxv xlk gdmn fldnnkcv dnh mnvxr{gknxv ai
fagg{nmfdxmne xlk gankxdr} zacmf} xa xlk z{ocmf.
Xlk Gankxdr} Zacmf} Haf{gknx iar xlk zkrmah ?:4?'?:48 ldv
okkn hkvmenkh dv d iaccau'{z ai xlk Gankxdr} Zacmf} Haf{gknxv
iar xlk zkrmah ?::8'?:44. Mx mv iarg{cdxkh mn cmnk umxl Dcodnmdv
fagzrklknvmyk gkhm{g'xkrg hkykcazgknx zraerdggk dnh xlk
Odn` ai Dcodnmdv Gkhm{g'Xkrg Vxrdxke}.
7/31/2019 Bank of Albania Monetary Policy Document for 2012 - 2014
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GANKXD_] ZACMF] HAF[GKNX IA_
XLK ZK_MAH ?:4?'?:48
Mn eknkrdc xkrgv# xlk gankxdr} zacmf} vxrdxke} iar xlk zkrmah ?:4?'?:48 umcc gdmnxdmn xlk `k} zrmnfmzckv dnh drrdnekgknxv z{rv{kh
h{rmne xlk rkfknx }kdrv. Mx umcc# laukykr# ok fagzckgknxkh umxl
nku kckgknxv mn xlk drkdv ai kfanagmf dndc}vkv# iarkfdvx dnh
xlk hkfmvman'gd`mne# mn cmnk umxl xlk gavx rkfknx zrdfxmfkv ai
gankxdr}gdndekgknxdnhxlkkfanagmfdnhndnfmdcgdr`kx
hkykcazgknx mn Dcodnmd.
Xlmv Haf{gknx k|zcarkv# mn fanfrkxk xkrgv# xlk faggmxgknx
ai xlk Odn` ai Dcodnmd xa okmne d xrdnvzdrknx mnvxmx{xman. Xlk
hmvfcav{rk ai xlk `k} gankxdr} zacmf} fagzanknxv knldnfkv
xlk xrdnvzdrknf} dnh dffa{nxdomcmx} ai xlk Odn` ai Dcodnmd. Mn
dhhmxman# mx vkrykv xa dnflar xlk kfanagmf deknxv k|zkfxdxmanv
xa xlk mndxman xdrekx# xl{v zraymhmne d hmrkfx mgzdfx an xlk
knldnfkgknxaixlkgankxdr}zacmf}kifmknf}.
7/31/2019 Bank of Albania Monetary Policy Document for 2012 - 2014
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GANKXD_] ZACMF] HAF[GKNX IA_
XLK ZK_MAH ?:4?'?:48
M. CKEDC ODVMV
Z{rv{dnx xa Drxmfck 494 ai xlk Fanvxmx{xman ai xlk _kz{ocmf ai
Dcodnmd# xlk Odn` ai Dcodnmd mv erdnxkh xlk k|fc{vmyk rmelx xa
mnhkzknhknxc} mgzckgknx xlk gankxdr} zacmf}.
Z{rv{dnx xa Drxmfck 6# zdrderdzl 8d ai xlk Cdu Na.
7/31/2019 Bank of Albania Monetary Policy Document for 2012 - 2014
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GANKXD_] ZACMF] HAF[GKNX IA_
XLK ZK_MAH ?:4?'?:48
Z{rv{dnx xa Drxmfck 6# zdrderdzl 8 ai xlk Cdu Na.
7/31/2019 Bank of Albania Monetary Policy Document for 2012 - 2014
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GANKXD_] ZACMF] HAF[GKNX IA_
XLK ZK_MAH ?:4?'?:48
k|fldnek rdxk rkemgk dccauv xlk Odn` ai Dcodnmdv gankxdr}zacmf}iargd|mg{gk|momcmx}mndflmkymnexlkmndxmanxdrekx.Mn
dhhmxman#xlkmgzckgknxdxmanaixlmvrkemgkrkkfxvdnhkndockv
xlk irkk gaykgknx ai eaahv dnh fdzmxdc mn Dcodnmdv faggkrfmdc
dnhndnfmdck|fldnekvumxlmxvxrdhmnezdrxnkrv.
Fanvmvxknx umxl mxv gankxdr} zacmf}# dv d e{drdnxkk xa fazk umxl
xlk vkykrk vlaf`v an xlk rkdc vkfxar ai xlk kfanag}# dnh mn arhkr
xavdike{drhxlkfa{nxr}vndnfmdcvxdomcmx}#xlkOdn`aiDcodnmd
mvfaggmxxkhxalachmnedv{ifmknxckykcaiiarkmenrkvkryk.Mn
cmnk umxl xlk okvx mnxkrndxmandc zrdfxmfkv# xlk Odn` ai Dcodnmd
umcchkxkrgmnkxlkv{ifmknxckykcaiiarkmenrkvkrykodvkhanxlk
fanf{rrknx aovkrydnfk ai xlkvk xua t{dnxmxdxmyk frmxkrmd2
xlkgdmnxkndnfk#mnxlkgkhm{gr{n#aiiarkmenrkvkrykckykcv
v{iimfmknx xa faykr dx ckdvx 8 ganxlv ai mgzarxv ai eaahv dnh
vkrymfkv0 dnh
xlkgdmnxkndnfk#mnxlkgkhm{gr{n#aiiarkmenrkvkrykckykcv
v{iimfmknx xa faykr xlk vlarx'xkrg iarkmen hkox ai xlk Dcodnmdn
kfanag}.
Mn arhkr xa mnfrkdvk xlk ckykc ai iarkmen rkvkryk dnh fanxrmo{xk
xa xlk vxdomcmdxmandnh hkykcazgknxai xlk hagkvxmfndnfmdcgdr`kxv# xlk Odn` ai Dcodnmd gd} mnxkryknk mn xlk hagkvxmf
iarkmen k|fldnek gdr`kx. Xlkvk mnxkryknxmanv# laukykr# umcc nax
rkkfxxlkgankxdr}zacmf}0xlk}umccnkmxlkrdiikfxnarzrkb{hmfk
xlk dflmkykgknx ai xlk zrmgdr} aobkfxmyk ai xlk Odn` ai Dcodnmd.
Xlk Odn` ai Dcodnmd umcc mnxkryknk mn xlk iarkmen k|fldnek gdr`kx
mn dffarhdnfk umxl xlk rkckydnx mnxkrndc rke{cdxmanv. Xlk cdxxkr
drk gdhk xrdnvzdrknx xa xlk z{ocmf.
7/31/2019 Bank of Albania Monetary Policy Document for 2012 - 2014
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