Bank of Albania Monetary Policy Document for 2012 - 2014

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Transcript of 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

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    ?

    GANKXD_] ZACMF] HAF[GKNX IA_

    XLK ZK_MAH ?:4?'?:48

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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}.

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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}.

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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.

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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.

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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.

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