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Bank of Albania: Stable banking sector, growth slowed also due to the exchange rate

2023-04-05 18:19:53Biznes SHKRUAR NGA REDAKSIA VOX
Bank of Albania: Stable banking sector, growth slowed also due to the exchange
The Bank of Albania

The Supervisory Council of the Bank of Albania approved today the Financial Stability report for the second half of 2022.

The Bank of Albania estimates that in this period, the activity of the banking sector developed in a stable manner.

Overall, banking sector activity, deposits and loans expanded, but growth rates were lower than in previous periods, reflecting the impact of exchange rate appreciation.

Credit quality continued to improve and other indicators of performance and financial stability remained at appropriate levels.

According to the report, as a whole, the banking sector's exposure to risks was presented as controlled, but credit and market risks require continuous and careful assessment.

Economic developments throughout the period were positive, where economic growth was accompanied by a decrease in unemployment and an increase in employment and wages. Fiscal policy maintained a consolidation trend for most of the period. Inflationary pressures remained high and the Bank of Albania continued with the normalization of monetary policy.

Although the rate of inflation has slowed recently, risks to economic and financial developments in the country remain present. They are related to the uncertainty caused by geopolitical developments and international markets, but also to the progress of inflation, cyber security issues and the increased impact of market risks.

In these conditions, according to the Bank of Albania, it remains important that economic policies aim at preserving macroeconomic stability, while financial institutions and supervisory authorities maintain a careful monitoring of developments in financial activity and undertake the necessary actions to strengthen the resistance of financial system and to avoid risks to financial stability./Monitor


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