Monetary Policy rePort
2020/i
Bank of albania
The reporT refers To Bank of alBania’s MoneTary policy sTaTeMenT for 2019 h2,
approved By The supervisory council, decision no. 4 , daTed 5.2.2020
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Data from this publication may be used, provided the source is acknowledged.Published by: Bank of AlbaniaSheshi “Skënderbej”, Nr.1, Tirana, AlbaniaTel.: + 355 4 2419301/2/3; + 355 4 2419401/2/3Fax: + 355 4 2419408E-mail: [email protected]
Printed in: 220 copiesPrinted by: Adel Co sh.p.k.
www.bankofalbania.org
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C o n t e n t s
inTroducTion 7
foreWord By The Governor 8
1. price sTaBiliTy and Bank of alBania’s MoneTary policy 11
2. exTernal econoMic environMenT 162.1 Global economy 162.2 commodity prices in global markets 202.3 financial markets 20
3. financial MarkeTs and MoneTary developMenTs 223.1 financial markets 223.2 deposit and credit interest rates and financing conditions 273.3 credit to the private sector 313.4 Money and deposits in the economy 32
4.1 inflaTion 354. inflation and economic growth 354.2 Gross domestic product and aggregate demand 384.3 cyclical situation of the economy and inflationary pressures 51
sTaTisTical appendix 57
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B o x e s
T a B l e s
2. external economic environmentTable 1 economic indicators for countries in the region 19
4. inflationTable 2 contribution of key items to annual inflation (p.p.) 37Table 3 Balance of payments indicators. 51
Box 1 assessment of the effect of earthquake on the economy and prices 14Box 2 potential implications of the earthquake on the financial market 29Box 3 Balance of payments developments in 2019 Q3 50
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C h a r T s
2. external economic environmentchart 1 composite leading indicator of Gdp (left) and inflation (right) in major countries 17chart 2 selected macroeconomic indicators. 18
chart 3 oil prices in international and domestic markets 20chart 4 policy rates of major central banks 21chart 5 selected global financial indicators 21
3. financial markets and monetary developmentschart 6 Bank of albania open market operations and interbank rates performance 23chart 7 The exchange rate trend in the domestic foreign exchange market 24chart 8 The performance of the lek against the currencies of the main trading partner countries. 24chart 9 yields in primary market 26chart 10 deficit, instruments for financing it (left) and agents in the domestic market (right) 26chart 11 interest rates on new loans in lek and euro 27chart 12 non-price terms for loans to enterprises (left) and households (right) 28chart 13 The interest rate on lek and euro deposits 29chart 14 lending to the private sector 31chart 15 lending to the private sector and annual contributions by purpose of use 32chart 16 Money indicators 33chart 17 deposits in the banking system 34
4. inflationchart 18 headline inflation, target (left). inflation in regional and eu countries (right) 36chart 19 contribution by food and non-food categories to annual headline inflation 37chart 21 contribution of branches to value added in “industry, energy and water”, and the capacity utilisation rate in industry 40chart 22 valued added and capacity utilisation rate in construction 40chart 23 contribution of branches and capacity utilization rates in the services sector 42chart 24 economic sentiment indicator and structure of domestic demand 43chart 25 private consumption and consumer confidence 44chart 26 indirect indicators on the performance of private consumption 44chart 27 Gross fixed capital formation 45chart 28 short-term quantitative and qualitative indicators from investment surveys 45chart 29 orientation of fiscal policy 46chart 30 Budget expenditures 47chart 31 performance of budget revenues 48chart 32 contribution of net exports to aggregate demand (in p.p.) 48chart 33 import and export by category (in all million) 49chart 34 annual dated Brent oil prices, domestic oil export (left), metal prices index and domestic metal export (right) 49chart 35 indicators of the cyclical situation of the economy 52chart 36 participation in labour force, employment level and unemployment
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level in economy 52chart 37 average wage indicators (left) and annual flattened average changes of labour cost and their breakdown (right) 53chart 38 long-term inflation expectations (left) and short-term expectations (right) 54chart 39 iipi and contributions of its components (left). contributions of imported inflation and domestic inflation to annual headline inflation (right) 55chart 40 one-year-ahead inflation expectations, businesses and consumers (left) and financial agents, according to three horizons (right), annual change in % 55
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The primary objective of monetary policy in Albania is to achieve and maintain price stability. In quantitative terms, it is defined as maintaining inflation close to the 3% target.
In achieving this objective, the monetary policy sustains the stable and long-term growth of the Albanian economy, promotes financial stability and supports improvement in the overall welfare of society.
In accordance with the principles set out in the Monetary Policy Document, the Bank of Albania implements a forward-looking, consistent, balanced, prudent, and transparent monetary policy.
The economic and monetary analysis in this report is based on the statistical and qualitative data available as at 24 January 2020.
IntroduCtIon
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The new information analysed in this Report suggests that the economic activity in Albania was hit by the earthquake of November 26th, 2019, but this shock has not compromised the medium-and long-term trend of development. The consequences of the earthquake are expected to have a slowdown resultant effect on both the economic growth and inflation. However, this slowdown is expected to be temporary and concentrated during 2020.
The updating of our baseline scenario suggests that the growth pace will accelerate in the medium term. This acceleration is expected to bring the economy to equilibrium and inflation to target by 2021. Based on these considerations, the Supervisory Council deemed that the current monetary stimulus remains adequate.
The Supervisory Council concludes that downside risks have increased. Their materialisation might dictate a further easing of the monetary policy stance.
The conclusions of this Report are detailed following.
In the fourth quarter, inflation averaged 1.3%, down from the previous quarter, and remaining below our target of 3%. The decline in the inflation rate reflected the slower increase of food prices. This phenomenon is particularly present in December. While, prices of other basket items recorded less fluctuations.
From the macro-economic perspective, low inflation rates and the undershooting of the target reflect a still insufficient growth in wages and production costs in the economy, low inflation rates in our trading partners and the residual effect from the exchange rate appreciation in 2018. The decelerating effect of these factors will be gradually reduced in the medium term.
According to INSTAT data, the Albanian economy recorded an annual growth of 3.8% in the third quarter, accelerating from the first half of year, and in the upper side of our expectations. In sectoral terms, this acceleration was driven by the positive tourist season and the reduction of the negative effect originating from the fall in production of electrical energy. In terms of aggregate demand, it reflected the faster growth of consumption and exports, while private investments were down.
ForeWord BY tHe GoVernor
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The expansion of aggregate demand is combined with the gradual improvement of the country’s cyclical position in the last four years. In response to these trends, the unemployment rate stood at 11.4% in the third quarter, the historical lowest rate recorded in Albania, while the average wage recorded an annual growth of 3.7%.
Nevertheless, the rise of wages and production costs remains insufficient for inflation to converge to target, by showing that the Albanian economy is still far of the fuller utilisation of its production capacities.
The information available on the economic developments in the fourth quarter is incomplete. Analysis of preliminary data suggests that the earthquake of November 26th, 2019, had a negative impact on the economic growth pace. This effect is expected to continue in 2020 as well. The damages to firms’ sites, the increase of uncertainty and the re-orientation of expenditures to repair the damages, are expected materialise in the slowdown of the production in the affected sectors, including tourism. On the other side, the re-construction process is expected to provide a positive effect on the growth, but not simultaneously with the negative shocks, and not sufficiently strong to compensate their effects.
Judging on the available information and global experience, the Bank of Albania deems that the earthquake has not damaged the medium-term and long-term basis of the country growth and development.
The reconstruction process and the normalisation of the situation will help to regenerate the production capacities and a faster expansion of the aggregate demand in 2021 and further. The rise in employment and wages will support the expansion of family consumption; the rise of utilisation of production capacities will increase the demand for investments; while Albanian exports will continue to benefit from the development of tourism sector.
In parallel, the overall financial environment appears favourable. The financial markets are relatively calm, financing costs are low, while the exchange rate appears more stable. Our accommodative monetary policy stance, the restructuring of banking sector and the improvement of its balance sheet have boosted a more rapid credit growth. The credit portfolio grew by 7.8% on average in the fourth quarter, driven by the expansion of credit to enterprises and of credit in lek. The structure of credit growth provides encouraging signals, both on its impact on economic growth and on credit portfolio quality in the long term. At the same time, non-performing loans ratio dropped at 8.4% in December, by reflecting the concrete measures implemented by the Bank of Albania for their reduction and the improvement of both economic environment and financial situation of borrowers.
Looking ahead, the Bank of Albania deems that the earthquake effect on the economy is expected to concentrate during 2020. Both the economic growth and average inflation in 2020 are expected to be comparable with the rates
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recorded during 2019. On the other side, overcoming the consequences of the earthquake is expected to pave the way for a more rapid growth of economy and inflation in the period ahead.
Our baseline projection, compared with the previous round, shows a notable shift to the down side for 2020, but it maintains the same trajectories for 2021 and on. These forecasts are surrounded by a heightened level of uncertainty, linked primarily to the inability of precisely forecasting the impact of the earthquake on the economic growth. Also, the balance of risks around the central forecast is tilted to the down side.
Judging on these projections, the Bank of Albania deems that the current monetary policy stance remains adequate. The fulfilment of our objective - price stability - would require maintaining the accommodative stance of the monetary policy in the medium term.
The risks to the down side remain present. These risks arise from both the external environment, with the euro area economy improvement still remaining fragile, and the domestic environment. In particular, the potential risks with possible adverse impact are:
• Astrongerintensityoftheearthquakenegativeeffectsontheeconomyperformance over 2020 and on. In particular, this scenario might be materialised if the psychological aspects of the earthquake exceed its material impact on the economy.
• Thedelay in the reconstructionprogrammeorahigher support fromdomestic financing sources.
Addressing the factors that can lead to these risks materialise is in the remit of the central and local governments. However, if they do materialise, the monetary policy stance would need to be revised on the easing side.
Finally, the Bank of Albania emphasises the need for further accelerating the structural reforms, as the best instrument for improving sustainable and long-term growth in Albania, and maintaining the focus of the economic policies on the long-term stability of the country.
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The new information analysed in this report points to a complex dynamics in the second half of the previous year and makes the forecast for the short-term trends of the country’s development difficult. On one hand, the performance of both economic activity and labour market in the third quarter, as well as monetary developments in the fourth quarter have been positive. On the other hand, the low inflation in the fourth quarter; the earthquake of 26th
November 2019; and the worsening of confidence indicators, suggest a possible slowdown in this period, and - potentially – also in the forthcoming quarters.
Available data show that the Albanian economy continued to improve the cyclical position until the third quarter. In line with this performance, the domestic medium-term inflationary pressures continued to increase, although they remain insufficient for the convergence of inflation to target. In parallel, imported inflation continues to remain low, in response to developments in international markets and the appreciation of the exchange rate during the previous quarters.
Financial markets are calm, characterised by low interest rates, ample liquidity and increased stability of the exchange rate. Both the increase of the demand and the improvement of bank credit supply were accompanied by a better transmission of monetary stimulus and an upward trend of credit to private sector.
In the short run, the consequences from the earthquake are expected to feed into the slowdown of the economic activity, but they will not affect the expected economic trends in the medium term. The update of our medium-term forecasts suggests inflation will converge to target within 2021, albeit the downside risks remain dominant.
In accordance with these projections, the current stance of the monetary policy remains adequate. Bank of Albania will continue to assess on on-going basis the adequacy of this stance and the intensity of monetary stimulus, always aiming at the convergence of inflation to target within the medium-term time horizon.
The new analysed information shows a positive performance of economy in the third quarter. According to INSTAT data, the Albanian economy grew 3.8% in this period, compared with 2.5% in the first half of 2019. The higher pace of economic growth was mainly driven by the good tourist season, the growth
1. PrICe staBIlItY and Bank oF alBanIa’s monetarY PolICY
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of industrial production and the fading out of the negative effect from the lower electricity output. Also, labour market continued to improve in the third quarter, driving the unemployment rate at the historical minimum level of 11.4%.
Annual inflation averaged 1.3% in the fourth quarter, down from the previous quarter. Inflation reduction, in this quarter, was attributable to the fall in prices of rents and oil. On the other hand, processed food prices have increased, while prices of other items in consumer basket maintained low positive contributions to inflation.
The slow increase of costs in the domestic economy and the weak pressures from external environment affected the low inflation. The rise in wages and production costs is still insufficient for inflation to converge to target. In turn, core inflation stands at low levels. Also, imported inflation remains at low levels reflecting the low prices in international markets and the appreciation of the exchange rate.
Financing conditions and lending have maintained the improving trend at the end of year. This performance reflects the accommodative stance of the monetary policy. Financial conditions for firms and households continue to be characterised by low interest rates and reduced risk premia. Also, the annual appreciation of the exchange rate has been trending downward, lessening its tightening effect on financing conditions.
The favourable financing conditions have supported the expansion of credit portfolio to private sector. Adjusted for loan write offs and the exchange rate, this portfolio recorded 7.5%, annual growth, in December. Credit growth to private sector was supported by the higher financing to enterprises. Credit in the domestic currency has accelerated in the last quarter, thus helping the better balancing of credit portfolio. The ratio of loans in lek to total loans to the private sector increased at 48.7%.
The new economic and financial information suggests that both medium-term and long-term trends of development remain positive. Nevertheless, the short-term perspective of economic and financial developments shall be considerably determined by the consequences of November 26th earthquake.
The earthquake impact on the macroeconomic indicators is foreseen to be negative, in the short run. Its effects may be transmitted into the economy thorough a possible reduction in: consumption; private investments; tourism and other economic activities, in the affected areas. On the other side, the re-construction programme will give a positive impulse to construction sector.
The slowdown of the growth pace is expected to reduce the inflationary pressures in the short run. In line with this forecast, inflation is projected to hover around the average 1.6% in 2020, lower than our previous projections.
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In the medium term, economic growth pace is expected to accelerate, by increasing the inflationary pressures. The re-construction programme to recover the stock of lost capital will give a positive impulse to construction sector, by supporting the faster growth of economy. The return of economy to equilibrium will be accompanied by the increasingly utilisation of production capacities and a faster rise in wages and production costs. In accordance with these forecasts, inflation is expected to converge to the target in the second half of 2021.
Forecasts in the baseline scenario require maintaining the accommodative stance of the monetary policy in the medium term. Monetary stimulus is necessary to support the growth of aggregate demand and build up domestic inflationary pressures.
The macroeconomic forecasts in this Report are updated in the context of an increased uncertainty. Albeit the medium-term development perspectives of the Albanian economy are stable, the economic performance in the short run remains subject to the degree of materialisation of the earthquake consequences in the macroeconomic indicators. The impulse generated from the re-construction programme is particularly important to the medium-term dynamic of both aggregate demand and production. The size and structure of financing, as well as the timely allocation of expenditures for re-constriction may have significant effect on the performance of both production and inflation.
Bank of Albania will continuously aim at adjusting the monetary stimulus to the new macroeconomic data. In the event this information suggests a slower performance of both economy and inflation compared to our current projections, Bank of Albania is willing to undertake a further easing of the monetary policy stance.
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Box 1 assessMenT of The effecT of earThQuake on The econoMy and prices
The earthquake that hit albania on november 26th, 2019, caused many damages in residential and trading buildings, disruption of economic activities and increased the uncertainty. The ability to assess and forecast the size and extent of these effects is limited, due to the lack of such episodes in the close past. The international evidence suggests that in event of natural disasters, the economic activity pursues a v-trajectory: at the first moments, the disruption of economic activity and capital damage drive to production loss, but evolving, the expenses to recover the lost capital boost the economy.
This Box aims at presenting a prior assessment on the possible impacts of the earthquake on the economy in the short and medium term, and the expected transmission channels of them*. These assessments are based on preliminary available data, which, as such are subject of a high uncertainty.
our analyses evidences that short -term effects of the earthquake are expected to be negative on both economic growth and inflation. With the extension of time horizon, the positive effect of re-construction are expected to be dominant, and to support the growth of economy and inflation at a faster pace. in the medium term, the earthquake effect on the economy will depend on, among others, the volume and form of re-construction process financing, and the extension in time of its allocation.
Based on the available information so far, we assess that the degree on which these potential impacts will materialise is expected to be low. each of the above stated points is addressed following:
Possible transmission channels of the earthquake consequences
durrësi was the district most hit by the earthquake. according to insTaT, this district generates around 10% of albania Gross domestic product, it accommodates around 10.1% of the population of the country, and it employs around 9.1% of employed persons in economy. statistics about durrësi show that around 7.9% of active enterprises in albania conduct their activity in this district. during 2018, durrësi was visited by around 9.1% of residents who travelled for either personal or business purposes in albania. These statistics illustrates the economic importance of this region and suggest that the economic consequences of the earthquake will be felt on country level.
The potential transmission channels of the earthquake consequences may be:
- increase of uncertainty among albanian households and businesses. The earthquake seems to worsen the perception of albanian households and enterprises, who may hesitate in conducting expenditures and investments. uncertainty indicators, calculated from the confidence survey of economic agents, show the increase of uncertainty during the last months;
- reduction of tourist activity. Tourism in this district may be reduced due to the damage of respective structures and the psychological effect of both national and international visitors. damages of firms across other sectors, in addition to tourism, remain a transmission channel;
- Growth of investments for recovering the lost capital stock. Through this channel, the high levels of private and public expenditures - boost the economy- which relate to the re-construction of the damaged capacities.
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Assessment of the effect of earthquake on the economy and prices
in the current stage, it is difficult making precise assessments on the extent of materialisation and duration of the earthquake effect on economy and prices, through the above-mentioned channels. our preliminary analyses and assessments show that its short-term effect will be negative. summarising:
- The earthquake consequences may reduce the economic growth by 0.3-0.6 percentage point s during 2020. This effect combines the reduction in tourism revenues and the deceleration of consumers’ spending given the heightened uncertainty. The effect from reduction of expenditures for consumption is expected to be lower compared with the reduction in tourism. The shock in confidence and uncertainty are expected to reduce over time and consumers are expected to return to their consumption model. in January, the economic sentiment indicator maintained the level of the previous month. on the other side, the positive stimulus which will be injected into economy from the reconstruction activity of the damaged objects is expected to balance the negative effect of the earthquake. considering the necessary time for the collection of funds and the compilation of logistic plans for action, this effect is expected to cover the calendar year unevenly. for that reason, the positive impact from reconstruction, albeit cushioning the negative effects of the earthquake, fails to fully counterbalance the latter.
- The earthquake shock may reduce inflation by 0.2 - 0.3 percentage points during 2020. The growth of aggregate demand at a low pace, during the current year, would be accompanied with weak pressures for the rise of wages, other production costs and consumption prices in economy. in the analysis of the earthquake effect on inflation, it is important to assess its impact on the production capacities of the economy, and consequently, on the size of output gap.
The reduction of short-term effect of the earthquake is expected to be accompanied with the recovery of the economic growth rates in the medium-term horizon. first, the key factors that support economic growth have not changed considerably. This judgement is based on the low impact on: capital stock and the production base of economy; financial sector balance sheet; and the simulating financial environment. second, re-construction activity is expected to provide a crucial stimulus to the economy beyond the short-term horizon. construction sector is expected to accelerate by providing positive chained effects on other related sectors. Third, the recovery of capital stock enables its replacement with new and improved capital, by boosting economic growth in the long term.
* Box 2 summarises the analysis and assessments of the Bank of Albania about the potential impacts of earthquake on the financial sector.
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The global economy has showed signs of improvement in 2019 H2, after the slowdown trend it pursed in the first half of year. Advanced countries are expected to grow at a more moderate pace in 2020. The emerging countries are expected to increase faster compared to the previous year, albeit, the recovery of the high growth rates will be slow. Expectations on the economic growth are surrounded by downside uncertainties, originating from the increase of geopolitical tensions and the structural problems in the manufacturing sector in some countries.1.
Inflation rates have started to show a slight increase, mainly affected by the increase in energy price at the end of year. Inflationary pressures continue to be contained, although in some countries the unemployment rates record the lowest historical values.
Major central banks continue to pursue an accommodative monetary policy. Financial markets continue to appear calm and financial conditions remain favourable.
2.1 GloBal eConomY
The global economy improved in 2019 H2, albeit the growth pace remain slow. The trade disagreements between USA and China appear close to a solution and the indicators on global economy have started to expand again. Nevertheless, the outlook for the global economic growth appears unsecured, within the context where geopolitical tensions are rising. Risks to the global economic growth remain on the downside.
In 2019 Q3, GDP in Japan, China and India recorded slower growth rates, while USA, euro area and many advanced countries recorded slightly higher growth rates. The leading indicators on economic growth (PMI2) and OECD confidence indicators suggest a moderate growth pace in the fourth quarter. Inflation rates increased, at the end of year, affected by the rise in oil price, but the long-term inflationary pressures appear down.
1 IMF forecasts, World Economic Outlook, January 2020. 2 PMI is the composite output index, constructed from the information available from survey and
serves as preliminary indicator on economic growth. This index is published by the Markit on a monthly basis.
2. external eConomIC enVIronment
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Chart 1 Composite Leading Indicator of GDP (left) and in�ation (right) in major countries
Source: OECD
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Financing conditions continue to be favourable for borrowers, as the major central banks have affirmed the monetary policy easing. The more optimistic expectations about the economic growth, being favoured also by the eased policy orientation of central banks, have positively affected the performance of equity market and have favoured the moderate recovery of long-term yields.
united states economy
In 2019 Q3, the economic growth pace in USA pursued the slowdown trend started since the beginning of 2019. Consumer spending have continued to support the economic growth, but their increase pace have slowed down. Also, government spending, residential investments and net exports have positively affected the growth, while non-residential investments provided an opposite impact. The positive news about the reduced US-China trade tensions affected the increase of foreign trade. The inflation rate trended upward in 2019 Q4, driven by the energy prices. Core inflation did not change standing close to the target of Federal Reserve. Unemployment rate continued to record low values, unchanged at 3.5% in November and December.
In the United States, growth is expected to be sluggish in 2020. Consumer spending will continue to provide a positive contribution, while the reduced fiscal stimulus will effect on the downside the economic growth.
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Chart 2 Selected macroeconomic indicators
Source: Eurostat, BEA, BLS.
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euro area economy
In 2019 Q3, the economic growth in the euro area showed equal rates with the previous quarter. Economic activity recorded the same pace with the second quarter, both in annual and quarterly terms, 1.2% and 0.2%, respectively. GDP growth was underpinned by the increase of consumer and government spending and the increase of investments. On the opposite, the contribution of net exports to economic growth remained negative. By sector, the economic growth was supported by services sector, while industrial production provided a negative contribution to the growth. The analysis by country shows the positive developments in France, Spain and Germany (the latter shrunk a quarter earlier).
Data available suggest the GDP growth in euro area will continue at a moderate pace in the fourth quarter. Preliminary indicators of economic developments (PMI) increased these months; nevertheless remaining below the averages recorded when the economic growth was strong. The weakness is mainly noted in industrial sector, whose production continues to be below the expected levels. The recent projections3 of the European Central Bank have revised down the economic growth for 2020.
In the last quarter, inflation remained unchanged and below the ECB’s target. The updated forecast of ECB experts assess that inflation will continue to be contained in the next two years.
In Italy, economic activity grew at a positive, but low, pace. Economic growth was fuelled by consumer spending and investments, while net exports provided a decelerating impact on the economic growth, by reflecting the faster increase of imports. Although slowing down, economic activity in Greece, recorded
3 Eurosystem staff macroeconomic projections, December 2019.
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a higher positive growth than the European region. This growth was mainly supported by investments and net exports, while the slowdown of private consumption and the contraction of public consumption decelerated the aggregate growth of the economy. Unemployment rate in both countries stands above the Euro area average, with marginal changes per month. Inflation picked up more rapidly in both countries in December, but it continues to recode lower rates than ECB’s target.
reGional econoMies4
In 2019 Q3, the regional economies showed higher growth, compared to 2019 Q2. They mainly benefited from higher consumer spending and investments, which account for the main share of aggregate demand. Unemployment rates trended downward across the regional countries. The economic growth across the regional countries will maintain the similar pace in the fourth quarter as well. Risks on the expectations for the economic outlook of the regional countries are set on the downside and mostly relate to the slowdown in the euro area, the main trading partner of the regional countries.
The economy of kosovo accelerated the growth in 2019 Q3, supported by the strong increase of government spending and the expansion of consumer spending. The slowdown in investments and net exports has negatively impacted the economic growth. In 2019 Q3, economic growth in serbia was supported at a broader base. The strong increase of investments is accompanied by the improvement of both consumer and government spending and by the acceleration of net exports. Economic growth in north macedonia was underpinned by the positive performance of both government and consumer spending and the strong increase of investments. The slowdown of exports has impacted negatively the pace of aggregate growth. Economy of turkey returned to the annual positive growth in 2019 Q3, after three quarters of economic contraction. The increase of consumer and government spending fuelled this growth. The contraction in investments and the weak performance of net exports affected negatively the economic growth.
Table 1 Economic indicators for countries in the regionAnnual change of GDP Annual inflation Unemployment rate
2019 Q3 December 2019 2019 Q3Italy 0.3 0.5 9.7*Greece 2.3 1.1 16.6**North Macedonia 3.6 0.4 17.1Serbia 4.8 1.9 9.5Turkey 0.9 11.8 13.4**Kosovo 4.3 1.2 24.5Albania 3.8 1.1 11.4
Source: Respective statistical institutes. *November 2019; **October 2019.
4 The main trading partners outside the European Union (Kosovo, North Macedonia, Serbia, Turkey).
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In December 2019, inflation rates picked up in all countries, except of Kosovo. The items of “Transport” and “Food and non-alcoholic beverages” remain the determinant factors of inflation in the region.
2.2 CommodItY PrICes In GloBal markets
The main indices of commodity prices trended upward in 2019 Q4. The annual increase of indices shifted gradually from negative values to positive ones at the end of year. The Food Price Index drove to the acceleration of the annual growth pace by around 7% in December, mainly affected by the increase in the prices of cereals. The Metal Price Index recorded one-figure positive increase in December, for the first time since the middle of 2018. The performance of this index is affected by the positive news on US-China trade deal.
In December, Brent oil price averaged 67.3$/barrel, up around 17.3% annually, from -2.4% a month earlier. The geopolitical tensions in Middle East - which are expected to decelerate the crude oil supply-, affected the increase of this item price. According to market forecasts oil prices will decline in the next months5.
Chart 3 Oil prices in international and domestic markets
Source: INSTAT, staff calculations; WB indices; EIA forecasts.
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Annual growth rates for oil prices and the exchange rate Commodity Indices
2.3 FInanCIal markets
At the end of October, Fed cut, for the third time this year, the federal funds target range, by 25 basis points, down to 1.50%-1.75%. The ECB maintained the interest rate on the main refinancing operations unchanged, while it confirmed the expansion of the Asset Purchase Programme. The policy rate of the Bank of England stands at 0.75%, while that of the Bank of Japan stands at -0.1%.
5 Forecasts by the U.S. Energy Information Administration: “Short-term energy outlook”, January 2020.
Monetary Policy Report, 2020/I
21 Bank of Albania
The yields on government securities in advanced economies showed a slight upward trend during these months. The heightening of expectations on a US-China trade deal and the eased monetary policies implemented by central banks have favoured the shift of investors’ interest, from bonds to equities market, which coupled with the more optimistic assessments on the economic growth outlook is reflected on a slight growth of long-term yields.
The spread between securities of countries that need fiscal consolidation against German Bonds overall remained unchanged during this period. Yields on corporate bonds in the euro area markets also edged slightly down during these months affected by the ECB’s asset purchase programme of private sector securities. In the euro area money market, interest rates on short-term instruments remain at negative levels.
Chart 5 Selected global �nancial indicators
Source: Bloomberg, Reuters and Eurostat.
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The Euro reduced the depreciation against US dollar during 2019 Q4, hovering at levels almost similar with the previous quarter. In December, the euro was traded for 1.11 US dollars, appreciating 0.6% on average, compared to the previous three months. In annual terms, the euro depreciated 2.4% from the previous year.
Chart 4 Policy rates of major central banks
Source: Central banks (ECB, Fed, BJ and BE).
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Monetary Policy Report, 2020/I
22Bank of Albania
The financial market in 2019 Q4 was characterized by decreasing risk premiums, low interest rates and favourable liquidity conditions. Yields on government securities were downward this quarter, driven by the banks’ high demand to invest in them. Banking financing costs remained low for households and enterprises, reflecting low risk premiums and increase of the banking sector efficiency following the consolidation process. Currency risk indicators in the foreign exchange market appeared to be within normal parameters.
Favourable financial conditions and structural improvements of the banking sector supported the expansion of lending activity, especially lending in lek, which recorded high growth rates in the fourth quarter. These positive developments are also reflected in the monetary expansion in the economy and expansion of other monetary indicators. The financial situation so far does not signal for increased risks in the post-earthquake financial activity in the economy.
3.1 FInanCIal markets
interbank Market
Interbank rates hovered near the policy rate in 2019 Q4, in line with the operational objective of monetary policy. The liquidity of the banking system was at adequate levels for the monetary policy transmission, thus not being a stress factor in the money market. The interests applied on two main maturities used for daily and weekly fund exchanges recorded a decrease in the marginal rates this quarter, and continued to maintain minimal spread against the policy rate. Their volatility was also low, close to values noted in the previous quarters of the year6. Trading volumes slightly decreased compared to the previous quarters, as a result of the reduction of transactions in both maturities. Overnight and one-week maturities remain the most employed ones; in addition, the 2-, 3-days transactions have been also used.
6 The standard deviation of the overnight interbank rates in the fourth quarter of the year was 0.06, from 0.05 and 0.06, respectively in the two previous quarters.
3. FInanCIal markets and monetarY deVeloPments
Monetary Policy Report, 2020/I
23 Bank of Albania
Chart 6 Bank of Albania open market operations and interbank rates performance
Source: Bank of Albania.
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The Bank of Albania continued to supply liquidity to the banking system through its main instrument, the one-week repo, and through the three-month maturity injections. As a result of the decrease in the liquidity deficit, the injected amount was lower than in the third quarter of the year, mainly in injections with one-week maturity. In the meantime, interest rates in auctions have always been close to the policy rate.
doMesTic foreiGn exchanGe MarkeT
The domestic currency (lek) depreciated in 2019 Q4, following the appreciation in the two previous quarters, which coincided with a good tourist season. The average exchange rate was 122.7 lek/euro in this quarter, with a lek depreciation of 0.9% compared to the previous quarter. Lek continues its appreciation against the euro, compared to the previous year, although at a lesser extent. Lek appreciation slowed down considerably, dropping at 1.4% in the last quarter of the year, from 3.4% in the two previous quarters, and from 5.9% in the first quarter of the year.
Concerning the shorter-term horizon, December was characterized by the appreciation of lek against euro by 0.5%, in line with its seasonal behaviour. Euro/Lek exchange rate hovered around the average of 122.0 lek/ euro in the first three weeks of January, with no significant change from the average level in December. Overall, the euro trading in the foreign exchange market during the recent months has been calm; Risk indicators appeared at optimum levels7 and in the market, no slanted expectations have been noted on either
7 Bid-ask spreads in the euro / lek exchange rate and volatility indicators have been low and within their normal values.
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24Bank of Albania
the appreciation or the depreciation of the Lek8. The performance of these indicators shows the normalization of agents’ expectations in the market and he lack of speculations regarding the future performance of the exchange rate.
Chart 7 The exchange rate trend in the domestic foreign exchange market
Source: Bank of Albania. Data as at 23 January 2020.
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2002200320042005200620072008200920102011201220132014201520162017201820192020
one-sided appreciation
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Exchange rate against euro and usd Appreciation/depreciation bias, eur/lek
The performance of the US dollar in the domestic market reflected its appreciation in the international foreign exchange market, further reinforced by the depreciation of lek against euro. The USD/ALL rate averaged 110.8 lek/usd in the fourth quarter, with a lek depreciation of 1.4% compared to the third quarter, and 1.6% compared to the previous year. In the first weeks of January, the US dollar was traded at values close to those registered in December.
Chart 8 The performance of the lek against the currencies of the main trading partner countries.
Source: Bank of Albania.
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8 The exchange rate appreciation/depreciation ratio is calculated as the ratio of the number of days when the lek is depreciated against the number of days when the lek is depreciated, over a moving time horizon of 250 days. The value of this indicator near 1 indicates an equal number of cases of appreciation and depreciation. If this indicator is significantly and persistently above 1, there are one-sided pressures for appreciation in the market and vice versa.
Monetary Policy Report, 2020/I
25 Bank of Albania
In nominal effective terms9, lek depreciated by 0.7% in the fourth quarter against the third quarter of the year, reflecting its depreciation against all currencies of the main trading partner countries, except for the Turkish lira. The effective annual appreciation of lek continued to narrow, falling to 1.7% in this quarter, from 3.1% in the previous quarter. The real effective exchange rate has shown a similar trajectory to the nominal. The annual appreciation of the exchange rate was 1.0% in the fourth quarter, from 2.5% in the third quarter.
priMary MarkeT
T-Bills and bond yields in the primary market trended downward in 2019 Q4. The performance of yields mainly reflected the behaviour of banks and their competitive bids. Given the lack of pressures from government’s supply, the banks’ demand was higher and drove to their decrease. The average yield of 12-month T-bills fell to 1.7% in December, from 2.3% and 2.1% in September and October, respectively. Similar to the previous quarter, banks have confirmed their interest in government debt securities, thus keeping the bid-to-cover ratio always high, especially in the long-term segments10. During this quarter, yields declined along the whole curve and as a consequence its slope remained roughly the same as in October. However, compared to the previous year, the yield curve has been flattening, mainly as a result of the decrease of premiums in long-term maturities, which are more preferred by the banks.
The downward trend in yields was somewhat curbed at the end of December and in the first auctions of 2020; bond yields did not change, while bond premiums registered marginal growth. In the last auction in January, the 12-month bond yield was 1.76%, being roughly the same as the average in December. Similarly, bond yields declined in the last three months, but in the recent auctions they registered marginal growth. Thus, the yield on the 2-year and 10-year bonds was 2.25% and 5.29%, respectively, in January from 2.16% and 5.20%, respectively, in the previous auctions held in December and October.
9 The nominal effective exchange rate (NEER) is calculated against the currencies of Albania’s five major trading partners (Italy, Greece, Germany, Turkey and China), using the relevant market weights. For the purpose of calculating lira/lek and yuan/lek rates, the official reference rates remain those of the Turkish lira and the Chinese yuan against the US dollar. The real effective exchange rate (REER) is calculated similarly to the nominal, but it considers the domestic inflation and those in the trading partners, as well.
10 The bid/cover ratio for T-bill auctions realised in the period October-December was 1.3. This ratio for bond auctions is 1.6 for this period.
Monetary Policy Report, 2020/I
26Bank of Albania
Chart 9 Yields in primary market
Source: Bank of Albania. The chart includes auctions conducted as at 23 January 2020.
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financinG To puBlic secTor
By the end of the 11-month period, budget deficit totalled around ALL 10.6 billion, from ALL 0.9 billion in the same period in the previous year. Deficit financing sources during 2019 were domestic, the use of which beyond the budget deficit has led to the reduction of government external debt by about ALL 10.4 billion by the end of the 11-month period.
The budget deficit in October and November expanded by about ALL 7.2 billion. Its financing came through borrowing in the primary market for government securities (84%), as well as the use of liquidity created throughout the year, thus staying in line with the approach implemented during the first 9 months. Domestic borrowing during these two months increased by ALL 6.1 billion, which consisted entirely of long-term debt denominated in lek.
Chart 10 De�cit, instruments for �nancing it (left) and agents in the domestic market (right) *
*Values above the horizontal axis in this chart imply Fiscal de�cit; values below zero imply Fiscal surplus.Source: Ministry of Finance and Economy, Bank of Albania.
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27 Bank of Albania
In the fourth quarter, the borrowing structure in the primary securities’ market was similar to that of the two previous quarters. Thus, similar to the two previous quarters, commercial banks continued to play the primary role in financing the fiscal deficit in the domestic market (at around 87%). This structure of the primary market seems to reflect at the largest extend, the strategy pursued by the government since July 2018. Its main aim is the market’s development for benchmark securities11, which intends to serve as a stimulus for the development of the secondary market in the future.
In the last quarter of 2019, non-bank financial institutions continued to show interest in expanding their securities portfolio, and this interest continued during the rest of the year. Meanwhile, unlike the first three quarters, the participation of households in the primary securities market was more active, and it was finalized with an increase by 1.4% of their existing portfolio by the end of September 2019.
3.2 dePosIt and CredIt Interest rates and FInanCInG CondItIons
Interest rates on new loans to the private sector continued to hover near their lowest levels, both for lek and euro loans. Their level indicates lower cost of financing in lek to the private sector since after the first quarter of the year. The lower interest rates reflect a reduction in risk premiums and a more positive approach of banks toward lending, driven also by increased competition following the consolidation process in the banking system.
Chart 11 Interest rates on new loans in lek and euro
Source: Bank of Albania.Note: Interest rates and the spread between them are presented as a 6-month moving average.
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The average interest rate on new loans in lek was 6.3% in 2019 Q4, remaining the same as the two previous quarters’ average. The interest rate of loans to 11 Since the beginning of the issue of the benchmark bond, in July 2018, government borrowing
increased mostly due to this type of instruments. For 2018, they were 5-year bonds, whereas in 2019, 3-year bonds were also added.
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28Bank of Albania
enterprises was stable at 6.1%, reflecting slightly lower interest rates rate for liquidity financing loans and a marginal increase of loans rate for investment financing. Households continued to receive mortgage loans at low interest rate, whilst interest rates on consumer loans increased in this quarter.
Average interest rate for new loans in euro to the private sector was 4.2% in the fourth quarter, slightly up compared to the previous quarter (4.0), but remaining near the average level of the last two years. The growth of this quarter is mainly driven by the increase in the rates of loans for investments granted to enterprises, while interest rates on loans for liquidity to enterprises and to households changed to a negligible extent. The spread between interest rates on lek and euro loans remains at low levels of about 2.0 percentage points for enterprises, 3.0 percentage points for households and almost zero for mortgage loans12.
Non-price terms and conditions of loans to enterprises and householdsBanks’ terms and conditions of loans to enterprises remained unchanged during the last quarter of the year. The increase in loan size compared to the previous quarter was offset by the higher conditionality set out in the respective loans to enterprises agreements.
Chart 12 Non-price terms for loans to enterprises (left) and households (right)
Source: Bank of Albania and staff estimates.
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The general terms and conditions of loans to households did not change in the last quarter of the year. Thus, commissions, loan size, collateral requirement in relation to the loan received, and terms of the loan agreement, as well as the maximum loan maturity remained the same as in the previous quarter.
The financing costs for the banking activity through deposits remain low, thus supporting low interest rates on loans. The average interest rate on new time deposits in lek stands at 0.76% in 2019 Q4, close to the levels of the two
12 The values are the average for 2019.
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29 Bank of Albania
previous quarters and slightly below the average of the previous year. Interest rates on time deposits of up to one year, which make up the majority of time deposits have been stable, while rates for deposits with higher maturities have been downward for several quarters. The average interest rate on new time deposits in euro was 0.14% in this quarter, close to its average in the last two years. The spread between the interest rate on Lek and Euro deposits is minimal, by 0.7 percentage point during 2019.
Chart 13 The interest rate on lek and euro deposits
Source: Bank of Albania.
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Box 2 poTenTial iMplicaTions of The earThQuake on The financial MarkeT
in addition to Box 1, the following section addresses the potential impact that the earthquake implications or the measures taken to address them may have on the financial market. a significant amount of financial indicators are measured and reported at a periodic frequency compared with other economic data, and as such they provide preliminary signals on what is happening in the economy. after the earthquake, the Bank of albania kept these indicators under special monitoring, in order to identify potential signs of stress in the financial market. so far, no tangible impact of the earthquake has been identified in the market. from the previous year’s experience, or even from that of the other countries, shocks of this nature can be manifested in the market in three main directions: (1) in the volatility in yields and in other interest rates, (2) the volatility of the foreign exchange market, and (3) the lending performance. More specifically, these implications are discussed below.
(1) volatility in yields and other interest rates
interest rate volatility may increase due to the uncertainties of economic agents and / or increased government borrowing in the domestic market to finance measures to address earthquake-related damages. so far, there is no evidence of increased volatility or uncertainty in the financial market segments. The addition to the government deficit for 2020, planned after the earthquake, is
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30Bank of Albania
about all 10 billion, of which about all 7 billion is projected to be financed through increased borrowing in the domestic market. This amount remains within the historical funding rates, and is considered affordable by the money market, without causing shocks to the yields performance. in the government securities auctions conducted post-earthquake, yields have fluctuated in a narrow range, with no real upward trend.
(2) volatility in the foreign exchange market
during the two months following the earthquake, the exchange rate has fluctuated roughly in line with its seasonal year-end behaviour. foreign currency trading was conducted within normal risk parameters and no signs of stress were detected in the volatility indicators.
The potential impacts on the exchange rate performance in the current year are twofold and the risks are balanced. on the one hand, with the depreciating effect on the value of the lek lies the scenario of possible reductions of revenues from the tourism. The impacts of the earthquake were more pronounced in the coast area of durres and as a result the tourism activity might be weaker this year, since the reception capacity has reduced and there is need for reconstruction. also the foreign tourists might feel discouraged to visit durres after such event. on the other hand, an increase of inflows in the form of remittances or foreign aid and donations is also possible, in support of the families affected by the earthquake. The impact on the exchange rate will be a result of the action of these two factors.
(3) lending performance
lending to the economy has been steadily improving over the last year, reflecting the growth of loans to enterprises and the stable performance of loans to households. The potential impact on the continuity of loan growth may result in two scenarios: on the one hand, the slowdown of the economic activity in sectors affected by the earthquake and the increase of the uncertainties of households, enterprises or even the banks themselves may induce a slowdown of loan growth. Bank of albania deems that even if this happens, it would be temporary, as will the consequences of the earthquake in the real economy be. on the other hand, the need for restructuring and replacement of physical capital may be associated with increase of loan demand. The balance between these two scenarios will also depend on the risks-weighting by banks and their approach to lending.
To sum it all up, based on the information available to date, we deem that the materialization of earthquake-related risks is expected to be limited in the financial market. however, all indicators are under constant monitoring, in order to timely detect and address the issues.
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31 Bank of Albania
3.3 CredIt to tHe PrIVate seCtor13
The growth rates of banks’ financing to the private sector improved in the fourth quarter, averagely at 7.8% or 0.3 percentage point higher compared to the previous quarter. Credit to GDP ratio also increased, reaching 36.5% or 1.2 percentage points higher compared to the previous year. Positive developments in the lending activity were supported by the easing of credit supply and the structural improvements that have taken place in the banking sector during 2019. Meanwhile, demand for loans is not stable yet - after rising for two consecutive quarters, it decreased in the last quarter, impacted by both enterprises and households. Based on the banks’ opinion, the performance in the last quarter was also affected by the post-earthquake situation14. From a longer point of view, the dynamics of loans portfolio point to a more balanced structure of the portfolio of loans by currency and a higher contribution of loans to enterprises regarding portfolio expansion.
Chart 14 Lending to the private sector, CPS
Source: Bank of Albania.
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The improvement of lending activity was supported by funding in domestic currency, which contributed by 4.8 percentage points to the annual growth of credit to the private sector in the fourth quarter. The contribution increase of loans in lek offset the lower contribution of loans in foreign currency, which slowed down the growth rates at year-end. The high growth rates of banks’ lending in lek, by 10.1%, are supported by low interest rates, by banks’ favourable policies for financing in lek as well as by higher awareness of public on the risk of the exposure of exchange rate in borrowing. This positive dynamic has led to a more balanced structure of the loan portfolio. Loans in lek accounted for 48.7% of loans to the private sector in December 2019, 10 percentage points higher than the weight of this credit five years ago.
13 Credit data are based on monetary statistics and are adjusted for the effect of written-off loans and exchange rate movements.
14 For more, click here https://www.bankofalbania.org/Monetary_Policy/Surveys_11282/Bank_Lending_Survey/.
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32Bank of Albania
Chart 15 Lending to the private sector and annual contributions by purpose of use
Source: Bank of Albania.
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The main contributor to this increase, during 2019, is the loan to enterprises, unlike the lending dynamics of the last three years. Loans to both households and enterprises improved in the last quarter of the year. The portfolio of loans to households increased by 7.5%, from 6.9% in the previous quarter. The expansion the growth pace of loans to households, in the last quarter, has benefited not only from the higher contribution of loans for house purchase, but also from consumer loans. The annual growth pace for each portfolio improved to 7% and 7.7%, respectively. Meanwhile, growth pace of loans to enterprises is slightly higher than in 2019 Q3, of 8% on average (7.8% in 2019 Q3). Unlike the previous quarter, it is noticed that the growth of loans to enterprises in the fourth quarter is determined by the expansion loans for investments. This portfolio grew by an average of 9.2% compared to the previous year, or about 4 percentage points higher than in the third quarter15. The improvement of lending to investments has offset the weaker performance of loans for liquidity, which slowed down its growth pace to 6.5% against 11.1% in the previous quarter.
3.4 moneY and dePosIts In tHe eConomY
Monetary supply in the last quarter of the year accelerated its growth pace. The broad money indicator, M3 aggregate, registered an annual growth of 4.3% on average during this period, 0.7 percentage point higher compared to the third quarter. The creation of money in the economy is supported by the financing of the private and public sector by the banking system. On the liabilities side of the banking system, the money structure continues to be affected by the shift of household savings to deposits with maturities of over two years, 15 The comparative basis with the year before has also contributed significantly to this improvement-
where loans to investments decreased significantly as a result of data verification by a bank of the system.
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33 Bank of Albania
which are not included in the calculation of M3. The aggregate in lek, M2, improved the growth rates to 3.5% on average over this period, against the 2.7% in the third quarter of the year. Expansion of the monetary supply was widely supported by the steady performance of loans in domestic currency and by government funding. Money supply M1, shows an acceleration of the annual growth rate at 9.6% or 1.2 percentage point higher compared to the previous quarter. This indicator has mainly taken the form of demand deposits, reflecting at the same time the increased demand of economic agents’ for cash, at the end of the year. Meanwhile, the ratio of the latter to aggregate in lek, M2, stands at relatively similar levels as in the previous quarter, around 38.3%.
Chart 16 Money Indicators
Source: Bank of Albania.
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2019M12
Annual changes of �nancial instruments (in bln lek)
HH securitiestime deposits >2Ymonetary depositsCOBM3 (rhs)
-5%
0%
5%
10%
15%
2016M12
2017M4
2017M8
2017M12
2018M4
2018M8
2018M12
2019M4
2019M8
2019M12
Annual changes of monetary aggregates (in %)
M1 M2 M3
-4.0%
-2.0%
2.0%
4.0%
6.0%
8.0%
10.0%
The growth pace of deposits in the banking system improved in the last quarter. Total deposits are estimated at around 70.4% as a ratio to GDP at the end of the year. Deposits’ stock recorded an average annual growth by 5.7% in the fourth quarter, compared to 4.7% a quarter earlier. This performance was mainly supported by the rapid expansion of deposits in foreign currency by about 6.5% in annual terms, compared to 5.7% a quarter earlier. The growth rates of deposits in lek improved to 4.9%, up by 1.3 percentage points from the third quarter. In terms of the time structure of deposits, the latter in the banking system continues to shift toward two maturities, mainly in the form of demand deposits, as well as time deposits with maturity above two year. As at the end of the period, demand deposits accounted for around 47% of the total stock, whereas those whose maturity term is longer than two years accounted for around 13.4% of the total stock.
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34Bank of Albania
Chart 17 Deposits in the banking system
Source: Bank of Albania.
-4%
-2%
0%
2%
4%
6%
8%
10%
2014M12
2015M6
2015M12
2016M6
2016M12
2017M6
2017M12
2018M6
2018M12
2019M6
2019M12
Annual changes of deposits
total depositslek depositsfx deposits
40%
50%
60%
70%
80%
2009Q4
2010Q4
2011Q4
2012Q4
2013Q4
2014Q4
2015Q4
2016Q4
2017Q4
2018Q4
2019Q4
deposits(<&> 2V)/PBB
Households’ deposits account for over 80% of the deposit stock in the banking system. About 60% of them are held in time instruments, reflecting their investment in a longer-term form of savings. On the other hand, enterprises hold over 90% of their deposits as liquid holdings (cash), depending on their seasonal activity and needs.
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35 Bank of Albania
Inflation averaged 1.3% in 2019 Q4, resulting 0.1 percentage point lower than in the previous quarter. The performance of inflation reflected the slow increase of wages and domestic production costs, the low inflation in our trading partners and the lagged effect of exchange rate appreciation during 2018. The positive rates of economic growth and employment have mitigated the negative output gap, but have not eliminated it, thus supporting the assessment that the demand-side inflationary pressures remain insufficient for the convergence of inflation to target.
Economic growth accelerated in 2019 Q3 reaching at 3.8%, underpinned by both domestic and external demand. In particular, the consumption of population provided a significant contribution followed by net exports.
The return of the economy to potential is expected to continue, but at a more mitigated pace, driven by the negative impacts expected from the earthquake of 26th November 2019. Given this factor, the low inflation environment and inflation expectations, headline inflation’s convergence to target may require a longer time. Meanwhile the return of inflation to target is expected to be supported by the stronger materialisation of the impacts from the rise of wages and costs in the economy.
4.1 InFlatIon
In 2019, the average inflation was 1.4%. Throughout the year inflation registered low levels, failing to respond adequately to the relatively positive developments of economic activity and domestic demand. Although the negative output gap continued to narrow down, the weak performance of import prices, the appreciating of the exchange rate and the presence of base effects have kept inflation values below those of the previous year.
The average inflation registered a low level in the last quarter of 2019 (1.3%). Inflation in this quarter was affected by the developments in December (1.1%). The seasonal impact of inflationary effect from the category “Unprocessed food” had a lower intensity than in the previous years16. The other categories continue to have a low impact on headline inflation, as in most of the year.
16 Monthly inflation of the category “Unprocessed food” in December resulted at 5.0% against 6.2% in the previous year.
4. InFlatIon and eConomIC GroWtH
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36Bank of Albania
The slow increase of prices in the last quarter has continued to be affected by the contained pressures generated by the domestic economy. Commodity prices in foreign markets, as well as inflation in EU and regional countries returned to increasing values at the end of 2019. Nevertheless, the relatively long period of appreciation of the domestic currency has kept the pressures from import prices low.
Chart 18 Headline in�ation, target (left). In�ation in regional and EU countries (right)
Source: INSTAT, Trading Economics database and calculations of the Bank of Albania.
-1.0
-0.5
0.0
0.5
1.0
1.5
2.0
2.5
3.0
2015Q1
2015Q2
2015Q3
2015Q4
2016Q1
2016Q2
2016Q3
2016Q4
2017Q1
2017Q2
2017Q3
2017Q4
2018Q1
2018Q2
2018Q3
2018Q4
2019Q1
2019Q2
2019Q3
2019Q4
Albania Regional Coutries EU
0.0%
0.5%
1.0%
1.5%
2.0%
2.5%
3.0%
3.5%
201
2M1
22
013M
04
201
3M0
82
013M
12
201
4M0
42
014M
08
201
4M1
22
015M
04
201
5M0
82
015M
12
201
6M0
42
016M
08
201
6M1
22
017M
04
201
7M0
82
017M
12
201
8M0
42
018M
08
201
8M1
22
019M
04
201
9M0
82
019M
12
Y/Y Headline in�ationAverage headline in�ation
Target
The structure shows that the volatility of food prices accounted for 85% of this quarter’s inflation. The contribution of prices in the category “unprocessed food” continues to be significant within this group of goods, accounting for around 60% of headline inflation. In the first two months of the quarter this category registered an increase in terms of inflation and contributions. Meanwhile, in December, the value of the contribution of particular sub-items within this category was dominated by “vegetables” which drove to the decrease of contribution by 0.3 percentage point17. Favourable climatic conditions, the increase of greenhouse output, weak pressures from production costs due to lower fuel prices and the increase of competition in agricultural produce markets are factors that have driven the slowdown of inflation in the respective category.
In the category “Processed food” the result of slight fluctuations of the prices of groups composing it was almost the same as in the previous quarter (0.3 percentage point). Within this category, prices of the sub-category “bread and cereals” have increased, while the contribution of the sub-category “tobacco” has resulted downwards in December.
17 In December the contribution of this category decreased from 0.9 to 0.6 percentage point, driving the decline of headline inflation rate as well.
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37 Bank of Albania
The “non-food consumer goods” contributed with low positive values to this quarter’s inflation, a lower contribution compared with the previous quarter. This performance has reflected inflation and the negative contribution of fuel due to: the downwards trend of oil prices in foreign markets by the end of the year; the appreciation of the domestic currency; and the impact of the high comparative base of the previous year.
Table 2 Contribution of key items to annual inflation (p.p.)*Q1‘17
Q2 ‘17
Q3‘17
Q4‘17
Q1‘18
Q2‘18
Q3‘18
Q4‘18
Q1‘19
Q2‘19
Q3‘19
Q4‘19
Processed food 0.6 0.5 0.2 0.0 0.1 0.2 0.2 0.1 0.1 0.2 0.3 0.3
Bread and cereals 0.1 0.0 0.0 0.0 0.0 0.0 0.0 -0.1 -0.1 0.0 0.0 0.1
Milk, cheese and eggs 0.4 0.3 0.2 0.1 0.1 0.0 0.1 0.1 0.1 0.2 0.2 0.2
Unprocessed foods 1.3 1.1 1.2 1.3 0.9 1.1 1.0 0.9 1.3 0.8 0.7 0.8
Fruits 0.3 0.3 0.5 0.6 0.6 0.1 0.0 -0.1 -0.3 0.0 0.1 0.4
Vegetables 0.9 0.7 0.7 0.6 0.2 0.9 0.9 0.9 1.5 0.8 0.6 0.4
Services 0.2 0.2 0.1 0.1 0.1 0.1 0.1 0.1 0.0 0.0 0.1 0.1
Goods at regulated prices 0.0 0.0 0.0 0.0 0.2 0.2 0.2 0.2 0.0 0.0 0.0 0.0
Water supply 0.0 0.0 0.0 0.0 0.2 0.2 0.2 0.2 0.0 0.0 0.0 0.0
Housing rent 0.0 0.1 0.1 0.2 0.3 0.4 0.4 0.3 0.1 0.2 0.1 0.0
Non-food consumer goods 0.3 0.2 0.2 0.2 0.3 0.3 0.3 0.2 0.1 0.2 0.1 0.0
Fuel 0.0 0.0 0.0 0.0 0.1 0.1 0.2 0.2 0.1 0.1 0.0 -0.1
Durable consumer goods 0.0 -0.1 -0.1 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.1 0.1
Consumer Price Index (annual change, %) 2.4 2.0 1.7 1.8 1.9 2.2 2.2 1.8 1.6 1.4 1.4 1.3
Source: INSTAT. *The table shows some of the main groups of items.
The prices of other more stable components of inflation, which includes the prices of services, housing and durable consumer goods also, had a lower contribution to the inflation rate compared with the previous quarter (0.2 from 0.3 percentage point). The category “housing-rent” registered a stronger base impact compared with the previous quarter, decreasing its contribution by 0.1 percentage point. The category “services” has contributed slightly to headline inflation, as in the previous quarter. Durable consumer goods have continued to contribute positively to headline inflation; however this impact has been almost negligible as well (0.1 p.p.).
Chart 19 Contribution by food and non-food categories to annual headline ination
Source: INSTAT and Bank of Albania calculations.
-1
-0.5
0
0.5
1
1.5
2
2.5
3
13_Q04
14_Q01
14_Q02
14_Q03
14_Q04
15_Q01
15_Q02
15_Q03
15_Q04
16_Q01
16_Q02
16_Q03
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17_Q01
17_Q02
17_Q03
17_Q04
18_Q01
18_Q02
18_Q03
18_Q04
19_Q01
19_Q02
19_Q03
19_Q04
Contribution of food inationContribution of non-food inationTotal
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38Bank of Albania
Annual change in the index of “Goods and services at regulated prices” over this year reached a low level due to the diminishing impact from the increase of water price rise in the previous year (-0.2 percentage point). This behaviour was noted during this quarter as well, where the relevant category maintained its low, almost negligible, annual contribution to headline inflation.
4.2 Gross domestIC ProduCt and aGGreGate demand
In 2019 Q3, economic growth resulted at 3.8%, faster than the 2.5% growth in the first half of the year. The expansion of the economic activity continued to be determined largely by the services sector, mainly with increased contribution from tourism and continued trade support. Also, the decline of the downward impact of low electricity output and the increase of the value added in industry were reflected in positive contributions for economic growth. Meanwhile, construction activity continued to show a slight downward dynamic similar with the previous quarter.
The increase of aggregate demand in 2019 Q3 continued to be largely driven by domestic demand, with private consumption being the main contributor. Net exports, supported mainly by services exports, also had a positive impact. Public consumption contributed slightly upwards, while the impact of investments, albeit to a small extent, remained negative.
The update of macroeconomic developments with data obtained by indirect and qualitative indicators, given the materialisation of the negative impacts from the earthquake of 26th November 2019, suggests a more moderated economic growth in 2019 Q4.
4.2.1 Gross domestIC ProduCt BY seCtor18
In 2019 Q3, the economic growth is mainly attributed to the services sector, by around 66%, whose contribution is calculated at 2.5 percentage points. The production sector also improved its performance and contributed as well to the acceleration of economic growth. The value added of the production sector increased by 1.9% and its contribution to economic growth resulted at 0.7 percentage point. The improved dynamic of production mainly reflected the diminishing downward impact of electricity. After negative contribution, averaging 1.3 percentage points during 2019 H1, the impact of energy in economic growth resulted negligible, during 2019 Q3.
18 Gross Domestic Product and Gross Value Added by sector are treated in terms of real annual changes. The analysis relies on the latest GDP data from output method for 2019 Q3, published by INSTAT on 24 December 2019. The differences between the sectors’ growth rates of this publication and those analysed in the Monetary Policy Report 2019/IV are the result of the series’ review.
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39 Bank of Albania
Chart 20 Gross domestic product by output and condence indicators
Source: INSTAT and Bank of Albania. *Semi-nal data. ** A preliminary estimate.
-5
-3
-1
1
3
5
7
12341234123412341234123412341234123
'11 '12 '13 '14 '15 '16 '17* '18**'19**
Contributions of economic activities in yoy real GDP
Agriculture, forestry and shingIndustry, energy and waterConstructionServicesNet taxes
-30
-15
0
15
30
123412341234123412341234123412341234
'11 '12 '13 '14 '15 '16 '17 '18 '19
Diference from long term average
Industry condence indicatorConstruction condence indicatorServices condence indicatorTrade condence indicator
Mining and quarrying and the manufacturing industry continued to support the annual growth of GDP as well, by 0.4 and 0.2 percentage point, respectively. The value added in agriculture, forestry and fishing decelerated, contributing to the annual growth of GDP by only 0.1 percentage point. Meanwhile construction, largely affected by the incoming completion phase of the Trans-Adriatic Pipeline (TAP) project, contributed negatively by 0.1 percentage point, as in the previous quarter. The net tax component provided a contribution of around 0.6 percentage point to economic growth, from 0.5 percentage point in the previous quarter.
the industry, energy and water supply sector improved its performance in 2019 Q3, registering a growth of value added by 5.8%. After the contraction in 2019 H1, the dynamic of the sector reflected mainly the diminishing of the negative impact of the low electricity19 output, and to a lesser extent the expansion of mining and quarrying industry20. The mining and quarrying branch, with a contribution of 3.2 percentage points, formed around 54.9% of the annual growth of the sector. Manufacturing industry supported as well the performance of the sector by 2.0 percentage points, albeit at a slower growth of value added at 3.6%, compared with 5.4% in the previous quarter. The slower growth performance of manufacturing industry is attributed mainly to the
19 The slowdown of the negative dynamic showed by the branch of “Electricity, gas, steam and air conditioning” is also confirmed by the net volume sales, which increased by 3.3% after a contraction of 12.6% in the previous quarter. Net domestic output of electricity during 2019 Q3, continued to be lower than the same period in the previous year by 27.3%, a rate that was lower than the strong contraction in 2019 H1. This dynamic continues to bear the impact of a higher comparative base with the previous year, where for the first three quarters of 2018 the net domestic output volume of electricity expanded on average by 120.1% in annual terms.
20 Increase in value of exports of the group “Salt, sulphurs, oxides, lime and cement” and the increase in volume of exports of the group “Mineral fuel, mineral oil and their distillation products” related with the mining and quarrying industry are assessed to have affected positively the performance of this branch of industry.
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40Bank of Albania
downward impact of textile, clothing, leather and footwear output as well as to metal products manufacturing, which is also evidenced by the contraction of the exports of products related with them. Meanwhile, other activities included in manufacturing industry contributed positively to the performance of the branch.
Chart 21 Contribution of branches to value added in “Industry, energy and water”, and the capacity utilisation rate in industry
Source: INSTAT and Bank of Albania. *Semi-�nal data. ** A preliminary estimate.
-320
-240
-160
-80
0
80
160
240
320
-40
-30
-20
-10
0
10
20
30
40
1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3
'13 '14 '15 '16 '17* '18** '19**
Annual changes (%) and contributions (percentage points)
Mining and quarring, electricity, water, supply and sewerageManufacturing industryIndustry, energy and water supplyElectricity production (net domestic, annual changes in %, rhs.)
60
64
68
72
76
80
123412341234123412341234123412341234'11 '12 '13 '14 '15 '16 '17 '18 '19
%
Capacity utilisation rate
Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q
The growth of industry, energy and water supply sector is assessed to continue in 2019 Q4, albeit at a slower pace. The higher utilisation of production capacities, the confidence level above the historical average and the declining impact from the high comparative base of the previous year, suggest for a continuation of the positive dynamic of the sector. However, the quarterly fall of confidence and of some groups of product exports related with industrial activities give mitigating signals of the upward trend of the sector for 2019 Q4.
Chart 22 Valued added and capacity utilisation rate in construction
Source: INSTAT and Bank of Albania.
20
30
40
50
60
70
80
90
-35
-25
-15
-5
5
15
25
35
1234123412341234123412341234123412341234
'10 '11 '12 '13 '14 '15 '16 '17 '18 '19
Value added in construction (annual changes in %, in real terms)Capacity utilisation rate (rhs., in %)
-60
-45
-30
-15
0
0
40
80
120
160
412341234123412341234123412341234123412341234
'08'09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19
Issued building permits (moving sum, 4 terms, index 2008 = 100)Order books (balance from the business survey, moving average with 4 terms, rhs.).)
Quarterly Quarterly
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41 Bank of Albania
The construction sector continued to decline in 2019 Q3. As in the previous quarter, the negative developments in the construction sector are closely related to the Trans-Adriatic Pipeline (TAP) project entering its final stage. The annual decline of value added in construction, affected largely by the high comparative base with the previous year21, resulted around 1.1%, comparable with the decrease of 1.6% in the previous quarter. The contraction of the output volume in construction is assessed to have been driven by the lower level realised in new constructions and reconstructions22. Meanwhile, the engineering category registered an increase, affecting positively the performance of the sector, in line with the assessed contribution of the public component. The increase of foreign direct investments inflows as well, albeit at a slower pace than in 2019 Q2, is assessed to have supported the sector’s upward performance.
The performance of the construction sector is expected to improve slightly in 2019 Q4. The increase of the capacity utilisation rate and the higher number of construction permits granted during the first three quarter of 201923 suggest for a relatively better performance of the construction sector in 2019 Q4. However, the decline of the confidence indicator, the downward impact of the completion of most of the TAP project implementation, and the assessed negative impact by the public component, remain restricting factors for the expected improvement of the sector.
The services sector registered a faster upward dynamics in 2019 Q3. The value added of the sector expanded by 5.0%, after the annual growth of 4.3% in the previous quarter. The branch “Trade, transport, accommodation and food service” continued to generate the main upward impact, contributing by 2.5 percentage points in the performance of the services sector. Developments in it reflected largely the contribution of activities related with accommodation and food service24, while trade activity continued to support the performance of the sector to the same extent as in the previous quarter. The branches “Professional activities and administrative services”25 and “Public administration, education
21 In 2018 Q3, value added in construction registered also the highest annual growth of the year, around 6.5%.
22 These two categories are also affected by the higher comparative base with the previous year, when they also registered a strong expansion of the respective output volume.
23 The number of construction permits granted in total for new buildings in 2019 Q3 was 293, from 310 permits granted in 2019 Q2. In total, the number of building permits granted in the first three quarters of 2019 remains higher than in the previous year, and mainly for residential buildings. The projected value of construction permits for new residential buildings also increased compared to the previous year.
24 According to the volume of net sales index the branch “Hotels” registered a rapid upward performance in 2019 Q3 by 22.5% from 7.0% in the previous quarter. The volume of net sales generated by the activity of “Bar - restaurants” also continued to increase by 5.4% from 4.1% in the previous quarter. The number of foreign nationals also increased during 2019 Q3, albeit at a slower pace compared with the previous quarter (by 5.8% from 16.0%). The main impact by purpose of travel continues to be attributed to the increase of the number of individuals travelling for personal purposes in the category “Vacation, visit to relatives, etc.”
25 The improvement of the performance of value added of Professional activities and administrative services is attributed mainly to the increase of the volume of net sale of architectural and engineering activities, after two consecutive quarters of contraction.
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42Bank of Albania
and healthcare”26 increased their positive impact on the growth of the services sector as well, contributing by 1.3 and 1.4 percentage points, respectively.
Meanwhile, services related to “Real estate” and “Financial and insurance activities” supported the performance of the sector by 0.6 percentage point each, slightly lower than the previous quarter. The impact of the branch “Information and communication” on the sector also weakened compared with the previous quarter, reflecting an almost negligible contribution in the annual performance of services. The branch “Art, entertainment, recreation and other services’ activities” continued its downward impact by 1.3 percentage points, mainly reflecting the closure of gambling activity.
Chart 23 Contribution of branches and capacity utilization rates in the services sector
Source: INSTAT and Bank of Albania. *Semi-�nal data. ** A preliminary estimate.
-6
-3
0
3
6
9
12341234123412341234123412341234123'11 '12 '13 '14 '15 '16 '17* '18**'19**
Annual changes (%) and contributions (in percentage points)
Arts, entertainment and recreation services
Public administration, education and health
Professional and administrative services
Real estate activity
Financial and insurance services
Information and communication
Trade, transport, accomodation and food services
Services value added
64
68
72
76
80
84
88
23412341234123412341234123412341234'11 '12 '13 '14 '15 '16 '17 '18 '19
%, capacity utilisation rate
TradeServices excluding trade
Q Q Q Q Q Q Q Q Q Q Q Q Q Q QQQQ
The upward dynamic of the services sector is assessed slower in 2019 Q4. This expected performance of services is in line with the fall in both confidence and the capacity utilisation rate of the sector.
4.2.2 aGGreGate demand
Economic growth is supported by both domestic and foreign demand in 2019 Q3. The increase of domestic demand is driven by the acceleration of consumption, while the positive contribution from foreign demand is related with the rapid growth of services’ exports. On the other hand, “investments” generated negative contributions. Data from indirect indicators signal that economic growth in 2019 Q4 is expected to be slower. The domestic demand, with main impacts from population consumption, will determine this growth. Also, investments are expected to provide positive contributions.
26 Regarding the budget expenditure data by functional classification, the main upward impact in this branch is related to healthcare expenditure.
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43 Bank of Albania
Domestic demand expanded by 2.5% in annual terms in 2019 Q3, a higher rate compared with 2019 H1 (2.3%). The annual dynamic was defined by population consumption, with positive contributions from public consumption as well. On the other hand, investments decreased compared with the previous year.
Leading and indirect indicators suggest domestic demand will continue to grow in 2019 Q4, but at a slower pace. Private consumption is expected to deliver the main impact, followed by investments.
Chart 24 Economic sentiment indicator and structure of domestic demand
Source: INSTAT and Bank of Albania.
-4
-2
0
2
4
6
2015Q1
2015Q2
2015Q3
2015Q4
2016Q1
2016Q2
2016Q3
2016Q4
2017Q1
2017Q2
2017Q3
2017Q4
2018Q1
2018Q2
2018Q3
2018Q4
2019Q1
2019Q2
2019Q3
Gross �xed capital formationPublic consumtionPrivat consumptionDomestic demand, yoy
-6
-4
-2
0
2
4
6
60
70
80
90
100
110
120
130
2013Q1
2013Q3
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2015Q1
2015Q3
2016Q1
2016Q3
2017Q1
2017Q3
2018Q1
2018Q3
2019Q1
2019Q3
Economic sentiment indicator (lhs)Domestic demand, yoy (rhs)
in % Contribution in p.p.domestic demand growth l - t average = 100
private consumption
Private consumption increased by 3.9% in 2019 Q3, around 1.2 percentage points higher than during 2019 H1. This component provided the main contribution to the expansion of domestic demand and in the economic growth of 2019 Q3. The increase of private consumption was affected by the increase of expenditures in the services sector (based on value added data from output). The contribution of the two other components of private consumption, short-term and durable consumer goods, is assessed to have remained unchanged compared with 2019 Q2, based on indirect data from retail trade index.
In terms of factors that support the growth of private consumption, both the performance of income from employment, and the increase of the number of employed, have driven consumer spending. This is reflected in an improvement of the economic sentiment indicator in 2019 Q3. Also, consumer and services sector confidence indicators remained above their historical averages over 2019 Q3 as well. The increase of remittances’ inflow in Albania continued to support private consumption funding during 2019 Q3. Financial conditions also continued to drive the acceleration of consumption and its contribution to the expansion of aggregate demand.
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44Bank of Albania
Chart 25 Private consumption and consumer con�dence
Source: INSTAT and Bank of Albania.
-4-3-2-10123456
2011Q1
2011Q3
2012Q1
2012Q3
2013Q1
2013Q3
2014Q1
2014Q3
2015Q1
2015Q3
2016Q1
2016Q3
2017Q1
2017Q3
2018Q1
2018Q3
2019Q1
2019Q3
Privat consumption
4Q moving average
annual changes
-30
-20
-10
0
10
20
30
40
50
-3
-2
-1
0
1
2
3
4
2012Q1
2012Q3
2013Q1
2013Q3
2014Q1
2014Q3
2015Q1
2015Q3
2016Q1
2016Q3
2017Q1
2017Q3
2018Q1
2018Q3
2019Q1
2019Q3
Consumers con�dence, ma (lhs)
Services con�dence indicator (rhs)
Diff froml - t average
Available partial data for 2019 Q4 suggest a continuation of the increase of households’ consumption for short-term consumer goods and services. This assessment is based on quantitative data on the performance of food imports, movements of citizens in Albania and the increase of consumer credit. The performance of household expenditures for durable goods, a component that is even more sensible to the confidence environment, is harder to evaluate for the last quarter of the year, based on the available partial data27.
Chart 26 Indirect indicators on the performance of private consumption*
*) Quantitative data for 2019 Q4 are approximated from October and November data.Source: INSTAT and Bank of Albania.
-6-4-202468
10121416
2014Q1
2014Q2
2014Q3
2014Q4
2015Q1
2015Q2
2015Q3
2015Q4
2016Q1
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2016Q3
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2017Q1
2017Q2
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2018Q1
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2018Q3
2018Q4
2019Q1
2019Q2
2019Q3
2019Q4
Credit to householdsImports of food
-3
-3
-2
-2
-1
-1
0
1
1
-15
-10
-5
0
5
10
15
20
25
30
2014Q4
2015Q2
2015Q4
2016Q2
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2017Q2
2017Q4
2018Q2
2018Q4
2019Q2
2019Q4
in p
.p.
in %
Index of home appliances and furnishings, yoy (lhs)Major purchaces, CCS, ma (rhs)
annual changes, in %
27 The decline of confidence may have an impact particularly on the consumption of durable good purchases, which has an elastic demand that may be delayed over time while households wait that the situation is clearer.
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45 Bank of Albania
investments
In 2019 Q3, investments deepened the annual fall, 1.9%, with a negative contribution to economic growth of -0.428 percentage point. Indirect assessments show that private investments determined the downward dynamic of investments. The latter, based on indirect data from 2019 Q329, was affected by both investments in construction and investments in machinery and equipment.
The factors affecting private investments remained supportive during 2019 Q3 as well, but their decrease has reflected the continuation of the shock from the final stage of the investment in the Trans-Adriatic Pipeline (TAP) project. Meanwhile, the positive impact factor for private investments are: increase of the capacity utilisation rate in the production sector; acceleration of consumer demand for goods and services; continuation of the impact of eased financial conditions. The growth of foreign investments also resulted in positive territory serving as funding source for new investments.
Indirect assessments indicate that the contribution from public investments was low, but positive during 2019 Q2 and Q3.
Indirect indicators suggest an improvement of investment dynamic in 2019 Q4, supported by private investments. The component of public investments is assessed to give a negative contribution in the last quarter of the year.
Chart 28 Short-term quantitative and qualitative indicators from investment surveys
Source: INSTAT and Bank of Albania.
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28 The contribution of investments to the economic growth is an assessment of the Bank of Albania.29 INSTAT does not publish Investments in economy with quarterly frequency by type and sector.
Over 2019 Q3 imports of capital goods decreased by 3.8 % and value added in the construction sector contracted by 1.1%.
Chart 27 Gross �xed capital formation
Source: INSTAT.
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annual changes, in %
Monetary Policy Report, 2020/I
46Bank of Albania
public sector demand and fiscal policy30
Fiscal policy has shown consolidating features for most 2019, illustrated by the positive values of primary balance. However, the weakening of the intensity of fiscal consolidation, particularly in October-November of this year, has increased the positive impact of fiscal policy on aggregate demand growth.
Fiscal impulse, which proxies the impact of fiscal policy on economic growth, by the end of 11-month period was estimated at around 0.9 percentage point of GDP, from 0.2 percentage point at the end of September.
Chart 29 Orientation of �scal policy*
* The orientation of �scal policy is proxied by changes in the ratio of primary cumulative de�cit for a 12-month period to the GDP, compared to a year earlier. Negative changes, i.e. the values of this indicator under zero show that the �scal position has improved, which indirectly indicates negative
values of �scal impulse in the economy. Burimi: Ministria e Financave dhe Ekonomisë, INSTAT, dhe llogaritje të sta�t të Bankës së Shqipërisë.
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Budget deficit was around ALL 10.6 billion, at the end of the 11-month period, estimated at around 0.6% of GDP, higher by 0.4 percentage point from the end of 9-month. Primary balance continues to be positive, at around 1.4% of GDP.
Budget expenditures, in October and November, increased by around 2.1% in annual terms, at a slower pace than the average 6.4% registered for the first three quarters of the year. The slowdown in the growth pace of expenditures, in these two months, was defined by lower expenses for domestic and foreign debt interests. The performance of interest payments on foreign debt is related this the cycle of interest payments on Eurobonds issued in global markets. On the other hand, the decline of expenditures for domestic debt interests is due to the continuous decrease of the interest rates of government securities issued in the domestic market.
30 The analysis on fiscal indicators is based on data published as of 23 January 2020, including the more recent reporting for 11-month 2019 period. As such, they still do not reflect potential impacts due to the earthquake of 26th November 2019.
Monetary Policy Report, 2020/I
47 Bank of Albania
Capital expenditures registered an annual contraction by around 2.4% in October and November as well, albeit at a slower pace than the average registered in the other three quarters of the year. The contraction impact (0.4 percentage point) of this category on total expenditure, during these two months, was compensated by the 2.7 percentage points positive contribution of current expenditures. From the current expenditure components, expenses for special funds and those for local government continued to drive growth in this quarter as well, thus keeping the profile of total expenditure growth almost similar to the previous quarter.
The performance of the budget expenditure items suggests that the fiscal sector will continue to support aggregate demand growth in the fourth quarter, mainly in the form of an additional impulse from public consumption.
Chart 30 Budget expenditures
Source: Ministry of Finance and Economy.
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Annual change, in %
For the first 11 months of 2019, expenditures were around ALL 431.6 billion, or 5.6% higher in nominal annual terms. Current expenditures, for the same period, expanded by 7.2%, while capital expenditures contracted by around 3.7%, compared with the previous year.
Revenues in October and November contracted by around 1.3% in annual terms, unlike the behaviour shown in the first three quarters of the year. Revenues from VAT, grants, local taxation and tax on earnings, over the last two months, had a negative impact on revenues performance. The VAT revenue item has shown a dynamic almost similar to the first three quarters, registering a decline of around 5.9% in annual terms, in October and November. Adjusted for the impact of reimbursements this decline results somewhat more mitigated, at around 4.3%.
Monetary Policy Report, 2020/I
48Bank of Albania
Chart 31 Performance of budget revenues
Source: Ministry of Finance and Economy.
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Revenues growth decomposition
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Annual change in %
Regarding the 11-month period, revenues amounted to around ALL 421.1 billion, or 3.2% higher than in the previous year. The increase of the total, during 2019, is supported mainly by tax revenues on personal income, which accounted for around 72% of the growth of total revenues, despite the modest share of 11% that this component has on total revenues. VAT, which is the item with the largest share in revenues (30%), has declined throughout 2019. The annual contraction at the end of 11-month was 4.7%. Lower revenues from VAT, compared with the previous year, are due to the combination of several
factors31.
external demand and foreign trade
Real trade deficit in goods and services contracted by 19.1% in 2019 Q3. This performance is in contrast with 2019 H1, where the deficit expanded by 9.6%. The main driver of this development has been the rapid increase of export of services (by around 13.0%). On the other hand, export of goods continued to be characterized by a decline in annual terms (2.4%). For the same quarter, imports expanded by 3.6%, driven mainly by the annual increase in export of goods (3.6%). Imports of services were also characterized by an increase (3.6%).
31 First, during 2019 the amount of VAT reimbursed has been higher than in the previous year. Adjusted for this impact the contraction of VAT for the 11-month would be 1.2%. Second, for 2019 were envisioned some relieve in the form of exemptions or reductions of VAT, supported by specific sectors of the economy, such as agriculture, agro-tourism and pharmaceuticals. The impact of these impacts of these measures is hard to assess. However, the curbing impact that this year’s fiscal relieves may have provided are in line with the dynamic of VAT collected on the output of goods and services in Albania. At the end of the 11-month period, domestic VAT made a negative contribution of 5.2 percentage points to the contraction of total VAT of 4.7%.
Chart 32 Contribution of net exports to aggregate demand (in p.p.)
Source: INSTAT and Bank of Albania.
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Monetary Policy Report, 2020/I
49 Bank of Albania
Data on the performance of external trade of goods, in 2019 Q4, show a slight narrowing of the trade deficit in annual terms (around 1.5%). Both exports and imports have contracted compared with the previous year, but the effect of imports has been higher.
Chart 33 Import and export by category (in ALL million)
Source: INSTAT
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andtobacco Minerals,
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products
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Construction materialsand metals
Machineryand parts
The exports of goods in value declined by about 6.7% in annual level during 2019 Q4, a faster rate compared with the previous quarter (0.9%). Categories “Textile and footwear” and “Construction materials and metals” have generated the main impacts on this dynamic. The unfavourable external demand situation, the declining deflators32 and the relatively high comparative base of the previous year, were factors that have affected negatively the performance of exports, particularly in October. Electricity trade continued to remain a significant factor33 in the dynamic of exports, but with lower impacts compared with the previous quarters.
Chart 34 Annual Dated Brent oil prices, domestic oil export (left), metal prices index and domestic metal export (right)
Source: INSTAT, IMF, EIA, London Metal Exchange, Marketindex, Cameco.
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32 Due to international prices as well as the performance of the exchange rate.33 Particularly in October, affecting the performance of 2019 Q4.
Monetary Policy Report, 2020/I
50Bank of Albania
Imports of goods decreased by 3.8% during 2019 Q4. The downward import performance has been defined by the categories “Construction materials and metals” and “Minerals, fuel, electricity”. Overall, the dynamic of the other categories as well has been negative or quite sluggish.
By geography, the countries of the European Union, and particularly Italy, remain our main trading partners for both exports and imports. Over 2019 Q4, the relative share of Italy declined due to the poor performance of “Textile and footwear” exports.
Box 3 Balance of payMenTs developMenTs in 2019 Q3
net current account position recorded a deficit of eur 161.2 million in 2019 Q3, expanding by around 10.1%, annually. it stood at 4.6% of nominal Gdp, around 0.1 percentage point higher than the same quarter a year earlier. a key driver in this dynamic was the expansion of the trade deficit in goods. This performance was determined by the growth of imports by around 7.6%. in the case of exports of goods, a significant decline of around 3.9% in annual terms has been verified, a rate that is more mitigated compared with 2019 Q2. regarding services, the positive surplus expanded in annual terms mainly due to the increase in exports (by around 11.3%). The performance was mainly driven by the rapid increase of “travel services” exports. in parallel, it was observed an increase of import of services as well (by around 7.6%), also driven by travel services.
The “primary income” account was characterized by a negative surplus, up around eur 22.9 million from the previous year. This was due to the increase in income outflows related to “direct investments”. regarding the secondary income, a positive surplus of 10.9 % was recorded in annual terms. in this regard, net remittances grew annually by 8.6%. The financial account was characterized by an annual contraction of net liabilities by 8.8%. direct investments net flows contracted by around 1.9%, while only the liabilities of direct investments expanded by 1.4% in annual terms. The balance of payments was characterized by an increase in reserve assets by around eur 109.7 million in 2019 Q3. The reserve is sufficient to cover 6.7 months of imports of goods and services or 160% of short-term external debt.
The balance of payments reports an inflow of “errors and omissions” at eur 126.0 million.
Monetary Policy Report, 2020/I
51 Bank of Albania
Table 3 Balance of Payments indicators.
2018 Q1
2018 Q2
2018 Q3
2018 Q4
2019 Q1
2019 Q2
2019 Q3
Current account (in eur million) -178.4 -169.4 -146.4 -372.2 -245.2 -280.4 -161.2 Y-o-y (%) 13.3 -33.8 2.5 20.1 37.4 65.5 10.1 /GDP (%) -6.3 -5.0 -4.5 -11.0 -8.0 -7.8 -4.6Goods and services -358.3 -427.2 -359.7 -614.8 -403.7 -518.9 -376.8 Y-o-y (%) 14.9 -12.2 -3.8 7.8 12.7 21.5 4.8Exports, f.o.b. 841.8 1024.0 1240.4 952.8 885.2 1058.2 1345.0 Y-o-y (%) 8.8 14.5 11.7 8.8 5.2 3.3 8.4Imports, f.o.b. 1200.1 1451.2 1600.1 1567.6 1288.9 1577.1 1721.8 Y-o-y (%) 10.6 5.1 7.8 8.4 7.4 8.7 7.6Net Travel 77.6 83.5 197.1 72.1 75.9 81.5 254.9Primary income -22.8 19.8 -17.1 6.3 -32.7 -10.0 -39.9Credit 70.3 123.6 94.0 105.0 78.7 132.5 108.7Debit 93.1 103.8 111.0 98.7 111.4 142.5 148.6Net income from Direct Investments -69.4 -81.2 -83.9 -48.1 -74.6 -111.2 -110.2secondary income 202.7 238.0 230.4 236.4 191.2 248.6 255.6Credit 224.5 260.9 254.8 265.2 220.1 274.2 280.8Debit 21.7 22.9 24.4 28.8 28.9 25.6 25.2Net Remittances 148.6 181.7 170.0 169.2 150.2 185.2 184.6 Y-o-y (%) 10.0 11.7 2.6 -1.7 1.0 1.9 8.6Capital account 18.3 21.2 22.9 41.6 17.9 12.3 19.7net borrowing/net lending -160.1 -148.2 -123.5 -330.6 -227.3 -268.0 -141.5Financial account -285.2 -198.0 -16.9 -271.0 -371.1 -353.2 -15.4 Y-o-y (%) -3.6 -4.1 -92.4 32.0 30.1 78.4 -8.8 /GDP (%) -10.1 -5.9 -0.5 -8.0 -12.1 -9.8 -0.4direct investments -290.3 -218.2 -268.7 -244.9 -287.2 -227.5 -263.6 Y-o-y (%) 40.6 -3.4 -21.0 10.7 -1.1 4.3 -1.9Portfolio investments 5.5 108.3 13.1 -203.0 -0.2 -82.4 90.8Financial derivatives 0.0 0.0 0.0 0.0 0.0 0.0 0.0other investments 142.0 -173.3 83.9 -96.9 -12.9 0.4 47.6reserve assets -142.4 85.1 154.8 273.9 -70.7 -43.6 109.7errors and omissions -125.1 -49.8 106.5 59.7 -143.8 -85.1 126.0
Source: Bank of Albania, INSTAT and staff’s estimates.
4.3 CYClICal sItuatIon oF tHe eConomY and InFlatIonarY Pressures
The indirect indicators of the cyclical situation, the unemployment rate and capacity utilisation rate gap show a gradual shift towards equilibrium. However, domestic inflationary pressures sourced by rising wages and production costs remain still insufficient to generate the return of inflation to target. This has been reflected also on the performance of core inflation during 2019 Q4. In parallel, the appreciation of the exchange rate during previous quarters and the slow growth of inflation in partner countries have generated a slow increase of imported inflation.
In the medium-term, the continued upward trend of the economy and of the capacity utilisation rate, as well as higher stability of the exchange rate, are expected to bring about faster economic growth and a more stable price base.
Monetary Policy Report, 2020/I
52Bank of Albania
The improvement of the cyclical position of the economy is estimated to have continued in 2019 Q3 as well. The utilisation rate of output factors has increased, but the economy is still below potential. As a result, inflationary pressures from the real economy are still insufficient for inflation to converge to target.
The capacity utilisation rate in economy stood at around 74.0% in 2019 Q4, a level similar to the rate in the previous quarter. However, the indicator remains 2.1 percentage points higher than in the same period in the previous year, and 0.4 percentage point higher than the historical average.
Developments in labour market resulted positive during 2019 Q3 as well. Employment in the economy increased by 3.3% in annual terms, a comparable rate to the 3.4% registered in the previous quarter.34 The upward dynamic of employment continued to be attributed mainly to the activities in the services sector and to lesser extent to industrial activity. This increase continued to affect the further growth of employment and the decline of the unemployment rate. This indicator declined at 11.4% in 2019 Q3, down by 0.8 percentage point compared with the same period in the previous year, and registering the lowest historical level.
The gross monthly average salary per employee35 registered an annual increase of 3.7% in 2019 Q3, continuing the upward trend of 2019 H1.36 In real terms, the monthly average wage increased by 2.3%, from 3.1% in the previous quarter. The slower performance of the average wage has reflected the
more mitigated growth of the average wage in the private sector, at 2.6% in nominal terms, or 1.2% in real terms. Meanwhile, the average wage in the public sector continued to accelerate the annual growth rate, at 5.6% in nominal terms and 4.2% in real terms.34 The analysis of employment and unemployment is based on the “Quarterly Labour Force Survey”
(QLFS), and refers to indicators for those 15 years and older. Participation in the labour force represents the group 15 - 64 years old, to prevent the impact from retired persons (according to the explanatory note of INSTAT in the QLFS for 2019 Q3).
35 This indicator refers to the gross monthly average wage received by an employee and is based on the payroll information declared at the General Directorate of Taxation. This wage consists of the base salary, additions to the salary for management positions, additions for years of work, additions for work hardships, and other additions related to titles, degrees and bonuses. It includes all the economic activities, both in the public and the private sectors, for all paid employees working in Albania, including foreign residents.
36 The performance of wages during the year was affected by the increase of the minimum wage and the increase of wages for various categories of the public sector. The monthly minimum wage for employees nationwide increased from ALL 24.000 to ALL 26.000 in 2019 Q1, or by 8.3% in annual terms.
Chart 35 Indicators of the cyclical situation of the economy*
*The output gap is the average of several measurements on which the method of moving average is applied. The capacity utilisation rate gap is
estimated as a deviation of the current value from the relevant historical average, and then the moving average method is applied. The unemploy-
ment rate gap is assessed as an average of unemployment gaps according to three methods, which assess the equilibrium or structural level of
unemployment (NAIRU or NAWRU). The unemployment rate gap is stated as the difference of the equilibrium unemployment rate to the actual unemploy-
ment rate and then the moving average method is applied.Source: INSTAT and estimations of the Bank of Albania.
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Core in�ation (in %)Output gap (in % of potention GDP)Unemployment rate gap (in p.p.)Capacity utilisation rate in the production sector (in p.p.)
Chart 36 Participation in labour force, employment level and unemployment level in
economy
Source: INSTAT.
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Monetary Policy Report, 2020/I
53 Bank of Albania
The unit labour Cost37 followed an upward trend in 2019 Q3, up by 1.5% in annual terms from 1.2% increase in Q1. The performance of this indicator continues to be largely determined by the relatively rapid growth of real wage versus labour productivity for the activities covered by the respective statistics.38
Chart 37 Average wage indicators (left) and annual �attened average changes of labour cost and their breakdown (right)
Source: INSTAT and estimations of the Bank of Albania.
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Average wage impact (in p.p.)Labour productivity impact (in p.p.)Unit labour costs (annual changes, in %)
Meanwhile, other production costs showed a downward dynamic in 2019 Q3. The prices of industrial output registered an annual decline of 1.6% affected mainly by export output prices. These developments are attributed largely to the contraction of prices in the mining and quarrying branch. Meanwhile, industrial output prices for products in the domestic market decreased by 0.4% in 2019 Q3 while production costs in the construction sector39 were almost the same as in the previous year.
The gradual narrowing of the negative production gap and the more contained appreciation of the exchange rate affected the upward trajectory of core inflation during 2019 H2. This indicator registered 0.9% in this period, compared with the average of 0.6% in 2019 H1.
However, on a longer time horizon, long-term and domestic inflation fluctuated around low levels in 2019. In average annual terms, core inflation and net non-tradable inflation resulted 0.7% and 1%, respectively. They stood 0.1 and 0.4 percentage point lower than the respective averages in the previous year. This development reflected partially the impact of the comparative base due to
37 Proxy indicators of labour productivity and unit labour costs and average wage by short-term statistics are calculated by the Bank of Albania using the total series of Short-Term Statistics (SHTS, INSTAT, 2019 Q3). Their calculation includes: the index of paid employees, the net sales volume and total wage fund for the total of activities covered by the survey of SHTS. The reported growth rates are in real terms and refer to the four-terms moving average of the annual changes of the indicator.
38 For activities covered by the Short-term Statistics, see the respective methodology (INSTAT).39 Construction cost index for apartments includes prices of building materials, labour force and
other capital expenditures used for the construction of a typical building of 8-10 floors.
Monetary Policy Report, 2020/I
54Bank of Albania
the increase of inflation in the category of housing during 2018 and partially the more complete transmission on costs of the exchange rate appreciation.
In addition to the developments of the above components, inflation performance during 2019 Q4 was affected also by the performance of short-term components. Non-core inflation stood at 2.4%, slightly lower than in the previous quarter while basket tradable inflation was around 2%. This value reflects the particularly low inflation of non-processed food during December.
Chart 38 Long-term in�ation expectations (left) and short-term expectations (right)
Source: INSTAT and estimations of the Bank of Albania.
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In the first two months of 2019 Q4, the imported inflationary pressure index (IIPI)40 contracted on average by 0.5% in annual terms. Import prices and the exchange rate dynamics continued in opposite directions. The appreciation of the nominal effective exchange rate (NEER) in annual terms registered 1.6%, while the expansion of “Import Price Index” (IPI)41 expanded by around 1.1%.
40 It is a proxy on imported inflationary pressures, which aggregates in one single indicator the information from import price indices (IPI), with the information from the developments in the in nominal effective exchange rate (NEER). IIPI is calculated as the annual growth of IPI and NEER for the respective period. IIPI is assessed to affect domestic inflation approximately after a 2 months’ time lag.
41 It is a proxy of imported inflation pressures, comparable to tradable goods sector inflation of Albania’s CPI basket. The import price index is based on the values of: the inflation of “Food, beverages, tobacco” for the 18 main countries; and the inflation of “Items” (i.e., not only foods) for Bulgaria, Germany, Greece, Italy and Turkey.
Monetary Policy Report, 2020/I
55 Bank of Albania
The increase of IIPI in the first three quarters of 2019 materialised in an increased contribution of imported inflation in 2019 Q4 (0.8 percentage point). Despite this development, the relevant contribution in average terms for 2019 remained lower than that from domestic inflation, standing at 48% and 52%, respectively. Imported inflation showed high volatility during the last months of 2019. However, curbing pressures from the exchange rate are assessed to have trended downwards during 2019 H2.
Chart 39 IIPI and contributions of its components (left). Contributions of imported in�ation and domestic in�ation to annual headline in�ation (right)
Source: INSTAT and estimations of the Bank of Albania.
-15
-10
-5
0
5
10
15
2010Q1
2010Q3
2011Q1
2011Q3
2012Q1
2012Q3
2013Q1
2013Q3
2014Q1
2014Q3
2015Q1
2015Q3
2016Q1
2016Q3
2017Q1
2017Q3
2018Q1
2018Q3
2019Q1
2019Q3
2019M10-M
11NEERForeign pricesIn�ationary pressures from foreign prices
-1.5
-0.5
0.5
1.5
2.5
3.5
4.5
5.5
10_Q1
10_Q3
11_Q1
11_Q3
12_Q1
12_Q3
13_Q1
13_Q3
14_Q1
14_Q3
15_Q1
15_Q3
16_Q1
16_Q3
17_Q1
17_Q3
18_Q1
18_Q3
19_Q1
19_Q3
19_Q4
Imported In�ationDomestic In�ationTotal in�ation
inflation expectations42
Measurements other than inflation expectations surveys during 2019 Q4 remain overall at levels similar to the previous quarter. Their level continues to stay higher than official inflation in the last quarters. More specifically, in 2019 Q4 consumers expect that one-year-ahead inflation will be 3.8%, down by 0.2 percentage point from the previous quarter43.
42 The analysis on inflation expectations is based on the results of the business and consumer confidence survey, as well as on the financial agents’ expectations survey.
43 Starting from 2019 Q1, inflationary expectations of businesses and consumers are reported by measuring through direct quantitative questions rather than intervals. This question has been addressed to businesses and consumers starting from 2016 Q2. The extension of this series back in time is done by using the values of the old question with intervals. The change in the form of the question, (from interval values to open quantitative points) has caused an increase of volatility in the series. Time series of businesses and consumers’ inflation expectations, with both measurement ways, in addition to an explanation on how they are built, are published at the Bank of Albania’s website.
Monetary Policy Report, 2020/I
56Bank of Albania
Chart 40 One-year-ahead in�ation expectations, businesses and consumers (left) and �nancial agents, according to three horizons (right), annual change in %
Source: INSTAT and Bank of Albania.
0
0.5
1
1.5
2
2.5
3
3.5
4
4.5
Q1-12
Q3-12
Q1-13
Q3-13
Q1-14
Q3-14
Q1-15
Q3-15
Q1-16
Q3-16
Q1-17
Q3-17
Q1-18
Q3-18
Q1-19
Q3-19
Q4-19
Actual in�ationConsumers expectationsBusinesses expectations
0
0.5
1
1.5
2
2.5
3
3.5
Q1-12
Q3-12
Q1-13
Q3-13
Q1-14
Q3-14
Q1-15
Q3-15
Q1-16
Q3-16
Q1-17
Q3-17
Q1-18
Q3-18
Q1-19
Q3-19
Q4-19
Actual in�ationFA 3 yearsFA 2 yearsFA 1 year
Businesses and financial agents expect that one-year-ahead inflation after a year will be 2.3% and 1.8%, respectively, the same values as in the previous quarter. The expectations of financial agents also remained unchanged for two and three-year-ahead inflation, at 2.1% and 2.4%, respectively.
Raporti tremujor i politikës monetare, 2020/I
57 Banka e Shqipërisë
Shtojca StatiStikore fq/pg. StatiStical appendix
Tregues të përgjithshëm makroekonomikë 58 Main macroeconomic indicators1. Zhvillimet monetare dhe normat e interesit 58 Monetary developments and interest rates 1.2. Prodhimi i brendshëm bruto, indekset e çmimeve dhe tregu i punës 58 Gross domestic product, price indexes and labor
market 2.3. Bilanci i pagesave 6, rezerva dhe kursi i këmbimit 59 Balance of payments 6, reserves and exchange rate 3.4. Bilanci fiskal, stoku i borxhit të brendshëm dhe borxhi i jashtëm 59 Fiscal balance, domestic debt stock and external debt 4.1 SEKTORI FINANCIAR 60 FINANCIAL SECTOR 11-1 Bilanci sektorial i Bankës së Shqipërisë 60 Sectoral balance sheet of Bank of Albania 1-11-2 Paraqitja monetare e Bankës së Shqipërisë 61 Monetary survey of Bank of Albania 1-21-3.a Bilanci sektorial i bankave paradepozituese/ Mjetet 62 Sectoral balance sheet of deposit money banks/ Assets 1-3.a1-3.b Bilanci sektorial i bankave paradepozituese/ Detyrimet 63 Sectoral balance sheet of deposit money banks/Liabilities 1-3.b1-4 Paraqitja monetare e bankave paradepozituese 64 Monetary survey of deposit money banks 1-41-5 Bilanci sektorial i shoqërive të kursim-kreditit 65 Sectoral balance sheet of savings and loan associations 1-51-6 Paraqitja monetare e korporatave të tjera depozituese 66 Monetary survey of other depository corporations 1-61-7 Paraqitja monetare e korporatave depozituese 67 Monetary survey of depository corporations 1-71-8.a Agregatët monetarë dhe përbërësit e tyre 68 Monetary aggregates and their components 1-8.a1-8.b Kundërpartitë e agregatëve monetarë 69 Counterparts of monetary aggregates 1-8.b1-9 Depozitat në lekë sipas sektorëve 70 Lek denominated deposits by sectors 1-91-10 Depozitat në valutë sipas sektorëve 70 Foreign currency denominated deposits by sectors 1-101-11 Kredia për ekonominë sipas sektorit 71 Credit to economy by sector 1-111-12 Huatë e korporatave jofinanciare sipas aktivitetit ekonomik (NVE - Rev.2) 72 Loans of non-financial corporations by economic activity
(Nace - Rev.2) 1-121-13a Huatë e korporatave jofinanciare private sipas qëllimit të përdorimit dhe monedhës 73 Private non-financial corporations loans by purpose and
currency 1-13a1-13b Huatë e korporatave jofinanciare publike sipas qëllimit të përdorimit dhe monedhës 74 Public non-financial corporations loans
by purpose and currency 1-13b1-14 Huatë e Individëve dhe Institucioneve jo me qëllim fitimi që u shërbejnë individëve sipas qëllimit të përdorimit dhe monedhës 75 Households + Non-profit institutions serving households
loans by purpose and currency 1-141-15 Huatë sipas rretheve 76 Loans by districts 1-151-16 Normat e interesit të Bankës së Shqipërisë 77 Bank of Albania interest rates 1-161-17 Normat e interesit për depozitat e reja të korporatave jo-financiare, individëve dhe institucioneve jo me qëllim fitimi që u shërbejnë individëve sipas monedhave
78Interest rates on new deposits of non-financial
corporations, households and NPISH by currency 1-17
1-18 Normat e interesit për huatë e reja të korporatave jo-financiare, individëve dhe institucioneve jo me qëllim fitimi që u shërbejnë individëve sipas monedhave
79 Interest rates on new loans of non-financial corporations, households and NPISH by currency 1-18
1-18a Normat e interesit për huatë e reja të korporatave jofinanciare private sipas qëllimit të përdorimit dhe monedhës 80 Interest rates on new loans of private non-financial
corporations by purpose and currency 1-18a1-18b Normat e interesit për huatë e reja të individëve dhe institucioneve jo me qëllim fitimi që u shërbejnë individëve, sipas qëllimit të përdorimit dhe monedhës
81 Interest rates on new loans of households and NPISH by purpose and currency 1-18b
1-19 Normat e interesit për bonot e thesarit sipas afatit 82 Maturity breakdown of Treausury bills yields 1-191-20 Statistika të sistemit të pagesave 83 Payment systems statistics 1-201-21 Shpërndarja rajonale e terminaleve të bankave ATM & POS 83 ATM & POS bank terminals’ distribution of by regions 1-211-22 Numri i llogarive të klientëve në banka 83 Number of customers accounts with banks 1-22 2 SEKTORI I JASHTËM 84 EXTERNAL SECTOR 22-1 Bilanci i Pagesave 1 84 Balance of payments 1 2-12-2 Kurset e këmbimit të lekut kundrejt monedhave kryesore 85 Exchange rate 2-22-3 Eksporti sipas grup mallrave 85 Export by commodity groups 2-32-4 Importi sipas grup mallrave 86 Import by commodity groups 2-42-5 Borxhi i jashtëm bruto 86 Gross external debt 2-53 SEKTORI FISKAL 87 FISCAL SECTOR 33-1 Treguesit fiskalë sipas buxhetit të konsoliduar 87 Fiscal indicators regarding consolidated budget 3-13-2 Stoku i borxhit të brendshëm sipas instrumenteve 87 Domestic debt stock by instruments 3-24 SEKTORI REAL 88 REAL SECTOR 44-1 Prodhimi i brendshëm bruto sipas klasifikimit të aktivitetit ekonomik, (Metoda e Prodhimit NVE Rev 2) 88 Gross domestic product by economic activities,
(Production Method NACE Rev 2) 4-14-2 Indeksi i çmimeve të prodhimit dhe indeksi i kushtimit në ndërtim (për banesa) 89 Producer price index and construction cost index 4-2 (for
dwellings)4-3 Indeksi i çmimeve të konsumit 90 Consumer price index 4-34-4 Punësimi, papunësia dhe pagat 91 Employment, unemployment and wages 4-4
Raporti tremujor i politikës monetare, 2020/I
58Banka e Shqipërisë
Treg
ues
Të
përg
jiTh
shëm
ma
kro
eko
no
mik
ë1.
Zh
vill
imeT
mo
neT
are
dh
e n
orm
aT e
inTe
resi
Tn
ë m
iliar
dë le
kë, p
ërve
ç ra
steve
kur
shë
nohe
t ndr
yshe
, fun
d pe
riudh
e
ma
in m
ac
roec
on
om
ic in
dic
aTo
rsm
on
eTa
ry d
evel
opm
enTs
an
d in
Tere
sT r
aTes
1.
in b
illio
ns a
ll, u
nles
s ot
herw
ise
indi
cate
d, e
nd o
f per
iod
Agre
gatë
t mon
etar
ë /
Mon
etar
y ag
greg
ates
Dep
ozita
t 1/D
epos
its 1
Kred
ia 2
/ C
redi
t 2N
orm
at e
inte
resit
12m
/ 1
2m in
tere
st ra
tes
(%)
Nor
ma
e m
arrë
vesh
jes
së
rible
rjeje
s nj
ëjav
ore4
/ W
eekly
re
purc
hase
agr
eem
ent r
ate4
M1
M2
M3
Dep
ozita
3 /
Dep
osits
3 H
ua 3
/ Lo
ans3
Bo
no T
hesa
ri 4
/ T.
Bills
4
12
34
56
78
9
2017
461.
673
8.9
1,26
6.9
1,00
1.7
550.
3 0
.75
5.9
8 2
.63
1.2
5
2018
478.
773
1.5
1,26
4.1
988.
853
2.8
0.7
3 5
.66
1.4
3 1
.00
2019
524.
075
7.8
1,31
8.4
1,02
7.0
570.
6 0
.49
6.2
5 1
.69
1.0
0
Burim
i: Ba
nka
e Sh
qipë
risë.
Sour
ce: B
ank
of A
lban
ia.
2. p
rod
him
i i b
ren
dsh
ëm b
ruTo
, in
dek
seT
e ç
mim
eve
dh
e Tr
egu
i pu
nës
gro
ss d
om
esTi
c p
rod
uc
T, p
ric
e in
dex
es a
nd
labo
r m
ark
eT 2
.
Rritj
a re
ale
vjet
ore
e PB
B m
e çm
ime
kons
tant
e (%
) 5/
An
nual
real
gro
wth
of G
DP
at c
onsta
nt p
rices
(%) 5
Me
çmim
e ko
rrent
e, n
ë m
ilion
ë le
kë5
/ At
cur
rent
pric
es, i
n m
illion
ALL
5N
drys
him
et v
jeto
re të
Inde
ksit
të
Çm
imev
e të
kon
sum
it (%
) / Y
early
ch
ange
s in
CPI
(%)
Treg
u i p
unës
(gru
p m
osha
15-
64) /
Labo
r mar
ket (
age
grou
p 15
-64
)
Prod
ukti
Bren
dshë
m B
ruto
(P
BB) /
Gro
ss d
omes
tic
prod
uct (
GD
P)
Paga
t e të
pun
ësua
rve,
ne
to /
Com
pens
atio
n of
em
ploy
ees,
net
Të A
rdhu
ra n
ga p
rona
, ne
to /
Pro
perty
inco
me,
ne
t
Të A
rdhu
rat K
ombë
tare
Br
uto
/ G
ross
Nat
iona
l In
com
eSh
kalla
e p
unës
imit
/
Empl
oym
ent r
ate
(%)
Shka
lla e
pap
unës
isë /
Une
mpl
oy-
men
t rat
e (%
)
12
34
5=2+
3+4
67
8
2016
3.3
1,47
2,47
9.1
35,7
50.8
-11,
837.
01,
496,
393.
02.
255
.915
.6
2017
3.8
1,55
1,28
1.3
35,2
27.6
-31,
441.
81,
555,
067.
21.
857
.414
.1
2018
1.
859
.512
.8
2019
1.
1
Burim
i: IN
STAT
.So
urce
: IN
STAT
.
Raporti tremujor i politikës monetare, 2020/I
59 Banka e Shqipërisë
3. b
ilan
ci i
pa
ges
ave
6, r
eZer
va d
he
kurs
i i k
ëmbi
miT
në
mili
onë
euro
, për
veç
raste
ve k
ur s
hëno
het n
drys
heba
lan
ce
of
paym
enTs
6, r
eser
ves
an
d e
xch
an
ge
raTe
3.
in m
illio
ns e
ur,
unl
ess
othe
rwis
e in
dica
ted
Bi
lanc
i i ll
ogar
isë k
orre
nte
/ C
urre
nt a
ccou
nt
In
vesti
met
dire
kte n
eto
/
Dire
ct in
vestm
ents,
net
Reze
rvat
val
utor
e (st
ok)/
Re
serv
es (s
tock
)Re
zerv
at n
ë m
uaj
impo
rte /
Res
erve
s in
m
onth
s of
impo
rt
Kurs
i i k
ëmbi
mit
/ Ex
chan
ge ra
te
Nga
të c
ilat:
Bila
nci t
regt
ar /
Of
whi
ch:T
rade
bal
ance
(3-4
)
Nga
të c
ilat:
Rem
itanc
at /
Of
whi
ch: R
emitt
ance
sM
esat
are
e pe
riudh
ës /
Per
iod
aver
age
Eksp
orti
/
Expo
rtIm
porti
/
Impo
rtAL
L / E
UR
ALL /
USD
12
34
56
78
910
2017
-866
.0-2
,824
.279
7.1
3,62
1.2
635.
7-9
93.8
2,99
5.9
6.7
134.
211
9.1
2018
-866
.4-2
,871
.198
6.1
3,85
7.2
669.
6-1
,022
.23,
399.
07.
012
7.6
108.
0
2019
3,35
9.6
12
3.0
109.
9
Burim
i: Ba
nka
e Sh
qipë
risë.
Sour
ce: B
ank
of A
lban
ia.
4. b
ilan
ci f
iska
l, s
Toku
i bo
rxh
iT T
ë br
end
shëm
dh
e bo
rxh
i i ja
shTë
mn
ë m
iliar
dë le
këfi
sca
l ba
lan
ce,
do
mes
Tic
deb
T sT
oc
k a
nd
exT
ern
al
deb
T 4.
in b
illio
ns a
ll
Të
Ard
hura
/
Reve
nue
Sh
penz
ime
/
Expe
nditu
re
Def
iciti
/ D
efic
it
St
oku
i bor
xhit
të Q
ever
isë Q
ëndr
ore,
për
fshirë
bor
xhin
e g
aran
tuar
/S
tock
of C
entra
l Gov
ernm
ent D
ebt i
nclu
ding
Deb
t Gua
rant
ees
Nga
të c
ilat:
Të a
rdhu
ra ta
ti-m
ore
/Of w
hich
: Tax
reve
nue
Shpe
nzim
e ka
pita
le /
Cap
ital
expe
nditu
reFi
nanc
im i
bren
dshë
m
/ D
omes
tic fi
nanc
ing
Fina
ncim
i hu
aj /
Fo
reig
n fin
anci
ngSt
oku
i bor
xhit
të b
rend
shëm
/
Dom
estic
deb
t sto
ckSt
oku
i bor
xhit
të ja
shtë
m /
Ex
tern
al d
ebt s
tock
12
34
56
78
9
2017
430.
539
8.6
461.
468
.5-3
0.9
1.8
29.1
577.
1
510.
3
2018
449.
941
9.3
476.
178
.4-2
6.2
-6.9
33.1
580.
3
526.
3
2019
460.
342
6.3
491.
975
.0-3
1.5
40.9
-9.4
Burim
i: M
inist
ria e
Fin
anca
ve d
he E
kono
misë
.1)
Për
fshih
en v
etëm
llog
aritë
dhe
dep
ozita
t që
janë
pje
së e
par
asë
së g
jerë
.2)
Për
faqë
son
kred
inë
për e
kono
min
ë.3)
Nor
ma
mes
atar
e e
pond
erua
r vje
tore
e d
epoz
itave
dhe
hua
ve të
reja
12
muj
ore
në le
kë p
ër s
istem
in b
anka
r.4)
Të
dhën
at i
refe
rohe
n no
rmës
në
fund
të p
eriu
dhës
.5)
201
7 G
jysë
m-fi
nale
.6)
Janë
rish
ikua
r të
dhën
at p
ër v
itin
2018
.
Sour
ce: M
inist
ry o
f Fin
ance
and
Eco
nom
y.1)
Dep
osits
incl
uded
in b
road
mon
ey.
2) C
redi
t to
econ
omy.
3) T
he a
nnua
l wei
ghte
d av
erag
e ra
te o
f the
12
mon
ths
new
dep
osits
and
loan
s in
ALL
for t
he b
anki
ng s
yste
m.
4) E
nd o
f per
iod
data
. 5
) 201
7 Se
mifi
nal d
ata.
6) D
ata
are
revi
sed
for t
he y
ear 2
018.
Raporti tremujor i politikës monetare, 2020/I
60Banka e Shqipërisë
1 s
ekTo
ri f
ina
nc
iar
1-1
bila
nc
i sek
Tori
al
i ba
nkë
s së
sh
qip
ëris
ën
ë m
ilion
ë le
kë, f
und
periu
dhe
fin
an
cia
l se
cTo
r 1
sec
Tora
l ba
lan
ce
shee
T o
f ba
nk
of
alb
an
ia 1
-1in
mill
ions
all
, end
of p
erio
d
Tota
li i m
jete
ve
/ To
tal a
sset
s (2
+ 3+
4+
5+
8+ 1
2+ 1
3+
14)
Ari m
onet
ar
dhe
mba
jtjet
e
SDR/
Mon
etar
y go
ld a
nd S
DR
hold
ings
Arka
në
valu
të /
Fo
reig
n cu
rrenc
y
Dep
ozita
/
Dep
osits
Letra
t me
vlerë
të
ndr
yshm
e ng
a ak
sione
t / S
ecu-
ritie
s ot
her t
han
shar
es (6
+7)
H
uatë
/
Loan
s (9
+ 10
+ 11
)
D
eriv
atet
fina
nc-
iare
/ F
inan
cial
de
rivat
ives
Lloga
ri të
ar
këtu
eshm
e /
Rece
ivab
le
acco
unts
Mje
te jo
finan
c-ia
re/
Non
finan
-ci
al a
sset
sJo
rezi
dent
ë /
N
onre
siden
ts Q
ever
ia Q
ën-
dror
e /
Cen
tral
Gov
ernm
ent
Qev
eria
Qën
-dr
ore
/ C
entra
l G
over
nmen
t
Korp
orat
a të
tjer
a de
pozi
tues
e /
Oth
er
depo
sitor
y co
rpor
atio
ns
Sekto
rë të
tjer
ë re
zide
ntë
/ O
ther
re
siden
t sec
tors
12
34
56
78
910
1112
1314
2017
/12
532,
927.
025
,725
.324
.316
1,61
7.3
259,
537.
820
6,81
8.9
52,7
18.8
41,5
91.0
_39
,871
.31,
719.
811
.723
,844
.920
,574
.7
2018
/12
547,
104.
219
,625
.067
.118
9,90
4.2
261,
577.
220
5,99
0.4
55,5
86.8
34,1
44.7
_32
,317
.61,
827.
119
.321
,224
.920
,542
.0
2019
/12
539,
621.
724
,187
.998
.315
2,38
7.6
283,
678.
922
8,51
4.0
55,1
64.9
36,0
97.8
_33
,956
.42,
141.
413
.822
,325
.320
,832
.0
2019
/07
525,
043.
921
,965
.220
.217
4,30
1.5
248,
987.
319
2,06
7.9
56,9
19.4
37,5
90.6
_35
,517
.92,
072.
710
.421
,565
.120
,603
.7
2019
/08
534,
754.
022
,077
.919
7.3
180,
893.
526
1,36
1.8
204,
809.
656
,552
.127
,821
.6_
25,7
46.6
2,07
5.0
23.1
21,8
03.5
20,5
75.4
2019
/09
550,
846.
522
,641
.014
.917
3,87
0.1
277,
311.
222
0,67
4.3
56,6
36.9
34,7
73.7
_32
,697
.32,
076.
419
.421
,613
.020
,603
.2
2019
/10
539,
715.
523
,672
.741
.915
9,74
0.4
281,
341.
022
5,67
0.5
55,6
70.5
32,5
17.5
_30
,401
.02,
116.
520
.421
,810
.420
,571
.2
2019
/11
531,
030.
322
,799
.576
.614
2,17
2.0
290,
178.
423
4,90
1.2
55,2
77.2
33,6
25.7
_31
,478
.02,
147.
716
.321
,598
.220
,563
.6
2019
/12
539,
621.
724
,187
.998
.315
2,38
7.6
283,
678.
922
8,51
4.0
55,1
64.9
36,0
97.8
_33
,956
.42,
141.
413
.822
,325
.320
,832
.0
Det
yrim
et
tota
le /
To-
tal l
iabi
lities
(2
+ 3+
4+
10+
14+
15+
16)
Para
ja n
ë qa
rkul
lim /
C
urre
ncy
in
circ
ulat
ion
Dep
ozita
të
për
fshira
në
par
anë
e gj
erë
/
Dep
osits
in
clud
ed in
br
oad
mon
ey
Dep
ozita
të
papë
rfshi
ra n
ë pa
ranë
e g
jerë
/
Dep
osits
exc
lud-
ed fr
om b
road
m
oney
(5+
6+
7+ 8
+ 9)
Hua
të /
Lo
ans
(11+
12
+ 13
)
Llo
gari
të
pagu
eshm
e /
Oth
er
acco
unts
paya
ble
Alok
imi i
SD
R /
SDR
allo
catio
n
Aksio
ne d
he
instr
umen
te të
tje
rë të
kap
italit
/ Sh
ares
and
ot
her e
quity
Jore
zide
ntët
/
Non
resi-
dent
s
Qev
eria
Q
ëndr
ore
/ C
entra
l G
over
nmen
t
Korp
orat
a të
tjer
a de
pozi
tues
e /
O
ther
dep
osito
-ry
cor
pora
tions
Korp
orat
a të
tje
ra jo
finan
c-ia
re /
Oth
er
nonf
inan
cial
co
rpor
atio
ns
Sek
torë
të
tjer
ë re
zide
ntë
/
Oth
er re
si-de
nt s
ecto
rs
Jore
zide
ntët
/
Non
resi-
dent
s
Qev
eria
Q
ëndr
ore
/ C
entra
l G
over
nmen
t
Korp
orat
a të
tjer
a de
pozi
tues
e /
O
ther
dep
osito
-ry
cor
pora
tions
12
34
56
78
910
1112
1314
1516
2017
/12
532,
927.
027
4,71
1.8
3,89
9.2
200,
513.
919
,350
.934
,384
.314
6,63
2.1
66.7
79.9
115.
611
5.6
__
463.
87,
340.
545
,882
.2
2018
/12
547,
104.
228
6,15
8.4
50.6
222,
291.
917
,047
.367
,945
.213
7,21
8.8
49.6
31.0
18.3
18.3
__
518.
76,
977.
731
,088
.6
2019
/12
539,
621.
730
3,09
2.6
102.
219
4,62
2.8
17,1
08.5
46,6
85.3
130,
756.
452
.520
.1_
__
_1,
690.
86,
987.
333
,126
.1
2019
/07
525,
043.
929
4,38
4.9
59.7
190,
975.
317
,342
.546
,609
.112
6,94
3.9
55.1
24.7
__
__
708.
06,
987.
931
,928
.2
2019
/08
534,
754.
029
9,89
6.5
59.7
191,
162.
817
,340
.746
,383
.312
7,36
3.6
52.6
22.5
__
__
840.
37,
042.
435
,752
.4
2019
/09
550,
846.
529
7,07
0.5
59.7
209,
811.
517
,340
.751
,253
.614
1,14
3.2
53.8
20.2
__
__
597.
97,
089.
536
,217
.4
2019
/10
539,
715.
529
4,63
9.6
105.
920
0,08
0.3
17,3
49.1
52,6
51.7
130,
005.
552
.421
.6_
__
_56
5.4
7,07
8.1
37,2
46.3
2019
/11
531,
030.
329
8,57
8.5
784.
218
7,91
2.8
17,3
47.0
49,6
86.8
120,
804.
852
.521
.6_
__
_27
2.5
7,10
5.6
36,3
76.9
2019
/12
539,
621.
730
3,09
2.6
102.
219
4,62
2.8
17,1
08.5
46,6
85.3
130,
756.
452
.520
.1_
__
_1,
690.
86,
987.
333
,126
.1
Bur
imi:
Bank
a e
Shqi
përis
ë.
Sour
ce: B
ank
of A
lban
ia.
Raporti tremujor i politikës monetare, 2020/I
61 Banka e Shqipërisë
1-2
para
qiT
ja m
on
eTa
re e
ba
nkë
s së
sh
qip
ëris
ën
ë m
ilion
ë le
kë, f
und
periu
dhe
mo
neT
ary
su
rvey
of
ban
k o
f a
lba
nia
1-2
in m
illio
ns a
ll, e
nd o
f per
iod
Mje
te v
alut
ore
neto
/ N
et
fore
ign
asse
ts (2
- 3)
M
jete
t e
bren
dshm
e /
D
omes
tic a
sset
s (5
+ 8+
9+
10+
11+
12)
Pr
eten
dim
e ne
to n
daj
Qev
erisë
Qën
dror
e /
N
et c
laim
s on
Cen
tral
Gov
ernm
ent (
6-7)
Pret
endi
me
ndaj
ko
rpor
atav
e të
tje
ra d
epoz
itues
e /
Cla
ims
on
othe
r dep
osito
ry
corp
orat
ions
Pret
endi
me
ndaj
ko
rpor
atav
e të
tje
ra fi
nanc
iare
/
Cla
ims
on
othe
r fin
anci
al
corp
orat
ions
Pret
endi
me
ndaj
ko
rpor
atav
e jo
fi-na
ncia
re p
ublik
e /
Cla
ims
on p
ub-
lic n
onfin
anci
al
corp
orat
ions
Pret
endi
me
ndaj
ko
rpor
atav
e të
tje
ra jo
finan
ciar
e /
Cla
ims
on o
th-
er n
onfin
anci
al
corp
orat
ions
Pret
endi
me
ndaj
se
ktorë
ve të
tje
rë re
zide
ntë
/ C
laim
s on
ot
her r
esid
ent
sect
ors
Pret
endi
me
ndaj
jo
rezi
dent
ëve/
C
laim
s on
non
res-
iden
ts
Min
us: D
etyr
ime
ndaj
jore
zide
ntëv
e /
Less
: Lia
biliti
es to
no
nres
iden
ts
Pre
tend
ime
ndaj
Q
ever
isë Q
ëndr
ore
/ C
laim
s on
Cen
tral
Gov
ernm
ent
Min
us: D
etyr
ime
ndaj
Q
ever
isë Q
ëndr
ore
/
Less
:Liab
ilitie
s to
Cen
tral
Gov
ernm
ent
12
34
56
78
910
1112
2017
/12
390,
687.
641
7,60
5.4
26,9
17.8
59,9
98.0
18,4
06.7
52,8
39.5
34,4
32.8
39,8
71.3
__
_1,
720.
0
2018
/12
412,
444.
543
6,48
7.8
24,0
43.3
21,7
79.0
-12,
365.
855
,628
.967
,994
.832
,317
.6_
__
1,82
7.2
2019
/12
402,
015.
942
6,98
4.7
24,9
68.8
44,5
88.6
8,49
0.4
55,2
06.3
46,7
15.9
33,9
56.4
__
_2,
141.
8
2019
/07
384,
673.
740
9,55
4.9
24,8
81.2
47,9
42.9
10,3
51.9
56,9
94.0
46,6
42.1
35,5
17.9
__
_2,
073.
0
2019
/08
404,
527.
842
9,43
0.3
24,9
02.5
37,9
99.0
10,1
76.8
56,5
93.8
46,4
17.0
25,7
46.6
__
_2,
075.
6
2019
/09
413,
772.
943
8,47
0.9
24,6
98.0
40,1
66.2
5,39
0.2
56,6
78.4
51,2
88.2
32,6
97.3
__
_2,
078.
7
2019
/10
405,
852.
543
0,60
9.9
24,7
57.4
35,5
28.1
3,00
9.0
55,7
12.0
52,7
03.1
30,4
01.0
__
_2,
118.
1
2019
/11
396,
772.
442
1,22
5.0
24,4
52.6
39,2
32.0
5,60
2.3
55,3
18.7
49,7
16.4
31,4
78.0
__
1.5
2,15
0.2
2019
/12
402,
015.
942
6,98
4.7
24,9
68.8
44,5
88.6
8,49
0.4
55,2
06.3
46,7
15.9
33,9
56.4
__
_2,
141.
8
Baz
a m
onet
are
/
Mon
etar
y ba
se (1
4+
15+
16)
D
epoz
ita të
pap
ërfsh
ira n
ë pa
ranë
e g
jerë
/ D
epos
its
excl
uded
from
bro
ad m
oney
H
uatë
/
Loan
s Llo
gari
të p
ague
shm
e /
O
ther
acc
ount
s pa
yabl
e T
ë tje
ra n
eto
/
Oth
er it
ems
net
Aks
ione
dhe
instr
umen
te të
tjer
ë të
kap
italit
/ Sh
ares
and
oth
er
equi
ty
Par
aja
në q
arku
llim /
C
urre
ncy
in c
ircul
atio
n D
etyr
ime
ndaj
kor
pora
tave
të tj
era
depo
zitu
ese
/ Lia
biliti
es to
oth
er
depo
sitor
y co
rpor
atio
ns
Dep
ozita
të p
ërfsh
ira n
ë pa
ranë
e
gjer
ë /
Dep
osits
incl
uded
in
broa
d m
oney
13 1
4 1
5 1
6 17
18
19
20
21
2017
/12
425,
243.
127
4,71
1.8
146,
632.
13,
899.
214
6.6
_96
.8-2
0,68
3.2
45,8
82.2
2018
/12
423,
427.
928
6,15
8.4
137,
218.
850
.680
.6_
285.
4-2
0,65
9.0
31,0
88.6
2019
/12
433,
951.
230
3,09
2.6
130,
756.
410
2.2
72.6
_22
9.5
-20,
774.
933
,126
.1
2019
/07
421,
388.
529
4,38
4.9
126,
943.
959
.779
.8_
33.8
-20,
813.
731
,928
.2
2019
/08
427,
319.
829
9,89
6.5
127,
363.
659
.775
.1_
197.
0-2
0,81
7.6
35,7
52.4
2019
/09
438,
273.
429
7,07
0.5
141,
143.
259
.773
.9_
211.
1-2
0,83
6.7
36,2
17.4
2019
/10
424,
751.
029
4,63
9.6
130,
005.
510
5.9
74.0
_99
.3-2
0,78
9.9
37,2
46.3
2019
/11
420,
167.
429
8,57
8.5
120,
804.
878
4.2
74.1
_15
8.5
-20,
772.
536
,376
.9
2019
/12
433,
951.
230
3,09
2.6
130,
756.
410
2.2
72.6
_22
9.5
-20,
774.
933
,126
.1
Burim
i: Ba
nka
e Sh
qipë
risë.
Sour
ce: B
ank
of A
lban
ia.
Raporti tremujor i politikës monetare, 2020/I
62Banka e Shqipërisë
1-3.
a b
ilan
ci s
ekTo
ria
l i b
an
kave
pa
rad
epo
ZiTu
ese/
mje
TeT
në
mili
onë
lekë
, fun
d pe
riudh
ese
cTo
ral
bala
nc
e sh
eeT
of
dep
osi
T m
on
ey b
an
ks/
ass
eTs
1-3.
ain
mill
ions
all
, end
of p
erio
d
Tota
li i m
jete
ve
/ To
tal a
sset
s (2
+ 3+
4+
8+
12+
22+
25+
26+
27)
Arka
në
lekë
/
Nat
iona
l cur
renc
y Ar
ka n
ë va
lutë
/
Fore
ign
curre
ncy
Dep
ozita
/ D
e-po
sits
(5+
6+ 7
)
Le
tra m
e vle
rë
të n
drys
hme
nga
aksio
net /
Sec
uriti
es
othe
rs th
an s
hare
s (9
+ 10
+ 11
)
Jore
zide
ntët
/
Non
resid
ents
Bank
a Q
ëndr
ore
/
Cen
tral B
ank
Bank
at p
arad
e-po
zitu
ese
/ D
epos
it m
oney
ban
ks
Nga
të c
ilat
/ of
whi
ch:
Jore
zide
ntët
/
Non
resid
ents
Qev
eria
Qën
dror
e/C
entra
l Gov
ernm
ent
Korp
orat
a të
tjer
a jo
finan
ciar
e /
O
ther
non
finan
cial
cor
pora
tions
12
34
56
78
9
1011
2017
/12
1,46
2,99
0.6
9,44
1.1
12,7
15.8
328,
020.
917
1,79
9.1
146,
853.
39,
368.
541
6,70
7.4
74
,240
.434
2,46
7.1
_
2018
/12
1,45
3,17
6.7
10,8
66.9
14,6
59.7
336,
111.
518
6,53
3.3
142,
821.
56,
756.
844
4,45
9.8
87
,379
.335
7,04
9.6
30.9
1
2019
/12
1,51
2,44
3.5
11,6
74.7
14,2
34.0
341,
593.
020
4,77
2.3
130,
850.
85,
969.
848
0,20
9.6
10
4,54
6.3
375,
632.
830
.5
2019
/07
1,47
7,43
4.4
10,7
79.0
14,7
88.7
345,
664.
920
9,31
4.8
129,
518.
46,
831.
744
4,88
1.9
86
,788
.635
8,06
2.7
30.6
2019
/08
1,48
9,45
3.6
11,5
07.8
15,0
49.8
343,
670.
320
4,36
0.8
133,
589.
75,
719.
845
2,46
5.7
89
,768
.136
2,66
6.8
30.8
2019
/09
1,49
5,79
0.7
12,8
11.1
13,0
34.5
347,
632.
420
0,99
6.1
141,
065.
25,
571.
145
7,49
5.7
91
,266
.836
6,19
8.1
30.9
2019
/10
1,50
1,90
9.0
11,1
43.7
12,8
85.9
345,
452.
620
8,78
1.2
132,
038.
94,
632.
646
2,61
4.3
91
,487
.937
1,09
5.2
31.3
2019
/11
1,50
4,29
1.4
11,9
79.7
12,0
45.4
340,
734.
621
3,08
4.3
121,
598.
16,
052.
347
2,31
4.5
98
,722
.437
3,56
1.0
31.2
2019
/12
1,51
2,44
3.5
11,6
74.7
14,2
34.0
341,
593.
020
4,77
2.3
130,
850.
85,
969.
848
0,20
9.6
10
4,54
6.3
375,
632.
830
.5
Hua
të /
Loan
s (1
3+
14+
15+
16+
17+
18+
19+
20+
21)
Ak
sione
dhe
instr
u-m
ente
të tj
erë
të
kapi
talit
/ Sh
ares
an
d ot
her e
quity
(2
3+24
)
Der
ivat
et
finan
ciar
e /
Fina
ncia
l de
rivat
ives
Lloga
ri të
Ar
këtu
eshm
e /
Oth
er
acco
unts
rece
ivab
le
Mje
te jo
fi-na
ncia
re /
N
onfin
anci
al
asse
ts Jo
rezi
dent
ët /
N
onre
siden
ts
Bank
a Q
ëndr
ore
/ C
entra
l Ba
nk
Bank
at
para
de-
pozi
tues
e /
Dep
osit
mon
ey b
anks
Korp
orat
a të
tje
ra fi
nanc
-ia
re /
Oth
er
finan
cial
co
rpor
atio
ns
Qev
eria
Q
ëndr
ore
/ C
entra
l G
over
n-m
ent
Qev
eria
lo
kale
/
Loca
l gov
-er
nmen
t
Korp
orat
a jo
finan
ciar
e pu
blik
e /
Publ
ic
nonf
inan
cial
co
rpor
atio
ns
Korp
orat
a të
tje
ra jo
finan
c-ia
re /
Oth
er
nonf
inan
cial
co
rpor
atio
ns
Sek
torë
të
tjer
ë re
zide
ntë
/
Oth
er re
si-de
nt s
ecto
rs
Jore
zide
ntët
/
Non
resi-
dent
s Re
zide
ntë
/ Re
siden
ts
1213
1415
1617
1819
2021
2223
2425
2627
2017
/12
631,
258.
484
,104
.3_
2,77
0.3
7,94
4.7
2,12
9.2
787.
734
,901
.332
9,37
7.0
169,
244.
07,
970.
07,
093.
487
6.7
85.0
11,6
43.0
45,1
49.0
2018
/12
586,
280.
554
,657
.4_
713.
310
,164
.07,
119.
768
2.6
20,2
70.0
317,
578.
417
5,09
5.2
8,08
9.8
7,18
9.6
900.
2_
7,67
6.2
45,0
32.1
2019
/12
605,
644.
837
,338
.5_
1,99
2.8
13,5
55.1
5,62
0.6
560.
624
,182
.433
5,88
4.5
186,
510.
37,
119.
06,
129.
099
0.0
_8,
870.
743
,097
.7
2019
/07
598,
114.
242
,181
.2_
2,54
4.3
12,4
48.0
5,62
0.3
609.
622
,778
.832
9,99
9.4
181,
932.
57,
777.
45,
793.
51,
983.
90.
811
,031
.144
,396
.7
2019
/08
604,
387.
741
,728
.7_
5,90
3.3
13,0
54.6
5,63
3.3
604.
122
,223
.833
1,61
2.2
183,
627.
86,
846.
55,
916.
293
0.4
_11
,570
.143
,955
.7
2019
/09
604,
108.
238
,912
.7_
3,57
6.8
13,2
22.7
5,63
6.5
590.
722
,298
.833
5,06
7.5
184,
802.
56,
833.
35,
867.
996
5.3
0.6
10,0
54.1
43,8
20.9
2019
/10
608,
210.
741
,228
.7_
2,76
9.4
13,0
10.8
5,69
3.1
579.
522
,832
.133
5,81
7.9
186,
279.
27,
022.
66,
055.
996
6.7
3.9
10,4
10.3
44,1
65.2
2019
/11
607,
212.
240
,527
.5_
2,87
4.1
13,1
18.0
5,65
1.4
573.
923
,073
.533
4,44
8.6
186,
945.
37,
179.
86,
198.
298
1.5
_9,
770.
043
,055
.4
2019
/12
605,
644.
837
,338
.5_
1,99
2.8
13,5
55.1
5,62
0.6
560.
624
,182
.433
5,88
4.5
186,
510.
37,
119.
06,
129.
099
0.0
_8,
870.
743
,097
.7
Bur
imi:
Bank
a e
Shqi
përis
ë.
Sou
rce:
Ban
k of
Alb
ania
.
Raporti tremujor i politikës monetare, 2020/I
63 Banka e Shqipërisë
1-3.
b bi
lan
ci s
ekTo
ria
l i b
an
kave
pa
rad
epo
ZiTu
ese/
deT
yrim
eTn
ë m
ilion
ë le
kë, f
und
periu
dhe
sec
Tora
l ba
lan
ce
shee
T o
f d
epo
siT
mo
ney
ba
nks
/ lia
biliT
ies
1-3.
bin
mill
ions
all
, end
of p
erio
d
Det
yrim
et
tota
le /
Tot
al
liabi
lities
(2+
8+ 1
7+ 2
0+
28+
29+
30)
Dep
ozita
të
përfs
hira
në
para
në e
gje
rë
/ D
epos
its in
-cl
uded
in b
road
m
oney
(3+
4+
5+ 6
+ 7)
D
epoz
ita të
pap
ërf-
shira
në
para
në e
gj
erë
/ D
epos
its
not i
nclu
ded
in
broa
d m
oney
(9+
10+
11+
12+
13+
14+
15+1
6)
Korp
orat
a të
tje
ra fi
nanc
-ia
re /
Oth
er
finan
cial
co
rpor
atio
ns
Qev
eria
lo
kale
/
Loca
l G
over
n-m
ents
Korp
orat
a jo
finan
ciar
e pu
blik
e /
Pub-
lic n
onfin
anci
al
corp
orat
ions
Korp
orat
a të
tje
ra jo
finan
c-ia
re /
Oth
er
nonf
inan
cial
co
rpor
atio
ns
Sekto
rë
të tj
erë
rezi
dent
ë /
O
ther
resi-
dent
sec
tors
Jore
zide
ntët
/
Non
resi-
dent
s
Bank
a e
Shqi
përis
ë /
Bank
of
Alba
nia
Korp
orat
a të
tjer
a de
pozi
tues
e /
O
ther
dep
osito
-ry
cor
pora
tions
Qev
eria
Q
ëndr
ore
/ C
entra
l G
over
n-m
ent
Korp
orat
a të
tje
ra fi
nanc
-ia
re /
Oth
er
finan
cial
co
rpor
atio
ns
Korp
orat
a jo
finan
ciar
e pu
blik
e /
Pub-
lic n
onfin
anci
al
corp
orat
ions
Korp
orat
a të
tje
ra jo
finan
c-ia
re /
Oth
er
nonf
inan
cial
co
rpor
atio
ns
Sekto
rë
të tj
erë
rezi
dent
ë /
O
ther
resi-
dent
sec
tors
12
34
56
78
910
1112
1314
1516
2017
/12
1,46
2,99
0.6
991,
609.
015
,044
.31,
499.
412
,992
.014
2,52
6.8
819,
546.
516
4,69
7.4
15,7
72.9
1,06
2.2
13,0
09.9
8,25
5.4
1,72
2.5
318.
47,
396.
311
7,15
9.8
2018
/12
1,45
3,17
6.7
981,
771.
814
,850
.61,
608.
513
,599
.714
8,77
7.4
802,
935.
518
8,14
6.8
15,8
13.7
6,00
4.2
9,47
8.6
8,15
5.9
2,09
2.0
376.
27,
349.
113
8,87
7.1
2019
/12
1,51
2,44
3.5
1,01
8,91
5.1
20,2
50.0
1,79
2.5
15,8
40.7
153,
398.
382
7,63
3.6
209,
523.
213
,646
.482
2.2
8,42
9.9
8,45
5.7
3,87
9.2
335.
98,
185.
216
5,76
8.9
2019
/07
1,47
7,43
4.4
992,
661.
416
,088
.81,
392.
315
,569
.815
2,38
5.0
807,
225.
519
4,21
4.5
12,2
85.8
3,31
0.5
9,94
8.0
7,90
6.9
3,47
3.1
337.
58,
241.
014
8,71
1.5
2019
/08
1,48
9,45
3.6
1,00
2,71
2.4
18,2
22.6
1,57
0.4
15,3
12.1
155,
116.
181
2,49
1.2
208,
674.
113
,759
.06,
543.
013
,835
.87,
745.
13,
638.
833
2.7
8,09
1.2
154,
728.
6
2019
/09
1,49
5,79
0.7
1,00
4,37
0.4
17,9
49.1
1,56
5.9
15,8
00.9
154,
037.
481
5,01
7.0
205,
423.
913
,288
.269
8.7
12,8
63.3
7,68
5.8
3,75
3.9
329.
78,
273.
115
8,53
1.2
2019
/10
1,50
1,90
9.0
1,00
8,91
7.6
18,2
28.3
1,53
1.8
15,8
20.0
153,
695.
981
9,64
1.6
207,
166.
612
,977
.82,
544.
59,
361.
87,
849.
73,
680.
534
2.1
8,71
5.8
161,
694.
5
2019
/11
1,50
4,29
1.4
1,00
7,66
4.3
18,1
76.8
1,85
3.6
15,2
22.4
150,
757.
182
1,65
4.5
209,
808.
313
,571
.397
2.9
10,1
91.0
7,98
0.6
3,71
5.4
335.
78,
655.
316
4,38
6.2
2019
/12
1,51
2,44
3.5
1,01
8,91
5.1
20,2
50.0
1,79
2.5
15,8
40.7
153,
398.
382
7,63
3.6
209,
523.
213
,646
.482
2.2
8,42
9.9
8,45
5.7
3,87
9.2
335.
98,
185.
216
5,76
8.9
Letra
t me
vlerë
të
ndr
yshm
e ng
a ak
sione
t (1
8+ 1
9)
Hua
të /
Loan
s (2
1+ 2
2+ 2
3+
24+
25+
26+
27)
D
eriv
atet
fin
anci
are
/ Fi
nanc
ial
deriv
ativ
es
Llog
ari t
ë pa
gues
hme
/ O
ther
ac
coun
ts pa
y-ab
le
Aksio
ne d
he
instr
umen
te të
tje
rë të
kap
italit
/ Sh
ares
and
ot
her e
quity
Korp
orat
a të
tjer
a jo
finan
ciar
e /
O
ther
non
finan
cial
co
rpor
atio
ns
Sek
torë
të
tjerë
rezi
dent
ë /
Oth
er re
si-de
nt s
ecto
rs
Jore
zide
ntët
/
Non
resid
ents
Bank
a Q
ëndr
ore
/
Cen
tral B
ank
Korp
orat
a të
tjer
a de
pozi
tues
e /
O
ther
dep
osito
ry
corp
orat
ions
Qev
eria
Q
ëndr
ore
/ C
entra
l G
over
nmen
t
Korp
orat
a të
tje
ra fi
nanc
iare
/
Oth
er fi
nanc
ial
corp
orat
ions
Korp
orat
a të
tjer
a jo
finan
ciar
e /
O
ther
non
finan
cial
co
rpor
atio
ns
Sek
torë
të
tjerë
rezi
dent
ë /
Oth
er re
si-de
nt s
ecto
rs
1718
1920
2122
2324
2526
2728
2930
2017
/12
6,25
8.0
160.
36,
097.
769
,800
.123
,962
.539
,875
.52,
774.
752
4.6
2,63
6.1
_26
.7_
74,0
47.9
156,
578.
0
2018
/12
6,18
3.1
164.
46,
018.
759
,518
.421
,105
.832
,318
.62,
882.
437
3.7
2,83
7.8
__
1.8
61,2
25.6
156,
329.
1
2019
/12
6,65
6.0
101.
26,
554.
863
,411
.722
,276
.833
,957
.44,
244.
540
5.7
2,52
7.2
__
0.0
48,3
28.9
165,
608.
7
2019
/07
6,33
1.8
100.
26,
231.
665
,557
.822
,204
.535
,519
.04,
556.
137
9.7
2,89
8.6
__
0.1
57,8
96.3
160,
772.
6
2019
/08
6,35
7.7
100.
66,
257.
155
,945
.222
,282
.325
,748
.12,
608.
538
1.3
4,92
5.0
__
4.6
57,1
96.6
158,
563.
0
2019
/09
6,35
7.2
99.2
6,25
8.0
62,1
70.9
23,1
44.3
32,6
98.3
2,38
0.2
359.
23,
588.
9_
_0.
156
,835
.916
0,63
2.4
2019
/10
6,40
7.1
99.9
6,30
7.2
61,2
02.0
24,0
19.2
30,4
01.9
2,38
8.5
438.
83,
953.
7_
_0.
554
,849
.416
3,36
5.8
2019
/11
6,41
2.7
100.
66,
312.
161
,982
.024
,132
.631
,481
.72,
408.
243
6.3
3,52
3.3
__
0.2
53,3
74.1
165,
049.
7
2019
/12
6,65
6.0
101.
26,
554.
863
,411
.722
,276
.833
,957
.44,
244.
540
5.7
2,52
7.2
__
0.0
48,3
28.9
165,
608.
7
Bur
imi:
Bank
a e
Shqi
përis
ë.
Sour
ce: B
ank
of A
lban
ia.
Raporti tremujor i politikës monetare, 2020/I
64Banka e Shqipërisë
1-4
para
qiT
ja m
on
eTa
re e
ba
nka
ve p
ara
dep
oZi
Tues
en
ë m
ilion
ë le
kë, f
und
periu
dhe
mo
neT
ary
su
rvey
of
dep
osi
T m
on
ey b
an
ks 1
-4in
mill
ions
all
, end
of p
erio
d
Mje
tet
valu
tore
net
o /
Net
fore
ign
asse
ts (2
-3)
Mje
tet e
br
ends
hme
/
Dom
estic
ass
ets
(5 +
6 +9
+10
+1
1 +1
2 +1
3)
Pre
tend
ime
ndaj
jo
rezi
dent
ëve
/ C
laim
s on
no
nres
iden
ts
Min
us:
Det
yrim
e nd
aj
jore
zide
ntëv
e /
Le
ss: L
iabi
lities
to
non
resid
ents
Pre
tend
ime
ndaj
Ba
nkës
Qën
-dr
ore
/ C
laim
s on
Cen
tral B
ank
Pre
tend
imet
net
o nd
aj Q
ever
isë
Qën
dror
e /
Net
cl
aim
s on
Cen
tral
Gov
ernm
ent (
7- 8
)
P
rete
ndim
e nd
aj k
orpo
-ra
tave
të tj
era
finan
ciar
e /
C
laim
s on
ot
her f
inan
cial
co
rpor
atio
ns
Pre
tend
imet
nd
aj q
ever
isë
loka
le /
C
laim
s on
lo
cal g
over
n-m
ents
Pre
tend
imet
nd
aj k
orpo
rata
ve
jofin
anci
are
publ
ike
/ C
laim
s on
pub
lic
nonf
inan
cial
cor
po-
ratio
ns
Pre
tend
imet
nda
j ko
rpor
atav
e të
tje
ra jo
finan
ciar
e /
Cla
ims
on o
ther
no
nfin
anci
al c
orpo
-ra
tions
Pre
tend
ime
ndaj
se
ktorë
ve të
tjer
ë re
zide
ntë
/ C
laim
s on
oth
er re
siden
t se
ctor
s
Pre
tend
imet
nd
aj Q
ever
isë
Qën
dror
e /
C
laim
s on
Cen
tral
Gov
ernm
ent
Min
us: D
etyr
ime
ndaj
Qev
erisë
Q
ëndr
ore
/ Le
ss:
Liabi
lities
to C
en-
tral G
over
nmen
t
12
34
56
78
910
1112
13
2017
/12
309,
764.
335
0,03
7.8
40,2
73.5
1,03
1,99
8.1
156,
294.
433
2,57
2.5
344,
596.
312
,023
.98,
821.
378
7.7
34,9
01.3
329,
377.
016
9,24
4.0
2018
/12
311,
918.
535
0,41
9.2
38,5
00.7
1,03
1,41
9.2
153,
688.
435
3,00
9.5
364,
169.
211
,159
.811
,064
.268
2.6
20,2
70.0
317,
609.
317
5,09
5.2
2019
/12
331,
096.
936
7,02
0.1
35,9
23.2
1,07
4,14
7.2
142,
525.
536
9,90
8.2
381,
253.
411
,345
.214
,545
.256
0.6
24,1
82.4
335,
915.
018
6,51
0.3
2019
/07
324,
377.
235
8,86
7.6
34,4
90.4
1,04
2,68
0.6
140,
297.
335
2,60
0.5
363,
683.
011
,082
.514
,431
.960
9.6
22,7
78.8
330,
029.
918
1,93
2.5
2019
/08
320,
777.
735
6,82
3.6
36,0
45.9
1,05
4,86
0.3
145,
097.
535
7,67
9.4
368,
300.
110
,620
.813
,985
.060
4.1
22,2
23.8
331,
642.
918
3,62
7.8
2019
/09
313,
646.
035
0,07
8.5
36,4
32.5
1,07
1,53
9.4
153,
876.
336
0,68
4.8
371,
834.
611
,149
.914
,188
.059
0.7
22,2
98.8
335,
098.
418
4,80
2.5
2019
/10
323,
446.
036
0,44
3.4
36,9
97.4
1,06
8,99
9.1
143,
182.
536
6,29
9.1
376,
788.
210
,489
.113
,977
.557
9.5
22,8
32.1
335,
849.
218
6,27
9.2
2019
/11
332,
873.
637
0,57
7.7
37,7
04.1
1,05
9,14
8.0
133,
577.
836
6,39
8.3
379,
212.
412
,814
.214
,099
.557
3.9
23,0
73.5
334,
479.
718
6,94
5.3
2019
/12
331,
096.
936
7,02
0.1
35,9
23.2
1,07
4,14
7.2
142,
525.
536
9,90
8.2
381,
253.
411
,345
.214
,545
.256
0.6
24,1
82.4
335,
915.
018
6,51
0.3
Det
yrim
e nd
aj
Bank
ës Q
ën-
dror
e /
Liabi
lities
to
Cen
tral B
ank
Dep
ozita
të p
ërfsh
ira
në p
aran
ë e
gjer
ë /
D
epos
its in
clud
ed in
br
oad
mon
ey (1
6+ 1
7)
D
epoz
ita të
pa
përfs
hira
në
par
anë
e gj
erë
/
Dep
osits
not
incl
uded
in
broa
d m
oney
Letra
me
vlerë
të
ndry
shm
e ng
a ak
sione
t / S
ecur
ities
ot
hers
than
sha
res
Hua
të /
Lo
ans
Aksio
ne d
he
instr
umen
te të
tjer
ë të
kap
italit
/ Sh
ares
an
d ot
her e
quity
D
etyr
ime
të tj
era
neto
/ O
ther
net
lia
biliti
es
Axh
ustim
i i
kons
olid
imit
/ C
on-
solid
atio
n ad
justm
ent
Dep
ozita
të
trans
feru
eshm
e /
Tr
ansfe
rabl
e de
posit
s D
epoz
ita të
tjer
a /
O
ther
dep
osits
Nga
të c
ilat:
Reze
rva
rivle
resim
i / O
f whi
ch:
Valu
atio
n ad
justm
ent
1415
1617
1819
2021
2223
24
2017
/12
40,9
37.7
991,
609.
036
3,71
0.2
627,
898.
812
6,59
7.0
6,25
8.0
2,66
2.8
156,
578.
0-1
,907
.513
,473
.93,
645.
8
2018
/12
38,3
22.8
981,
771.
837
4,99
6.6
606,
775.
214
8,69
4.4
6,18
3.1
2,83
7.8
156,
329.
1-7
,505
.54,
307.
84,
890.
9
2019
/12
34,7
79.6
1,01
8,91
5.1
408,
677.
661
0,23
7.5
178,
169.
16,
656.
02,
527.
216
5,60
8.7
-5,1
12.5
-6,1
23.3
4,71
1.8
2019
/07
38,8
29.5
992,
661.
439
0,28
6.8
602,
374.
516
0,76
3.2
6,33
1.8
2,89
8.6
160,
772.
6-5
,513
.9-3
27.3
5,12
8.0
2019
/08
32,2
91.1
1,00
2,71
2.4
396,
276.
860
6,43
5.6
166,
791.
36,
357.
74,
925.
015
8,56
3.0
-5,2
68.7
-823
.64,
821.
2
2019
/09
33,3
97.0
1,00
4,37
0.4
395,
967.
660
8,40
2.7
170,
887.
96,
357.
23,
588.
916
0,63
2.4
-4,9
66.2
-144
.06,
095.
6
2019
/10
32,9
46.4
1,00
8,91
7.6
399,
455.
060
9,46
2.6
174,
432.
96,
407.
13,
953.
716
3,36
5.8
-4,3
04.6
-1,9
26.7
4,34
8.3
2019
/11
32,4
54.5
1,00
7,66
4.3
399,
632.
760
8,03
1.6
177,
092.
66,
412.
73,
523.
316
5,04
9.7
-3,8
88.6
-3,8
48.6
3,67
2.9
2019
/12
34,7
79.6
1,01
8,91
5.1
408,
677.
661
0,23
7.5
178,
169.
16,
656.
02,
527.
216
5,60
8.7
-5,1
12.5
-6,1
23.3
4,71
1.8
Burim
i: Ba
nka
e Sh
qipë
risë.
Sour
ce: B
ank
of A
lban
ia.
Raporti tremujor i politikës monetare, 2020/I
65 Banka e Shqipërisë
1-5
bila
nc
i sek
Tori
al
i sh
oq
ëriv
e Të
ku
rsim
-kre
diT
iTn
ë m
ilion
ë le
kë, f
und
periu
dhe
sec
Tora
l ba
lan
ce
shee
T o
f sa
vin
gs
an
d l
oa
n a
sso
cia
Tio
ns
1-5
in m
illio
ns a
ll, e
nd o
f per
iod
Tota
li i m
jete
ve
/ To
tal a
sset
s (2
+ 3+
4+
7+
8+ 1
1+ 1
2)
Mon
edha
dhe
ka
rtëm
oned
ha n
ë le
kë /
Not
es a
nd
coin
s in
nat
iona
l cu
rrenc
y
Mon
edha
dhe
ka
rtëm
oned
ha n
ë va
lutë
/ N
otes
and
co
ins
in fo
reig
n cu
rrenc
y
Dep
ozita
/
Dep
osits
(5+6
)
Le
tra m
e vle
rë
/ Se
curit
ies
Hua
të /
Loan
s (9
+10)
M
jete
të tj
era
/ O
ther
fina
n-ci
al a
sset
s
Mje
te jo
finan
ciar
e /
Non
finan
cial
as
sets
Bank
at p
arad
e-po
zitu
ese
/ D
epos
it m
oney
ban
ks
Kor
pora
tat e
tjer
a fin
anci
are
/ O
ther
fin
anci
al c
orpo
ratio
ns
Sekto
rë të
tjer
ë re
zide
ntë
/ O
ther
re
siden
t sec
tors
Korp
orat
at e
tjer
a jo
finan
c-ia
re /
Oth
er n
onfin
anci
al
corp
orat
ions
12
34
56
78
910
1112
2016
/IV
6,83
0.2
8.1
0.0
938.
265
6.8
281.
415
2.3
5,51
9.8
5,51
9.8
_13
6.7
75.1
2017
/IV
8,44
5.2
6.6
0.1
1,71
5.4
1,21
6.6
498.
815
9.9
6,30
6.1
6,30
6.1
_28
.722
8.3
2018
/IV
9,65
1.1
6.3
0.2
2,00
9.9
1,57
2.5
437.
413
7.0
7,20
1.3
7,20
1.3
_41
.525
4.9
2018
/IV
9,65
1.1
6.3
0.2
2,00
9.89
1,57
2.5
437.
413
7.0
7,20
1.3
7,20
1.3
_41
.525
4.9
2019
/I10
,161
.814
.10.
31,
895.
441,
783.
211
2.2
140.
37,
363.
77,
363.
7_
415.
633
2.5
2019
/II
10,4
35.8
10.4
0.2
1,96
8.58
1,86
4.5
104.
111
4.4
7,56
7.4
7,56
7.4
_13
1.7
643.
2
2019
/III
10,7
91.9
13.8
0.8
2,15
9.72
2,06
3.3
96.4
115.
57,
718.
77,
718.
7_
125.
765
7.8
Det
yrim
et to
tale
/
Tota
l lia
biliti
es (2
+ 5+
8+
12+
13)
Dep
ozita
të p
ërfsh
ira
në p
aran
ë e
gjer
ë /
Dep
osits
incl
uded
in
bro
ad m
oney
(3
+ 4)
D
epoz
ita të
pa
përfs
hira
në
para
në e
gje
rë /
D
epos
its e
xclu
ded
from
bro
ad m
oney
(6
+ 7)
Hua
të /
Loan
s (9
+ 10
+ 11
)
Det
yrim
e të
tje
ra /
Oth
er
liabi
lities
Aksio
ne d
he
instr
umen
te të
tje
rë të
kap
italit
/ Sh
ares
and
ot
her e
quity
Sekto
rë të
tjer
ë re
zide
ntë
/ O
ther
re
siden
t sec
tors
Korp
orat
at e
tje
ra jo
finan
c-ia
re /
Oth
er
nonf
inan
cial
co
rpor
atio
ns
Sekto
rë të
tjer
ë re
zide
ntë
/
Oth
er re
siden
t se
ctor
s
Korp
orat
at e
tje
ra jo
finan
c-ia
re /
Oth
er
nonf
inan
cial
co
rpor
atio
ns
Korp
orat
at
e tje
ra
finan
ciar
e /
O
ther
fina
ncia
l co
rpor
atio
ns
Bank
at p
arad
e-po
zitu
ese
/
Dep
osit
mon
ey
bank
s
Qev
eria
qën
-dr
ore
/ C
entra
l G
over
nmen
t
12
34
56
78
910
1112
13
2016
/IV
6,83
0.2
4,88
4.4
4,88
4.4
_12
3.7
123.
7_
557.
618
2.4
375.
2_
284.
997
9.6
2017
/IV
8,44
5.2
6,16
2.5
6,16
2.5
_11
4.9
114.
9_
761.
3_
761.
3_
141.
51,
264.
9
2018
/IV
9,65
0.9
7,01
9.8
7,01
9.8
_15
2.4
152.
4_
917.
3_
917.
3_
111.
61,
449.
9
2018
/IV
9,65
0.9
7,01
9.8
7,01
9.8
_15
2.4
152.
4_
917.
3_
917.
3_
111.
61,
449.
9
2019
/I10
,161
.87,
350.
37,
350.
3_
147.
814
7.8
_1,
076.
5_
1,07
6.5
_18
2.2
1,40
4.9
2019
/II
10,4
35.8
7,52
5.1
7,52
5.1
_14
7.7
147.
7_
1,14
9.3
_1,
149.
3_
212.
21,
401.
6
2019
/III
10,7
91.9
7,94
8.3
7,94
8.3
_14
0.2
140.
2_
993.
3_
993.
3_
240.
51,
469.
6
Burim
i: Ba
nka
e Sh
qipë
risë.
Sour
ce: B
ank
of A
lban
ia.
Raporti tremujor i politikës monetare, 2020/I
66Banka e Shqipërisë
1-6
para
qiT
ja m
on
eTa
re e
ko
rpo
raTa
ve T
ë Tj
era
dep
oZi
Tues
en
ë m
ilion
ë le
kë, f
und
periu
dhe
mo
neT
ary
su
rvey
of
oTh
er d
epo
siTo
ry c
orp
ora
Tio
ns
1-6
in m
illio
ns a
ll, e
nd o
f per
iod
Mje
tet
valu
tore
net
o /
Net
fore
ign
asse
ts (2
-3)
Mje
tet e
br
ends
hme
/
Dom
estic
ass
ets
(5+
6+ 9
+ 10
+ 11
+ 12
+ 13
)
Pre
tend
ime
ndaj
jo
rezi
dent
ëve
/ C
laim
s on
no
nres
iden
ts
Min
us: D
etyr
ime
ndaj
jore
zide
ntëv
e /
Less
: Lia
biliti
es to
no
nres
iden
ts
Pre
tend
ime
ndaj
Ba
nkës
Qën
-dr
ore
/ C
laim
s on
Cen
tral B
ank
Pre
tend
imet
net
o nd
aj Q
ever
isë
Qën
dror
e /
Net
cl
aim
s on
Cen
tral
Gov
ernm
ent (
7-8)
P
rete
ndim
e nd
aj
korp
orat
ave
të
tjera
fina
ncia
re
/ C
laim
s on
ot
her f
inan
cial
co
rpor
atio
ns
Pre
tend
imet
nd
aj q
ever
isë
loka
le /
C
laim
s on
lo
cal g
over
n-m
ent
Pre
tend
imet
nd
aj k
orpo
rata
ve
jofin
anci
are
publ
ike
/ C
laim
s on
pu
blic
non
finan
cial
co
rpor
atio
ns
Pre
tend
imet
nda
j ko
rpor
atav
e të
tje
ra jo
finan
ciar
e /
Cla
ims
on o
th-
er n
onfin
anci
al
corp
orat
ions
Pre
tend
ime
ndaj
sek
torë
ve
të tj
erë
rezi
dent
ë /
C
laim
s on
oth
er
resid
ent s
ecto
rs
Pre
tend
imet
nd
aj Q
ever
isë
Qën
dror
e /
C
laim
s on
Cen
tral
Gov
ernm
ent
Min
us: D
etyr
ime
ndaj
Qev
erisë
Q
ëndr
ore
/ Le
ss:
Liabi
lities
to C
en-
tral G
over
nmen
t
12
34
56
78
910
1112
13
2017
/12
309,
764.
435
0,03
7.9
40,2
73.5
1,03
8,96
9.5
156,
301.
133
2,73
2.3
344,
756.
212
,023
.99,
320.
178
7.7
34,9
01.3
329,
377.
017
5,55
0.1
2018
/12
311,
918.
735
0,41
9.4
38,5
00.7
1,03
9,20
1.2
153,
694.
635
3,14
6.5
364,
306.
311
,159
.811
,501
.768
2.6
20,2
70.0
317,
609.
318
2,29
6.5
2019
/12
331,
097.
736
7,02
0.9
35,9
23.2
1,08
2,09
1.5
142,
539.
337
0,02
3.7
381,
368.
911
,345
.214
,641
.656
0.6
24,1
82.4
335,
915.
019
4,22
8.9
2019
/07
324,
377.
435
8,86
7.8
34,4
90.4
1,05
0,47
6.8
140,
307.
735
2,71
4.9
363,
797.
411
,082
.514
,536
.060
9.6
22,7
78.8
330,
029.
918
9,49
9.9
2019
/08
320,
777.
935
6,82
3.8
36,0
45.9
1,06
2,65
6.5
145,
107.
835
7,79
3.8
368,
414.
510
,620
.814
,089
.060
4.1
22,2
23.8
331,
642.
919
1,19
5.2
2019
/09
313,
646.
835
0,07
9.3
36,4
32.5
1,07
9,48
3.7
153,
890.
136
0,80
0.2
371,
950.
111
,149
.914
,284
.459
0.7
22,2
98.8
335,
098.
419
2,52
1.1
2019
/10
323,
446.
836
0,44
4.2
36,9
97.4
1,07
6,94
3.4
143,
196.
336
6,41
4.6
376,
903.
710
,489
.114
,074
.057
9.5
22,8
32.1
335,
849.
219
3,99
7.9
2019
/11
332,
874.
337
0,57
8.5
37,7
04.1
1,06
7,09
2.3
133,
591.
536
6,51
3.7
379,
327.
912
,814
.214
,195
.957
3.9
23,0
73.5
334,
479.
719
4,66
4.0
2019
/12
331,
097.
736
7,02
0.9
35,9
23.2
1,08
2,09
1.5
142,
539.
337
0,02
3.7
381,
368.
911
,345
.214
,641
.656
0.6
24,1
82.4
335,
915.
019
4,22
8.9
Det
yrim
e nd
aj B
ankë
s Q
ëndr
ore
/ Lia
biliti
es
to C
entra
l Ban
k
Dep
ozita
të p
ërfsh
ira
në p
aran
ë e
gjer
ë /
D
epos
its in
clud
ed in
br
oad
mon
ey (1
6+
17)
D
epoz
ita të
pa
përfs
hira
në
par
anë
e gj
erë
/
Dep
osits
not
incl
uded
in
broa
d m
oney
Hua
të /
Loan
s Ak
sione
dhe
instr
u-m
ente
të tj
erë
të
kapi
talit
/ Sh
ares
an
d ot
her e
quity
D
etyr
ime
të tj
era
neto
/ O
ther
net
lia
biliti
es
Axh
ustim
i i
kons
olid
imit
/
Con
solid
atio
n ad
justm
ent
Dep
ozita
të tr
ansfe
r-ue
shm
e /
Tran
sfera
ble
depo
sits
Dep
ozita
të
tjera
/ O
ther
de
posit
s
Letra
me
vlerë
të
ndry
shm
e ng
a ak
sio-
net /
Sec
uriti
es o
ther
s th
an s
hare
s
Nga
të c
ilat:
Reze
rva
rivle
resim
i /
Of w
hich
: Val
u-at
ion
adju
stmen
t
1415
1617
1819
2021
2223
24
2017
/12
40,9
37.7
997,
771.
436
3,71
0.2
634,
061.
312
6,71
1.9
6,25
8.0
2,66
2.8
157,
843.
0-1
,907
.513
,358
.43,
190.
5
2018
/12
38,3
22.8
988,
791.
537
4,99
6.6
613,
794.
914
8,84
6.8
6,18
3.1
2,83
7.8
157,
779.
0-7
,505
.54,
123.
04,
235.
7
2019
/12
34,7
79.6
1,02
6,86
3.3
408,
677.
661
8,18
5.8
178,
309.
36,
656.
02,
527.
216
7,07
8.3
-5,1
12.5
-6,6
66.3
3,64
1.8
2019
/07
38,8
29.5
1,00
0,18
6.4
390,
286.
860
9,89
9.6
160,
910.
96,
331.
82,
898.
616
2,17
4.2
-5,5
13.9
-890
.04,
412.
8
2019
/08
32,2
91.1
1,01
0,23
7.4
396,
276.
861
3,96
0.7
166,
939.
06,
357.
74,
925.
015
9,96
4.5
-5,2
68.7
-1,3
86.2
4,10
6.0
2019
/09
33,3
97.0
1,01
2,31
8.6
395,
967.
661
6,35
1.0
171,
028.
16,
357.
23,
588.
916
2,10
2.0
-4,9
66.2
-687
.05,
025.
6
2019
/10
32,9
46.4
1,01
6,86
5.8
399,
455.
061
7,41
0.8
174,
573.
16,
407.
13,
953.
716
4,83
5.4
-4,3
04.6
-2,4
69.7
3,27
8.3
2019
/11
32,4
54.5
1,01
5,61
2.6
399,
632.
761
5,97
9.9
177,
232.
96,
412.
73,
523.
316
6,51
9.3
-3,8
88.6
-4,3
91.7
2,60
2.9
2019
/12
34,7
79.6
1,02
6,86
3.3
408,
677.
661
8,18
5.8
178,
309.
36,
656.
02,
527.
216
7,07
8.3
-5,1
12.5
-6,6
66.3
3,64
1.8
Burim
i: Ba
nka
e Sh
qipë
risë.
Sour
ce: B
ank
of A
lban
ia.
Raporti tremujor i politikës monetare, 2020/I
67 Banka e Shqipërisë
1-7
para
qiT
ja m
on
eTa
re e
ko
rpo
raTa
ve d
epo
ZiTu
ese
në
mili
onë
lekë
, fun
d pe
riudh
em
on
eTa
ry s
urv
ey o
f d
epo
siTo
ry c
orp
ora
Tio
ns
1-7
in m
illio
ns a
ll, e
nd o
f per
iod
Mje
tet v
alut
ore
neto
/ N
et
fore
ign
asse
ts (2
- 3)
Mje
tet e
br
ends
hme
/ D
omes
tic
asse
ts (5
+8)
Pre
ten-
dim
e nd
aj
jore
zide
ntëv
e /
Cla
ims
on
nonr
esid
ents
Min
us:
Det
yrim
e nd
aj
jore
zide
ntëv
e /
Le
ss: L
iabi
lities
to
non
resid
ents
Pre
tend
imet
net
o nd
aj Q
ever
isë
Qën
dror
e /
Net
cl
aim
s on
Cen
tral
Gov
ernm
ent (
6- 7
)
P
rete
ndim
e nd
aj s
ekto
rëve
të
tjer
ë /
C
laim
s on
oth
er
sect
ors
(9+
10+
11+
12+
13)
Pre
tend
imet
nd
aj Q
ever
isë
Qën
dror
e /
C
laim
s on
Cen
-tra
l Gov
ernm
ent
Min
us: D
etyr
ime
ndaj
Qev
erisë
Q
ëndr
ore
/ Le
ss:
Liabi
lities
to C
entra
l G
over
nmen
t
Pre
tend
ime
ndaj
ko
rpor
atav
e të
tjer
a fin
anci
are
/ C
laim
s on
oth
er fi
nanc
ial
corp
orat
ions
Pre
tend
imet
nd
aj q
ever
isë
loka
le /
C
laim
s on
loca
l go
vern
men
t
Pre
tend
imet
nda
j kor
-po
rata
ve jo
finan
ciar
e pu
blik
e /
Cla
ims
on
publ
ic n
onfin
anci
al
corp
orat
ions
Pre
tend
imet
nda
j ko
rpor
atav
e të
tjer
a jo
finan
ciar
e /
Cla
ims
on o
ther
non
finan
cial
co
rpor
atio
ns
Pre
tend
ime
ndaj
se
ktorë
ve të
tje
rë re
zide
ntë
/
Cla
ims
on o
ther
re
siden
t sec
tors
12
34
56
78
910
1112
13
2017
/12
700,
451.
976
7,64
3.3
67,1
91.4
902,
795.
235
1,13
9.1
397,
595.
746
,456
.755
1,65
6.2
9,32
0.1
787.
734
,901
.332
9,37
7.0
177,
270.
1
2018
/12
724,
363.
278
6,90
7.1
62,5
44.0
874,
968.
034
0,78
0.7
419,
935.
279
,154
.553
4,18
7.3
11,5
01.7
682.
620
,270
.031
7,60
9.3
184,
123.
7
2019
/12
733,
113.
679
4,00
5.6
60,8
92.0
950,
184.
437
8,51
4.1
436,
575.
258
,061
.057
1,67
0.3
14,6
41.6
560.
624
,182
.433
5,91
5.0
196,
370.
7
2019
/07
709,
051.
176
8,42
2.7
59,3
71.6
922,
594.
036
3,06
6.7
420,
791.
357
,724
.655
9,52
7.3
14,5
36.0
609.
622
,778
.833
0,02
9.9
191,
573.
0
2019
/08
725,
305.
778
6,25
4.1
60,9
48.4
929,
801.
136
7,97
0.5
425,
008.
357
,037
.856
1,83
0.6
14,0
89.0
604.
122
,223
.833
1,64
2.9
193,
270.
8
2019
/09
727,
419.
678
8,55
0.2
61,1
30.5
933,
062.
536
6,19
0.5
428,
628.
562
,438
.156
6,87
2.0
14,2
84.4
590.
722
,298
.833
5,09
8.4
194,
599.
8
2019
/10
729,
299.
379
1,05
4.1
61,7
54.8
938,
874.
236
9,42
3.6
432,
615.
763
,192
.256
9,45
0.7
14,0
74.0
579.
522
,832
.133
5,84
9.2
196,
116.
0
2019
/11
729,
646.
879
1,80
3.5
62,1
56.7
941,
254.
737
2,11
6.0
434,
646.
662
,530
.656
9,13
8.7
14,1
95.9
573.
923
,073
.533
4,48
1.2
196,
814.
2
2019
/12
733,
113.
679
4,00
5.6
60,8
92.0
950,
184.
437
8,51
4.1
436,
575.
258
,061
.057
1,67
0.3
14,6
41.6
560.
624
,182
.433
5,91
5.0
196,
370.
7
Det
yrim
et e
pa
rasë
së
gjer
ë /
Broa
d m
oney
lia
biliti
es (1
5+
16)
Dep
ozita
të
pa p
ërfsh
ira n
ë pa
ranë
e g
jerë
/
Dep
osits
exc
lude
d fro
m b
road
mon
ey
Letra
me
vlerë
të
ndr
yshm
e ng
a ak
sione
t /
Secu
ritie
s ot
hers
th
an s
hare
s
Hua
të /
Lo
ans
Lloga
ri të
pa
gues
hme
/
Oth
er a
ccou
nts
paya
ble
Aksio
ne d
he in
stru-
men
te të
tjer
ë të
ka
pita
lit /
Shar
es
and
othe
r equ
ity
Det
yrim
e të
tje
ra n
eto
/
Oth
er li
abili
ties
net
Axh
ustim
i i k
onso
li-di
mit
/ C
onso
lida-
tion
adju
stmen
t
Par
aja
jash
të
korp
orat
ave
depo
zitu
ese
/
Mon
ey o
utsid
e de
posit
ory
corp
orat
ions
Dep
ozita
të p
ërfsh
i-ra
në
para
në e
gje
rë
/ D
epos
its in
clud
ed
in b
road
mon
ey
(17+
18)
Nga
te c
ilat:
reze
rva
rivle
resim
i /
Of w
hich
: val
u-at
ion
adju
stmen
t D
epoz
ita të
tra
nsfe
rues
hme
/
Tran
sfera
ble
depo
sits
Dep
ozita
të
tjera
/ O
ther
de
posit
s
1415
1617
1819
2021
2223
2425
26
2017
/12
1,26
6,93
4.7
265,
264.
11,
001,
670.
636
3,75
4.4
637,
916.
212
6,85
8.6
6,25
8.0
2,66
2.8
96.8
203,
725.
111
,497
.4-4
,134
.384
5.2
2018
/12
1,26
4,12
7.4
275,
285.
398
8,84
2.1
375,
047.
261
3,79
4.9
148,
927.
56,
183.
12,
837.
828
5.4
188,
867.
6-6
,265
.5-1
2,30
0.4
402.
5
2019
/12
1,31
8,36
9.7
291,
404.
21,
026,
965.
540
8,77
9.8
618,
185.
817
8,38
1.9
6,65
6.0
2,52
7.2
229.
520
0,20
4.5
-2,6
51.7
-23,
799.
472
8.7
2019
/07
1,28
3,84
1.6
283,
595.
61,
000,
246.
139
0,34
6.5
609,
899.
616
0,99
0.7
6,33
1.8
2,89
8.6
33.8
194,
102.
4-4
,004
.8-1
7,29
0.9
737.
1
2019
/08
1,29
8,67
5.5
288,
378.
41,
010,
297.
139
6,33
6.4
613,
960.
716
7,01
4.1
6,35
7.7
4,92
5.0
197.
019
5,71
7.0
-244
.1-1
8,09
7.8
318.
4
2019
/09
1,29
6,62
4.0
284,
245.
71,
012,
378.
339
6,02
7.3
616,
351.
017
1,10
2.0
6,35
7.2
3,58
8.9
211.
119
8,31
9.4
456.
6-1
6,49
8.1
777.
7
2019
/10
1,30
0,45
3.8
283,
482.
11,
016,
971.
739
9,56
0.9
617,
410.
817
4,64
7.1
6,40
7.1
3,95
3.7
99.3
202,
081.
72,
118.
2-1
9,98
1.3
512.
0
2019
/11
1,30
2,98
1.7
286,
585.
01,
016,
396.
740
0,41
6.9
615,
979.
917
7,30
7.0
6,41
2.7
3,52
3.3
158.
520
2,89
6.2
1,71
8.5
-22,
561.
318
3.3
2019
/12
1,31
8,36
9.7
291,
404.
21,
026,
965.
540
8,77
9.8
618,
185.
817
8,38
1.9
6,65
6.0
2,52
7.2
229.
520
0,20
4.5
-2,6
51.7
-23,
799.
472
8.7
Burim
i: Ba
nka
e Sh
qipë
risë.
Sou
rce:
Ban
k of
Alb
ania
.
Raporti tremujor i politikës monetare, 2020/I
68Banka e Shqipërisë
1-8.
a a
gre
gaT
ëT m
on
eTa
rë d
he
përb
ërës
iT e
Tyr
e m
on
eTa
ry a
gg
reg
aTes
an
d T
hei
r c
om
pon
enTs
1-8
.a
M
3 (2
+7)
M2
(3+6
)
Dep
ozita
t në
valu
të /
Dep
osits
in fo
reig
n cu
rrenc
yM
1 (4
+5)
D
epoz
itat m
e af
at n
ë le
kë /
Tim
e de
posit
s in
nat
iona
l cur
renc
yPa
raja
jash
të k
orpo
rata
ve d
epoz
itues
e /
Cur
renc
y ou
tside
dep
osito
ry c
orpo
ratio
nsLlo
gari
rrjed
hëse
dhe
dep
ozita
t pa
afat
në
lekë
/ C
urre
nt
acco
unts
and
non-
term
dep
osits
in n
atio
nal c
urre
ncy
12
34
56
7
G
jend
ja n
ë fu
nd të
per
iudh
ës (n
ë m
ilion
ë Le
kë) /
Sto
ck a
t end
of p
erio
d (in
milli
ons
ALL)
2017
/12
1,26
6,93
4.7
738,
927.
946
1,57
7.9
265,
264.
119
6,31
3.9
277,
349.
952
8,00
6.9
2018
/12
1,26
4,12
7.4
731,
502.
147
8,72
1.5
275,
285.
320
3,43
6.2
252,
780.
653
2,62
5.3
2019
/12
1,31
8,36
9.7
757,
786.
252
3,96
3.4
291,
404.
223
2,55
9.3
233,
822.
856
0,58
3.5
2019
/07
1,28
3,84
1.6
745,
775.
350
4,38
5.7
283,
595.
622
0,79
0.2
241,
389.
553
8,06
6.4
2019
/08
1,29
8,67
5.5
744,
567.
850
7,03
9.3
288,
378.
421
8,66
0.8
237,
528.
555
4,10
7.7
2019
/09
1,29
6,62
4.0
740,
792.
850
4,74
3.3
284,
245.
722
0,49
7.7
236,
049.
555
5,83
1.2
2019
/10
1,30
0,45
3.8
741,
191.
150
7,36
9.5
283,
482.
122
3,88
7.4
233,
821.
655
9,26
2.7
2019
/11
1,30
2,98
1.7
746,
624.
751
3,76
5.4
286,
585.
022
7,18
0.3
232,
859.
455
6,35
7.0
2019
/12
1,31
8,36
9.7
757,
786.
252
3,96
3.4
291,
404.
223
2,55
9.3
233,
822.
856
0,58
3.5
N
drys
him
i vje
tor n
ë pë
rqin
dje
/ An
nual
per
cent
age
chan
ges
2017
/12
0.3
0.3
6.0
6.4
5.5
-8.0
0.3
2018
/12
-0.2
-1.0
3.7
3.8
3.6
-8.9
0.9
2019
/12
4.3
3.6
9.5
5.9
14.3
-7.5
5.2
2019
/07
3.6
2.8
8.7
7.6
10.1
-7.6
4.6
2019
/08
3.8
2.8
8.2
6.9
9.9
-7.1
5.1
2019
/09
3.3
2.4
7.6
5.8
10.1
-7.1
4.6
2019
/10
4.1
3.3
9.2
6.8
12.4
-7.5
5.3
2019
/11
4.5
3.7
10.1
7.1
14.1
-8.1
5.6
2019
/12
4.3
3.6
9.5
5.9
14.3
-7.5
5.2
Burim
i :Ba
nka
e Sh
qipë
risë.
Sour
ce: B
ank
of A
lban
ia.
Raporti tremujor i politikës monetare, 2020/I
69 Banka e Shqipërisë
1-8.
b ku
nd
ërpa
rTiT
ë e
ag
reg
aTëv
e m
on
eTa
rë c
ou
nTe
rpa
rTs
of
mo
neT
ary
ag
gre
gaT
es 1
-8.b
M
jete
t val
utor
e ne
to /
Net
For
eign
As
sets
Mje
tet e
bre
ndsh
me
/ D
omes
tic a
sset
s (3
+4)
Të
tjera
net
o /
Oth
er it
ems
net
Pre
tend
imet
nda
j Qev
erisë
Qën
dror
e ne
to /
Net
cl
aim
s on
Cen
tral G
over
nmen
t Pr
eten
dim
e nd
aj s
ekto
rëve
të tj
erë*
/ C
laim
s on
oth
er
sect
ors
*
1
2
3
4
5
G
jend
ja n
ë fu
nd të
per
iudh
ës (m
ilion
ë Le
kë)/
Sto
ck a
t end
of p
erio
d (in
milli
ons
ALL)
2017
/12
700,
451.
990
2,79
5.2
351,
139.
155
1,65
6.2
(4,1
34.3
)
2018
/12
724,
363.
287
4,96
8.0
340,
780.
753
4,18
7.3
(12,
300.
4)
2019
/12
733,
113.
695
0,18
4.4
378,
514.
157
1,67
0.3
(23,
799.
4)
2019
/07
709,
051.
192
2,59
4.0
363,
066.
755
9,52
7.3
(17,
290.
9)
2019
/08
725,
305.
792
9,80
1.1
367,
970.
556
1,83
0.6
(18,
097.
8)
2019
/09
727,
419.
693
3,06
2.5
366,
190.
556
6,87
2.0
(16,
498.
1)
2019
/10
729,
299.
393
8,87
4.2
369,
423.
656
9,45
0.7
(19,
981.
3)
2019
/11
729,
646.
894
1,25
4.7
372,
116.
056
9,13
8.7
(22,
561.
3)
2019
/12
733,
113.
695
0,18
4.4
378,
514.
157
1,67
0.3
(23,
799.
4)
Ndr
yshi
mi v
jeto
r në
përq
indj
e /
Annu
al p
erce
ntag
e ch
ange
s
Mje
tet v
alut
ore
neto
/ N
et fo
reig
n as
sets
Mje
tet e
bre
ndsh
me
/ D
omes
tic a
sset
s P
rete
ndim
et n
daj Q
ever
isë Q
ëndr
ore
neto
/ N
et c
laim
s on
Cen
tral G
over
nmen
t Pr
eten
dim
e nd
aj s
ekto
rëve
të tj
erë*
/ C
laim
s on
oth
er s
ecto
rs *
1
2
3
4
2017
/12
0.5
-0.3
-1.6
0.6
2018
/12
3.4
-3.1
-2.9
-3.2
2019
/12
1.2
8.6
11.1
7.0
2019
/07
4.2
4.1
4.1
4.1
2019
/08
3.1
5.0
5.7
4.5
2019
/09
2.9
4.7
4.3
5.0
2019
/10
-1.2
10.1
16.0
6.6
2019
/11
-0.4
9.5
15.0
6.1
2019
/12
1.2
8.6
11.1
7.0
Bur
imi:
Bank
a e
Shqi
përis
ë *
Përfs
hin
kred
inë
për e
kono
min
ë dh
e pr
eten
dim
e të
tjer
a nd
aj s
ekto
rëve
mba
jtës
së p
aras
ë së
gje
rë.
Sour
ce: B
ank
of A
lban
ia.
* In
clud
e cr
edit
to e
cono
my
and
othe
r cla
ims
on b
road
mon
ey h
oldi
ng s
ecto
rs.
Raporti tremujor i politikës monetare, 2020/I
70Banka e Shqipërisë
1-9
dep
oZi
TaT
në
lekë
sip
as
sekT
orë
ve*
në
mili
onë
lekë
, fun
d pe
riudh
ele
k d
eno
min
aTed
dep
osi
Ts b
y se
cTo
rs*
1-9
in m
illio
ns a
ll, e
nd o
f per
iod
Tota
li i
depo
zita
ve /
To
tal d
epos
its
(2+
8)
Llog
ari r
rjedh
ëse
dhe
depo
zita
pa
afat
/ C
urre
nt
acco
unt a
nd s
ight
de
posit
s (3
+ 4+
5+
6+ 7
)
D
epoz
itat m
e af
at /
Tim
e de
posit
s (9
+ 10
+ 11
+ 12
+ 13
)
Qev
eria
lo
kale
/ Lo
cal
gove
rnm
ent
Korp
orat
at jo
finan
-ci
are
publ
ike
/
Publ
ic n
onfin
anci
al
corp
orat
ions
Kor
pora
ta të
tje
ra fi
nanc
iare
/
Oth
er fi
nanc
ial
corp
orat
ions
Kor
pora
ta të
tjer
a jo
finan
ciar
e /
O
ther
non
finan
cial
co
rpor
atio
ns
Sekto
rë të
tjer
ë re
zide
ntë
/
Oth
er re
siden
t se
ctor
s
Qev
eria
lo
kale
/ Lo
cal
gove
rnm
ent
Korp
orat
at jo
finan
-ci
are
publ
ike
/
Publ
ic n
onfin
anci
al
corp
orat
ions
Kor
pora
ta të
tje
ra fi
nanc
iare
/
Oth
er fi
nanc
ial
corp
orat
ions
Korp
orat
a të
tjer
a jo
finan
ciar
e /
O
ther
non
finan
cial
co
rpor
atio
ns
Sekto
rë të
tjer
ë re
zide
ntë
/
Oth
er re
siden
t se
ctor
s
1
2 3
4
5
6
7
8
9
1011
1213
2017
/12
473,
663.
819
6,31
3.9
1,34
4.4
8,65
6.7
2,52
4.8
48,9
79.3
134,
808.
727
7,34
9.9
15.2
705.
29,
282.
19,
062.
425
8,28
5.1
2018
/12
456,
216.
820
3,43
6.2
1,48
2.1
8,86
1.1
2,58
6.8
49,2
21.4
141,
284.
925
2,78
0.6
13.1
1,63
4.7
5,05
0.5
9,68
7.0
236,
395.
4
2019
/12
466,
382.
123
2,55
9.3
1,62
4.5
10,7
86.4
3,78
0.6
51,9
72.3
164,
395.
523
3,82
2.8
10.1
709.
24,
146.
77,
977.
522
0,97
9.3
2019
/07
462,
179.
722
0,79
0.2
1,17
8.6
10,1
89.6
3,24
6.6
52,1
48.8
154,
026.
524
1,38
9.5
10.0
1,78
0.3
3,81
6.3
7,98
6.5
227,
796.
4
2019
/08
456,
189.
421
8,66
0.8
1,34
1.6
10,9
17.4
3,54
5.2
50,4
70.1
152,
386.
523
7,52
8.5
10.0
737.
94,
404.
78,
186.
422
4,18
9.5
2019
/09
456,
547.
222
0,49
7.7
1,29
3.9
11,3
17.1
3,53
5.6
51,0
39.6
153,
311.
423
6,04
9.5
10.1
738.
33,
992.
08,
085.
122
3,22
4.0
2019
/10
457,
709.
022
3,88
7.4
1,37
9.0
11,6
11.4
3,44
4.9
51,4
67.6
155,
984.
523
3,82
1.6
10.1
722.
13,
963.
97,
113.
022
2,01
2.5
2019
/11
460,
039.
722
7,18
0.3
1,69
5.8
11,0
55.3
4,40
4.7
50,5
26.9
159,
497.
723
2,85
9.4
10.1
721.
34,
016.
97,
292.
222
0,81
8.9
2019
/12
466,
382.
123
2,55
9.3
1,62
4.5
10,7
86.4
3,78
0.6
51,9
72.3
164,
395.
523
3,82
2.8
10.1
709.
24,
146.
77,
977.
522
0,97
9.3
1-10
dep
oZi
TaT
në
valu
Të s
ipa
s se
kTo
rëve
*n
ë m
ilion
ë le
kë, f
und
periu
dhe
fore
ign
cu
rren
cy
den
om
inaT
ed d
epo
siTs
by
sec
Tors
* 1-
10in
mill
ions
all
, end
of p
erio
d
Tota
li i
depo
zita
ve /
To
tal d
epos
its
(2+8
)
Llog
ari r
rjedh
ëse
dhe
depo
zita
pa
afat
/ C
urre
nt
acco
unt a
nd s
ight
de
posit
s (3
+ 4+
5+
6+ 7
)
Dep
ozita
t me
afat
/
Tim
e de
posit
s (9
+ 10
+ 11
+ 12
+13)
Qev
eria
lo
kale
/ Lo
cal
gove
rnm
ent
Korp
orat
at
jofin
anci
are
publ
ike
/ Pu
blic
no
nfin
anci
al
corp
orat
ions
Kor
pora
ta të
tje
ra fi
nanc
iare
/
Oth
er fi
nanc
ial
corp
orat
ions
Kor
pora
ta të
tje
ra jo
finan
c-ia
re /
Oth
er
nonf
inan
cial
co
rpor
atio
ns
Sekto
rë të
tjer
ë re
zide
ntë/
O
ther
resid
ent
sect
ors
Qev
eria
lo
kale
/ Lo
cal
gove
rnm
ent
Korp
orat
at jo
finan
-ci
are
publ
ike
/
Publ
ic n
onfin
anci
al
corp
orat
ions
Kor
pora
ta të
tje
ra fi
nanc
iare
/
Oth
er fi
nanc
ial
corp
orat
ions
Korp
orat
a të
tjer
a jo
finan
ciar
e /
O
ther
non
finan
cial
co
rpor
atio
ns
Sekto
rë të
tjer
ë re
zide
ntë
/
Oth
er re
siden
t se
ctor
s
1
2 3
4
5
6
7
8
9
1011
1213
2017
/12
528,
006.
926
7,41
3.0
139.
82,
086.
33,
756.
974
,187
.318
7,24
2.7
260,
593.
8_
1,54
3.8
3,33
6.9
10,2
97.9
245,
415.
2
2018
/12
532,
625.
328
9,23
2.7
113.
41,
407.
73,
616.
578
,055
.320
6,03
9.8
243,
392.
6_
1,69
6.3
3,59
8.1
11,8
13.8
226,
284.
5
2019
/12
560,
583.
532
4,65
8.7
157.
92,
823.
35,
360.
381
,786
.923
4,53
0.3
235,
924.
8_
1,52
1.8
7,05
7.6
11,6
61.7
215,
683.
8
2019
/07
538,
066.
430
0,30
1.3
203.
71,
945.
44,
525.
880
,388
.021
3,23
8.5
237,
765.
1_
1,65
4.4
4,50
1.4
11,8
61.7
219,
747.
5
2019
/08
554,
107.
731
5,18
3.2
218.
72,
045.
35,
093.
484
,482
.922
3,34
2.9
238,
924.
6_
1,61
1.5
5,18
0.7
11,9
76.7
220,
155.
7
2019
/09
555,
831.
231
5,93
3.8
261.
92,
130.
24,
664.
282
,238
.922
6,63
8.7
239,
897.
4_
1,61
5.4
5,75
8.6
12,6
73.8
219,
849.
6
2019
/10
559,
262.
731
9,81
6.8
142.
71,
864.
04,
986.
482
,664
.923
0,15
8.8
239,
446.
0_
1,62
2.5
5,83
4.3
12,4
50.4
219,
538.
8
2019
/11
556,
357.
031
8,91
0.0
147.
81,
830.
04,
701.
680
,630
.323
1,60
0.3
237,
447.
0_
1,61
5.7
5,78
0.8
12,3
07.6
217,
743.
0
2019
/12
560,
583.
532
4,65
8.7
157.
92,
823.
35,
360.
381
,786
.923
4,53
0.3
235,
924.
8_
1,52
1.8
7,05
7.6
11,6
61.7
215,
683.
8
Bur
imi:
Bank
a e
Shqi
përis
ë *
Për
fshih
en v
etëm
llog
aritë
dhe
dep
ozita
t që
janë
pje
së e
par
asë
së g
jerë
. So
urce
: Ban
k of
Alb
ania
* D
epos
its in
clud
ed in
bro
ad m
oney
.
Raporti tremujor i politikës monetare, 2020/I
71 Banka e Shqipërisë
1-11
kre
dia
për
eko
no
min
ë si
pas
sekT
ori
T *
në
mili
onë
lekë
, fun
d pe
riudh
ec
red
iT T
o e
co
no
my
by s
ecTo
r *
1-11
in m
illio
ns a
ll, e
nd o
f per
iod
Tota
li i k
redi
së
/ To
tal c
redi
t (2
+ 8)
Kred
ia n
ë le
kë /
Cre
dit
in n
atio
nal
curre
ncy
(3+
4+ 5
+ 6+
7)
Kr
edia
në
valu
të /
C
redi
t in
fore
ign
curre
ncy
(9+
10+
11+
12+1
3)
Qev
eria
lo
kale
/ Lo
cal
gove
rnm
ent
Korp
orat
at jo
finan
-ci
are
publ
ike
/
Publ
ic n
onfin
anci
al
corp
orat
ions
Korp
orat
a të
tjer
a jo
finan
ciar
e /
O
ther
non
finan
cial
co
rpor
atio
ns
Korp
orat
a të
tje
ra fi
nanc
iare
/
Oth
er fi
nanc
ial
corp
orat
ions
Sekto
rë të
tjer
ë re
zide
ntë
/
Oth
er re
siden
t se
ctor
s
Qev
eria
lo
kale
/ Lo
cal
gove
rnm
ent
Korp
orat
at jo
finan
-ci
are
publ
ike
/
Publ
ic n
onfin
anci
al
corp
orat
ions
Korp
orat
a të
tjer
a jo
finan
ciar
e /
O
ther
non
finan
cial
co
rpor
atio
ns
Korp
orat
a të
tjer
a fin
anci
are
/ O
ther
fin
anci
al c
orpo
-ra
tions
Sekto
rë të
tjer
ë re
zide
ntë
/
Oth
er re
siden
t se
ctor
s
12
34
56
78
910
1112
13
2017
/12
550,
280.
527
3,26
1.9
787.
729
,680
.013
0,85
1.8
3,52
2.3
108,
420.
127
7,01
8.6
_5,
221.
419
8,52
5.2
4,42
2.3
68,8
49.7
2018
/12
532,
818.
626
8,75
3.0
682.
616
,594
.112
7,73
9.6
4,80
2.1
118,
934.
626
4,06
5.6
_3,
675.
918
9,83
8.8
5,36
1.9
65,1
89.0
2019
/12
570,
553.
029
8,48
4.6
560.
618
,489
.714
1,24
0.5
8,02
3.8
130,
170.
027
2,06
8.3
_5,
692.
719
4,64
4.1
5,53
1.3
66,2
00.3
2019
/07
557,
408.
428
4,41
4.2
609.
618
,370
.513
2,53
1.9
6,34
3.1
126,
559.
227
2,99
4.2
_4,
408.
419
7,46
7.5
6,10
5.0
65,0
13.4
2019
/08
560,
764.
828
5,67
8.6
604.
117
,954
.313
2,84
0.9
6,94
1.7
127,
337.
627
5,08
6.2
_4,
269.
419
8,77
1.3
6,11
2.9
65,9
32.6
2019
/09
565,
777.
128
9,57
6.2
590.
718
,122
.513
5,19
4.6
6,88
2.9
128,
785.
527
6,20
0.9
_4,
176.
319
9,87
3.0
6,33
9.7
65,8
11.9
2019
/10
568,
354.
629
2,52
6.8
579.
518
,284
.213
7,30
8.2
6,78
0.5
129,
574.
427
5,82
7.8
_4,
547.
919
8,50
9.7
6,23
0.3
66,5
40.0
2019
/11
568,
025.
629
4,21
3.5
573.
918
,748
.413
7,44
0.3
7,35
2.5
130,
098.
527
3,81
2.1
_4,
325.
219
7,00
8.3
5,76
5.5
66,7
13.2
2019
/12
570,
553.
029
8,48
4.6
560.
618
,489
.714
1,24
0.5
8,02
3.8
130,
170.
027
2,06
8.3
_5,
692.
719
4,64
4.1
5,53
1.3
66,2
00.3
Bur
imi:
Bank
a e
Shqi
përis
ë.
* K
redi
a dh
ënë
nga
korp
orat
at d
epoz
itues
e (B
anka
Qën
dror
e, b
anka
t par
adep
ozitu
ese
dhe
shoq
ëritë
e k
ursim
-kred
itit).
So
urce
: Ban
k of
Alb
ania
. *
Cre
dit g
rant
ed b
y de
posit
ory
corp
orat
ions
(Cen
tral b
ank,
dep
osit
mon
ey b
anks
and
sav
ings
and
loan
ass
ocia
tions
).
Raporti tremujor i politikës monetare, 2020/I
72Banka e Shqipërisë
1-12
hu
aTë
e ko
rpo
raTa
ve jo
fin
an
cia
re s
ipa
s a
kTiv
iTeT
iT e
kon
om
ik
(nve
- re
v.2)
*n
ë m
ilion
ë le
kë, f
und
periu
dhe
loa
ns
of
no
n-f
ina
nc
ial
co
rpo
raTi
on
s by
ec
on
om
ic a
cTi
viTy
(na
ce
- re
v.2)
* 1
-12
in m
illio
ns a
ll, e
nd o
f per
iod
Tota
li i h
uave
për
kor
pora
tat
jofin
anci
are
/ To
tal l
oans
to
non-
finan
cial
cor
pora
tions
(2
+ 3+
4+
5+ 6
+ 7+
8+
9+ 1
0+ 1
1+ 1
2+ 1
3+
14+
15+
16+
17+
18+
19+
20+
21+
22)
Bujq
ësia
, Pyj
et, P
e-sh
kim
i / A
gric
ultu
re,
fore
stry
and
fishi
ng
Indu
stria
nxj
er-
rëse
/ M
inin
g an
d qu
arry
ing
Indu
stria
pë
rpun
uese
/
Man
ufac
-tu
ring
Ener
gjia
ele
ktrik
e, fu
rniz
imi
me
gaz,
avu
ll dh
e aj
ër i
kond
icio
nuar
/ E
lect
ricity
, ga
s, s
team
and
air
cond
i-tio
ning
sup
ply
Furn
izim
i me
ujë,
akti
vite
te të
tra-
jtim
it dh
e m
enax
him
it të
mbe
turi-
nave
, mbe
tjeve
/ W
ater
sup
ply;
se
wer
age,
was
te m
anag
emen
t an
d re
med
iatio
n ac
tiviti
es
Ndë
rtim
i /
Con
struc
tion
Tre
gtia
me
shum
icë
dhe
me
paki
cë; R
ipar
imi i
aut
omje
teve
dh
e m
otoç
ikle
tave
/ W
hole
sale
an
d re
tail
trade
; rep
air o
f mot
or
vehi
cles
and
mot
orcy
cles
Tran
spor
ti dh
e m
agaz
inim
i /
Tran
spor
tatio
n an
d sto
rage
Akom
odim
i dhe
sh
ërbi
mi u
shqi
mor
/
Acco
mm
oda-
tion
and
food
se
rvic
e ac
tiviti
es
Info
rmac
ioni
dh
e ko
mu-
nika
cion
i /
Info
rmat
ion
and
com
mun
icat
ion
12
34
56
78
910
11
2017
/12
364,
278.
35,
360.
07,
725.
954
,119
.652
,664
.823
4.6
46,3
68.6
119,
800.
17,
806.
313
,550
.53,
872.
0
2018
/12
337,
848.
45,
643.
58,
542.
951
,063
.936
,604
.824
1.6
45,6
59.5
118,
490.
15,
824.
013
,713
.53,
119.
4
2019
/12
360,
067.
05,
068.
210
,159
.648
,381
.047
,413
.526
5.0
45,3
03.9
119,
654.
39,
525.
016
,148
.94,
136.
2
2019
/07
352,
778.
24,
634.
09,
858.
148
,579
.645
,361
.927
1.8
46,3
48.1
121,
768.
57,
142.
014
,875
.73,
319.
3
2019
/08
353,
836.
04,
868.
310
,304
.251
,557
.342
,772
.326
3.4
46,5
94.1
121,
475.
06,
878.
414
,930
.83,
199.
0
2019
/09
357,
366.
34,
919.
610
,135
.148
,833
.946
,289
.925
6.7
46,9
18.2
122,
013.
67,
587.
815
,045
.64,
446.
1
2019
/10
358,
650.
04,
888.
29,
819.
248
,999
.246
,683
.525
4.6
47,0
95.6
120,
927.
19,
244.
915
,305
.74,
429.
9
2019
/11
357,
522.
14,
872.
79,
865.
948
,691
.946
,176
.225
1.2
46,3
60.9
119,
983.
19,
146.
115
,683
.84,
317.
9
2019
/12
360,
067.
05,
068.
210
,159
.648
,381
.047
,413
.526
5.0
45,3
03.9
119,
654.
39,
525.
016
,148
.94,
136.
2
Aktiv
itete
fina
nc-
iare
dhe
të s
ig-
urim
it /
Fina
ncia
l an
d in
sura
nce
activ
ities
Aktiv
itete
të p
asur
-iv
e të
pal
uajtë
shm
e /
Real
esta
te
activ
ities
Aktiv
itete
pro
fesio
-na
le, s
hken
core
dhe
te
knik
e /
Prof
essio
n-al
, sci
entif
ic a
nd
tech
nica
l act
iviti
es
Shër
bim
e ad
min
istra
-tiv
e dh
e m
bësh
tetë
se
/ Ad
min
istra
tive
and
supp
ort s
ervi
ce
activ
ities
Adm
inist
rimi p
ublik
dhe
m
broj
tja; S
igur
imi s
ocia
l i
dety
rues
hëm
/ P
ublic
ad-
min
istra
tion
and
defe
nce;
co
mpu
lsory
soc
ial s
ecur
ity
Arsim
i /
Educ
atio
n
Shën
detë
sia d
he
aktiv
itete
të p
unës
so
cial
e /
Hum
an
heal
th a
nd s
ocia
l w
ork
activ
ities
Arte
, arg
ëtim
dhe
çl
odhj
e /
Arts,
en
terta
inm
ent a
nd
recr
eatio
n
Aktiv
itete
të
tjera
shë
rbim
i /
Oth
er s
er-
vice
act
iviti
es
Aktiv
itete
të fa
milj
eve
si pu
nëdh
ënës
; Ak
tivite
te të
pro
dhim
it të
mal
lrave
e
shër
bim
eve
të fa
milj
eve
për p
ërd.
e
vet /
Act
iviti
es o
f hou
seho
lds
as
empl
oyer
s; u
ndiff
eren
tiate
d go
ods-
and
serv
ices
-pro
duci
ng a
ctiv
ities
of
Hh
for o
wn
use
Aktiv
itete
të
orga
niza
tave
dh
e or
gani
zmav
e nd
ërko
mbë
tare
/
Activ
ities
of e
xtra
ter-
ritor
ial o
rgan
isatio
ns
and
bodi
es
12
1314
1516
1718
1920
2122
2017
/12
2,77
9.0
4,17
8.1
823.
539
0.9
1,65
9.6
5,68
5.1
3,76
5.9
2,99
2.4
28,1
33.6
2,11
8.1
249.
7
2018
/12
2,82
3.6
5,44
9.6
1,44
8.8
2,47
5.2
3,33
3.8
5,56
9.5
4,02
5.3
1,14
7.7
21,2
14.0
1,27
5.2
182.
9
2019
/12
2,42
4.4
5,28
1.0
1,51
0.1
3,12
5.0
3,88
9.5
4,26
5.1
4,71
6.1
866.
927
,093
.483
9.8
0.3
2019
/07
2,81
6.1
4,99
2.4
2,23
6.9
2,55
7.5
3,90
1.3
5,09
9.1
4,05
7.0
962.
723
,263
.471
6.0
16.7
2019
/08
2,51
3.3
5,06
4.9
1,56
0.0
2,74
8.0
3,88
6.6
5,16
0.5
3,99
5.0
903.
724
,252
.190
4.1
4.9
2019
/09
2,53
2.7
5,20
1.6
1,55
1.7
2,67
3.2
3,70
2.4
5,03
8.7
3,94
9.0
938.
524
,426
.390
0.4
5.4
2019
/10
2,50
4.0
5,24
2.4
1,53
4.9
2,66
3.6
3,88
8.7
4,66
7.2
3,66
5.5
936.
125
,024
.987
1.2
3.8
2019
/11
2,48
7.9
5,29
1.6
1,51
1.1
3,05
5.2
4,15
7.8
4,63
4.9
3,70
4.5
910.
525
,543
.687
1.6
3.7
2019
/12
2,42
4.4
5,28
1.0
1,51
0.1
3,12
5.0
3,88
9.5
4,26
5.1
4,71
6.1
866.
927
,093
.483
9.8
0.3
Bur
imi:
Bank
a e
Shqi
përis
ë.
* T
ë dh
ënat
e h
uave
për
fshijn
ë in
tere
sat e
për
lloga
ritur
. So
urce
: Ban
k of
Alb
ania
.*
Dat
a on
loan
s in
clud
e ac
crue
d in
tere
sts.
Raporti tremujor i politikës monetare, 2020/I
73 Banka e Shqipërisë
1-13
a h
uaT
ë e
korp
ora
Tave
jofi
na
nc
iare
pri
vaTe
sip
as
qël
limiT
Të
përd
ori
miT
d
he
mo
ned
hës
*n
ë m
ilion
ë le
kë, f
und
periu
dhe
priv
aTe
no
n-f
ina
nc
ial
co
rpo
raTi
on
s lo
an
s by
pu
rpo
se a
nd
c
urr
enc
y* 1
-13a
in m
illio
ns a
ll, e
nd o
f per
iod
Hua
të p
ër k
orpo
rata
t jof
inan
ciar
e pr
ivat
e /
Priv
ate
non-
finan
cial
cor
po-
ratio
ns lo
ans
(2+
9+ 1
6+ 2
3)N
ë le
kë /
In A
LL (3
+ 4+
5+
6+ 7
+ 8)
Ovë
rdra
ft /
Ove
rdra
ftKa
pita
l qar
kullu
es /
Wor
king
ca
pita
lH
ua p
ër ç
elje
biz
nesi
/
Loan
s fo
r sta
rting
up
a bu
sines
sBl
erje
paj
isjes
h /
Mac
hin-
erie
s an
d ap
plia
nces
Pa
suri
të p
alua
jtshm
e /
Real
es
tate
Hua
për
inve
stim
e në
instr
umen
-ta
fina
ncia
re /
Loan
s fo
r inv
est-
men
ts in
fina
ncia
l ins
trum
ents
12
34
56
78
2017
/12
329,
377.
013
0,85
1.8
34,3
89.0
29,0
91.1
4,75
9.9
34,1
79.6
28,2
01.3
231.
0
2018
/12
317,
578.
412
7,73
9.6
36,3
19.8
27,2
53.6
6,62
6.7
31,3
40.4
26,0
02.8
196.
3
2019
/12
335,
884.
614
1,24
0.5
38,6
68.9
29,4
20.3
7,19
7.1
36,3
69.9
29,4
14.4
169.
8
2019
/07
329,
999.
413
2,53
1.9
37,7
51.0
27,2
66.8
6,42
6.1
34,9
65.4
25,9
45.2
177.
4
2019
/08
331,
612.
213
2,84
0.9
38,0
48.8
27,6
38.5
7,02
0.6
33,6
88.9
26,2
69.7
174.
4
2019
/09
335,
067.
513
5,19
4.6
37,8
83.9
28,0
51.3
7,25
0.1
33,6
51.9
28,1
84.1
173.
2
2019
/10
335,
817.
913
7,30
8.2
37,4
67.4
28,1
24.1
7,20
2.2
34,2
26.7
30,1
15.7
172.
1
2019
/11
334,
448.
613
7,44
0.2
37,7
86.1
28,3
46.9
7,25
1.5
34,1
41.5
29,7
43.3
170.
9
2019
/12
335,
884.
614
1,24
0.5
38,6
68.9
29,4
20.3
7,19
7.1
36,3
69.9
29,4
14.4
169.
8
N
ë do
llarë
am
erik
anë
/ In
USD
(10+
11
+ 12
+ 13
+ 14
+ 15
)O
vërd
raft
/ O
verd
raft
Kapi
tal q
arku
llues
/ W
orki
ng
capi
tal
Hua
për
çel
je b
izne
si /
Loan
s fo
r sta
rting
up
a bu
sines
sBl
erje
paj
isjes
h /
Mac
hin-
erie
s an
d ap
plia
nces
Pa
suri
të p
alua
jtshm
e /
Re
al e
state
Hua
për
inve
stim
e në
instr
umen
ta fi
nanc
iare
/ Lo
ans
for i
nves
tmen
ts in
fina
ncia
l ins
trum
ents
910
1112
1314
15
2017
/12
20,4
29.0
10,2
00.7
3,28
3.5
_3,
536.
83,
408.
0_
2018
/12
19,8
33.8
9,96
2.7
3,48
5.1
_3,
407.
02,
979.
0_
2019
/12
17,3
79.5
7,57
5.9
5,06
8.4
_2,
045.
02,
690.
2_
2019
/07
18,9
71.3
9,66
7.7
3,29
3.0
_3,
229.
42,
781.
2_
2019
/08
20,4
41.1
8,51
0.2
6,07
8.7
_2,
690.
43,
161.
9_
2019
/09
20,4
90.0
8,44
2.6
6,25
0.0
_2,
655.
93,
141.
5_
2019
/10
19,0
22.2
7,40
8.8
5,93
5.7
_2,
597.
43,
080.
2_
2019
/11
19,4
19.6
8,06
4.9
6,02
6.1
_2,
175.
63,
153.
1_
2019
/12
17,3
79.5
7,57
5.9
5,06
8.4
_2,
045.
02,
690.
2_
N
ë eu
ro /
In E
UR
(17+
18+
19+
20
+ 21
+ 22
)H
ua n
ë m
oned
ha të
tjer
a /
In
othe
r cur
renc
ies
Ovë
rdra
ft /
Ove
rdra
ftKa
pita
l qar
kullu
es /
Wor
king
ca
pita
lH
ua p
ër ç
elje
biz
nesi
/ Lo
ans
for s
tarti
ng u
p a
busin
ess
Bler
je p
ajisj
esh
/ M
achi
n-er
ies
and
appl
ianc
es
Pasu
ri të
pal
uajts
hme
/
Real
esta
teH
ua p
ër in
vesti
me
në in
strum
en-
ta fi
nanc
iare
/ Lo
ans
for i
nves
t-m
ents
in fi
nanc
ial i
nstru
men
ts
1617
1819
2021
2223
2017
/12
178,
095.
046
,703
.019
,315
.91,
462.
159
,303
.851
,154
.915
5.2
1.2
2018
/12
170,
004.
936
,575
.228
,513
.22,
328.
450
,075
.652
,335
.917
6.5
0.2
2019
/12
177,
264.
438
,571
.927
,956
.12,
573.
049
,930
.257
,754
.147
9.2
0.2
2019
/07
178,
496.
138
,174
.328
,845
.72,
600.
651
,724
.156
,722
.542
8.9
0.2
2019
/08
178,
330.
038
,156
.028
,726
.22,
606.
551
,826
.956
,592
.342
2.0
0.2
2019
/09
179,
382.
738
,290
.128
,942
.02,
605.
451
,935
.357
,203
.540
6.3
0.2
2019
/10
179,
487.
439
,506
.828
,281
.12,
612.
651
,215
.957
,465
.140
5.8
0.2
2019
/11
177,
588.
638
,697
.628
,570
.52,
595.
850
,191
.357
,133
.440
0.0
0.2
2019
/12
177,
264.
438
,571
.927
,956
.12,
573.
049
,930
.257
,754
.147
9.2
0.2
Bur
imi:
Bank
a e
Shqi
përis
ë.
* T
ë dh
ënat
e h
uave
për
fshijn
ë in
tere
sat e
për
lloga
ritur
. So
urce
: Ban
k of
Alb
ania
.*
Dat
a on
loan
s in
clud
e ac
crue
d in
tere
sts.
Raporti tremujor i politikës monetare, 2020/I
74Banka e Shqipërisë
1-13
b h
uaT
ë e
korp
ora
Tave
jofi
na
nc
iare
pu
blik
e si
pas
qël
limiT
Të
përd
ori
miT
dh
e m
on
edh
ës *
në
mili
onë
lekë
, fun
d pe
riudh
e
publ
ic n
on
-fin
an
cia
l c
orp
ora
Tio
ns
loa
ns
by p
urp
ose
an
d c
urr
enc
y *
1-13
bin
mill
ions
all
, end
of p
erio
d
Hua
të p
ër k
orpo
rata
t jof
inan
ciar
e pu
blik
e /
Pu
blic
non
-fina
ncia
l cor
pora
tions
loan
s (2
+ 8+
14+
20)
Në
lekë
/ In
ALL
(3+
4+ 5
+ 6+
7)
Ovë
rdra
ft /
Ove
rdra
ftKa
pita
l qar
kullu
es /
Wor
king
ca
pita
lBl
erje
paj
isjes
h /
Mac
hine
ries
and
appl
ianc
es
Pasu
ri të
pal
uajts
hme
/ Re
al e
state
Hua
të tj
era
/ O
ther
loan
s
12
34
56
7
2017
/12
34,9
01.3
29,6
80.0
27,2
29.8
287.
790
1.8
1,26
0.6
0.0
2018
/12
20,2
70.1
16,5
94.2
14,5
21.4
236.
969
4.9
1,14
1.1
_
2019
/12
24,1
82.4
18,4
89.8
16,5
67.6
182.
674
3.0
996.
6_
2019
/07
22,7
78.8
18,3
70.5
16,5
28.4
213.
857
1.9
1,05
6.4
_
2019
/08
22,2
23.8
17,9
54.3
16,1
45.0
209.
055
5.9
1,04
4.5
_
2019
/09
22,2
98.8
18,1
22.5
16,3
49.5
201.
753
8.9
1,03
2.4
_
2019
/10
22,8
32.1
18,2
84.2
16,5
49.5
194.
452
0.0
1,02
0.4
_
2019
/11
23,0
73.5
18,7
48.4
16,7
85.0
195.
175
9.8
1,00
8.5
_
2019
/12
24,1
82.4
18,4
89.8
16,5
67.6
182.
674
3.0
996.
6_
N
ë do
llarë
am
erik
anë
/ In
USD
(9+
10+
11+
12+
13)
Ovë
rdra
ft /
Ove
rdra
ftKa
pita
l qar
kullu
es /
Wor
king
ca
pita
lBl
erje
paj
isjes
h /
Mac
hine
r-ie
s an
d ap
plia
nces
Pa
suri
të p
alua
jtshm
e /
Real
esta
teH
ua të
tjer
a /
O
ther
loan
s
89
1011
1213
2017
/12
0.1
0.1
__
_0.
0
2018
/12
0.1
0.1
__
__
2019
/12
0.0
0.0
__
__
2019
/07
0.1
0.1
__
__
2019
/08
0.1
0.1
__
__
2019
/09
0.1
0.1
__
__
2019
/10
0.1
0.1
__
__
2019
/11
0.1
0.1
__
__
2019
/12
0.0
0.0
__
__
N
ë eu
ro /
In E
UR
(15+
16+
17+
18+
19)
Ovë
rdra
ft /
Ove
rdra
ftKa
pita
l qar
kullu
es /
Wor
king
ca
pita
lBl
erje
paj
isjes
h /
Mac
hine
r-ie
s an
d ap
plia
nces
Pa
suri
të p
alua
jtshm
e /
Real
esta
teH
ua të
tjer
a /
Oth
er lo
ans
Hua
në
mon
edha
të tj
era
/ In
oth
er
curre
ncie
s
1415
1617
1819
20
2017
/12
5,22
1.3
5,22
1.2
__
_0.
0_
2018
/12
3,67
5.9
3,67
5.9
__
__
_
2019
/12
5,69
2.6
5,69
2.6
2019
/07
4,40
8.3
4,40
8.3
__
__
_
2019
/08
4,26
9.4
4,26
9.4
__
__
_
2019
/09
4,17
6.2
4,17
6.2
__
__
_
2019
/10
4,54
7.8
4,54
7.8
__
__
_
2019
/11
4,32
5.1
4,32
5.1
__
__
_
2019
/12
5,69
2.6
5,69
2.6
Bur
imi:
Bank
a e
Shqi
përis
ë.
* T
ë dh
ënat
e h
uave
për
fshijn
ë in
tere
sat e
për
lloga
ritur
. So
urce
: Ban
k of
Alb
ania
.*
Dat
a on
loan
s in
clud
e ac
crue
d in
tere
sts.
Raporti tremujor i politikës monetare, 2020/I
75 Banka e Shqipërisë
1-14
hu
aTë
e in
div
idëv
e d
he
insT
iTu
cio
nev
e jo
me
qël
lim f
iTim
i që
u
shër
bejn
ë in
div
idëv
e si
pas
qël
limiT
Të
përd
ori
miT
dh
e m
on
edh
ës*
në
mili
onë
lekë
, fun
d pe
riudh
e
ho
use
ho
lds
+ n
on
-pro
fiT
insT
iTu
Tio
ns
serv
ing
ho
use
ho
lds
loa
ns
by
purp
ose
an
d c
urr
enc
y* 1
-14
in m
illio
ns a
ll, e
nd o
f per
iod
Hua
të p
ër In
divi
dët d
he
Insti
tuci
onet
jo m
e që
llim fi
timi q
ë u
shër
bejn
ë in
divi
dëve
/ H
ouse
-ho
lds
+ N
on-p
rofit
insti
tutio
ns
serv
ing
hous
ehol
ds lo
ans
(2+
9+
16+
23)
Në
lekë
/ In
ALL
(3+
4+ 5
+ 6+
7)
Ovë
rdra
ft /
Ove
rdra
ftM
allra
jo të
qën
drue
shëm
/
Non
dura
ble
good
sM
allra
të q
ëndr
uesh
ëm /
D
urab
le g
oods
Hua
për
ble
rje b
anes
ash
/ Lo
ans
for h
ouse
pu
rcha
seH
ua p
ër q
ëllim
e të
tjer
a /
Loan
s fo
r oth
er p
urpo
ses
nga
të c
ilat:
për t
ë ve
tëpu
nësu
arit
/ of
w
hich
: sol
e pr
oprie
tors
hips
; par
tner
-sh
ips
with
out l
egal
sta
tus
12
34
56
78
2017
/12
169,
243.
910
0,39
4.2
6,41
7.5
22,9
55.8
14,3
22.4
50,5
54.6
6,14
3.9
2,48
1.3
2018
/12
175,
095.
110
9,90
6.1
6,74
2.5
27,0
31.9
13,1
29.5
56,1
05.2
6,89
7.0
2,40
3.7
2019
/12
186,
510.
212
0,31
0.0
6,51
1.6
29,3
42.1
14,2
92.2
62,7
06.7
7,45
7.3
1,55
4.3
2019
/07
181,
932.
611
6,91
9.1
6,77
7.9
28,8
36.2
13,7
05.0
60,1
44.4
7,45
5.8
2,05
1.2
2019
/08
183,
627.
811
7,69
5.3
6,72
3.9
28,8
81.4
14,0
48.3
60,6
63.1
7,37
8.6
1,68
1.1
2019
/09
184,
802.
511
8,99
0.5
6,80
7.9
29,1
45.8
13,9
34.4
61,4
90.1
7,61
2.4
1,65
5.8
2019
/10
186,
279.
211
9,73
9.3
6,77
5.8
29,3
41.6
14,0
65.4
62,0
56.8
7,49
9.6
1,62
9.3
2019
/11
186,
945.
312
0,23
2.1
6,69
3.9
29,4
14.8
14,1
71.4
62,5
21.9
7,43
0.2
1,56
1.4
2019
/12
186,
510.
212
0,31
0.0
6,51
1.6
29,3
42.1
14,2
92.2
62,7
06.7
7,45
7.3
1,55
4.3
N
ë do
llarë
am
erik
anë
/ In
USD
(1
0+ 1
1+ 1
2+ 1
3+ 1
4)ng
a të
cila
t: pë
r të
vetë
punë
suar
it /
of w
hich
: sol
e pr
oprie
tors
hips
; par
tner
-sh
ips
with
out l
egal
sta
tus
Ovë
rdra
ft /
Ove
rdra
ftM
allra
jo të
qën
drue
shëm
/
Non
dura
ble
good
sM
allra
të q
ëndr
uesh
ëm /
D
urab
le g
oods
Hua
për
ble
rje b
anes
ash
/
Loan
s fo
r hou
se p
urch
ase
Hua
për
qël
lime
të tj
era
/
Loan
s fo
r oth
er p
urpo
ses
9
1011
1213
1415
2017
/12
741.
816
2.7
74.9
103.
434
2.7
58.1
38.1
2018
/12
484.
747
.750
.218
.331
7.2
51.4
32.4
2019
/12
471.
811
3.2
47.3
25.6
239.
246
.5_
2019
/07
426.
632
.247
.917
.227
0.1
59.3
30.8
2019
/08
448.
126
.950
.667
.927
9.9
22.9
_
2019
/09
421.
738
.952
.228
.425
3.8
48.4
_
2019
/10
485.
279
.749
.227
.828
1.3
47.2
_
2019
/11
505.
810
0.1
49.2
27.8
281.
747
.0_
2019
/12
471.
811
3.2
47.3
25.6
239.
246
.5_
Në
euro
/ In
EU
R (1
7+ 1
8+
19+
20+
21)
Ovë
rdra
ft /
Ove
rdra
ftM
allra
jo të
qën
drue
shëm
/
Non
dura
ble
good
sM
allra
të q
ëndr
uesh
ëm /
D
urab
le g
oods
Hua
për
ble
rje b
anes
ash
/
Loan
s fo
r hou
se p
urch
ase
Hua
për
qël
lime
të tj
era
/
Loan
s fo
r oth
er p
urpo
ses
nga
të c
ilat:
për t
ë ve
tëpu
nësu
arit
/ of
whi
ch: s
ole
prop
rieto
rshi
ps;
partn
ersh
ips
with
out l
egal
sta
tus
Hua
në
mon
edha
të tj
era
/ In
oth
er
curre
ncie
s
16
1718
1920
2122
23
2017
/12
67,8
93.0
797.
21,
854.
34,
539.
256
,869
.53,
832.
860
8.7
214.
9
2018
/12
64,5
33.3
1,03
2.5
1,74
9.0
4,46
4.9
52,8
67.4
4,41
9.5
649.
017
1.0
2019
/12
65,5
80.0
913.
31,
862.
44,
472.
153
,703
.44,
628.
952
3.6
148.
5
2019
/07
64,4
27.2
976.
61,
789.
14,
570.
052
,448
.84,
642.
761
2.5
159.
6
2019
/08
65,3
24.8
990.
31,
847.
95,
109.
553
,000
.84,
376.
355
5.1
159.
7
2019
/09
65,2
31.1
972.
51,
878.
84,
476.
453
,074
.34,
829.
154
0.4
159.
2
2019
/10
65,8
99.3
935.
01,
898.
44,
524.
453
,819
.34,
722.
354
2.8
155.
4
2019
/11
66,0
53.9
938.
91,
866.
54,
515.
554
,073
.64,
659.
553
8.0
153.
4
2019
/12
65,5
80.0
913.
31,
862.
44,
472.
153
,703
.44,
628.
952
3.6
148.
5
Bur
imi:
Bank
a e
Shqi
përis
ë.
* T
ë dh
ënat
e h
uave
për
fshijn
ë in
tere
sat e
për
lloga
ritur
. So
urce
: Ban
k of
Alb
ania
.*
Dat
a on
loan
s in
clud
e ac
crue
d in
tere
sts.
Raporti tremujor i politikës monetare, 2020/I
76Banka e Shqipërisë
1-15
hu
aTë
sipa
s rr
eTh
eve*
në
mili
onë
lekë
, fun
d pe
riudh
elo
an
s by
dis
Tric
Ts*
1-15
in m
illio
ns a
ll, e
nd o
f per
iod
To
tali
i kre
disë
/ T
otal
loan
s (2
+ 3+
4+
5+
6+ 7
+ 8+
9+
10)
Tira
në /
Tira
na
Dur
rës
/ D
urrë
s E
lbas
an /
Elb
asan
S
hkod
ër /
Shk
odra
K
orçë
/ K
orca
V
lorë
/ V
lora
F
ier /
Fie
r Le
zhë
/ Le
zha
Të
tjera
/ O
ther
1
2
3
4
5
6
7
8
9
10
2017
/IV
547,
154.
140
6,41
2.0
37,1
59.1
14,2
80.8
11,3
08.1
8,16
8.5
11,8
69.5
12,0
27.4
5,89
8.8
40,0
29.9
2018
/IV
531,
084.
738
8,83
1.9
39,9
85.0
13,7
96.4
10,6
54.4
8,01
4.9
11,7
23.6
10,6
56.0
5,86
6.4
41,5
56.2
2019
/IV
567,
129.
842
4,39
9.1
37,6
45.3
12,5
51.1
10,9
56.2
8,63
5.2
12,1
64.8
10,7
15.7
6,09
5.7
43,9
66.7
2019
/I54
6,77
6.2
403,
908.
740
,130
.113
,337
.810
,571
.67,
923.
412
,005
.110
,705
.85,
958.
542
,235
.2
2019
/II
551,
140.
540
8,99
0.2
38,1
06.6
13,0
01.7
10,6
93.6
8,12
0.9
12,1
46.1
10,8
05.2
6,08
1.9
43,1
94.5
2019
/III
563,
054.
041
9,06
2.2
39,3
73.5
13,0
95.0
10,8
04.7
8,36
9.1
12,0
98.6
10,7
43.4
6,10
1.2
43,4
06.5
2019
/IV
567,
129.
842
4,39
9.1
37,6
45.3
12,5
51.1
10,9
56.2
8,63
5.2
12,1
64.8
10,7
15.7
6,09
5.7
43,9
66.7
Bur
imi:
Bank
a e
Shqi
përis
ë.
* T
ë dh
ënat
e h
uasë
për
fshijn
ë in
tere
sat e
për
lloga
ritur
. S
ourc
e: B
ank
of A
lban
ia.
* D
ata
on lo
ans
incl
ude
accr
ued
inte
rests
.
Raporti tremujor i politikës monetare, 2020/I
77 Banka e Shqipërisë
1-16 normaT e inTeresiT Të bankës së shqipërisë*në përqindje
bank of albania inTeresT raTes* 1-16in percentage
Depozita njëditore / Overnight deposit
Marrëveshje riblerjeje njëjavore / Weekly repurchase agreement
Kredia njëditore / Overnight credit
Kredia për mbështetje me likuid-itet** / Liquidity supporting loan**
Vlera / Level Ndryshimi / Change Vlera / Level Ndryshimi /
Change Vlera / Level Ndryshimi / Change Vlera / Level Ndryshimi /
Change
1 2 3 4 5 6 7 8
2004 29/ 04 3.25 0.00 6.25 0.00 8.75 0.00 12.25 0.00
12/ 05 3.00 -0.25 6.00 -0.25 8.50 -0.25 12.00 -0.25
24/ 06 2.75 -0.25 5.75 -0.25 8.25 -0.25 11.75 -0.25
28/ 07 2.50 -0.25 5.50 -0.25 8.00 -0.25 11.50 -0.25
04/ 11 2.25 -0.25 5.25 -0.25 7.75 -0.25 11.25 -0.25
2005 31/ 03 2.00 -0.25 5.00 -0.25 7.50 -0.25 11.00 -0.25
27/ 07 3.25 1.25 5.00 0.00 6.75 -0.75 11.00 0.00
2006 12/ 07 3.50 0.25 5.25 0.25 7.00 0.25 11.25 0.25
30/ 11 3.75 0.25 5.50 0.25 7.25 0.25 11.50 0.25
2007 28/ 06 4.00 0.25 5.75 0.25 7.50 0.25 11.75 0.25
27/ 09 4.25 0.25 6.00 0.25 7.75 0.25 12.00 0.25
30/ 11 4.50 0.25 6.25 0.25 8.00 0.25 12.25 0.25
2008 24/ 12 4.50 0.00 6.25 0.00 7.00 -1.00 12.25 0.00
2009 28/ 01 4.50 0.00 6.25 0.00 7.00 0.00 12.25 0.00
29/ 01 4.00 -0.50 5.75 -0.50 6.50 -0.50 11.75 -0.50
28/ 10 3.50 -0.50 5.25 -0.50 6.00 -0.50 11.25 -0.50
2010 29/ 07 3.25 -0.25 5.00 -0.25 5.75 -0.25 11.00 -0.25
2011 03/ 01 3.25 0.00 5.00 0.00 6.75 1.00 11.00 0.00
24/ 03 3.50 0.25 5.25 0.25 7.00 0.25 11.25 0.25
30/ 09 3.25 -0.25 5.00 -0.25 6.75 -0.25 11.00 -0.25
01/ 12 3.00 -0.25 4.75 -0.25 6.50 -0.25 10.75 -0.25
2012 26/ 01 2.75 -0.25 4.50 -0.25 6.25 -0.25 10.50 -0.25
29/ 03 2.50 -0.25 4.25 -0.25 6.00 -0.25 10.25 -0.25
10/ 05 2.50 0.00 4.25 0.00 6.00 0.00 8.25 -0.20
25/ 07 2.25 -0.25 4.00 -0.25 5.75 -0.25 8.00 -0.25
2013 31/01 2.00 -0.25 3.75 -0.25 5.50 -0.25 7.75 -0.25
01/08 1.75 -0.25 3.50 -0.25 5.25 -0.25 7.50 -0.25
02/12 1.50 -0.25 3.25 -0.25 5.00 -0.25 7.25 -0.25
16/12 1.25 -0.25 3.00 -0.25 4.75 -0.25 7.00 -0.25
2014 27/02 1.00 -0.25 2.75 -0.25 4.50 -0.25 6.75 -0.25
02/06 0.75 -0.25 2.50 -0.25 4.25 -0.25 6.50 -0.25
27/11 0.50 -0.25 2.25 -0.25 4.00 -0.25 6.25 -0.25
2015 29/01 0.25 -0.25 2.00 -0.25 3.75 -0.25 6.00 -0.25
05/11 0.00 -0.25 1.75 -0.25 3.50 -0.25 5.75 -0.25
2016 06/04 0.25 0.25 1.50 -0.25 2.75 -0.75 5.50 -0.25
05/05 0.25 0.00 1.25 -0.25 2.25 -0.50 5.25 -0.25
2018 06/06 0.10 -0.15 1.00 -0.25 1.90 -0.35 5.00 -0.25
Burimi: Banka e Shqipërisë. *Tabela paraqet ndryshimin e normave bazë të interesit sipas vendimit të politikës monetare.** Me hyrjen në fuqi të vendimit nr. 16 datë 13.03.2012, për miratimin e rregullores “Për kredinë për mbështetje me likuiditet”, instrumenti “Kredia Lombard” u pasua nga “Kredia për mbështetje me likuiditet”.
Source: Bank of Albania.* The table presents the change of key interest rates according to the monetary policy
decisions on interest rates.** Upon the entry into force of Decision No. 16, dated 13 March 2012, on the
approval of the Regulation “On the liquidity supporting loan”, the instrument “Lombard Loan” followed by the “Liquidity supporting loan”.
Raporti tremujor i politikës monetare, 2020/I
78Banka e Shqipërisë
1-17
no
rmaT
e in
Tere
siT
për
dep
oZi
TaT
e re
ja T
ë ko
rpo
raTa
ve jo
-fin
an
cia
re,
ind
ivid
ëve
dh
e in
sTiT
uc
ion
eve
jo m
e q
ëllim
fiT
imi q
ë u
sh
ërbe
jnë
ind
ivid
ëve
sipa
s m
on
edh
ave
*n
ë pë
rqin
dje
inTe
resT
raT
es o
n n
ew d
epo
siTs
of
no
n-f
ina
nc
ial
co
rpo
raTi
on
s, h
ou
seh
old
s a
nd
npi
sh b
y c
urr
enc
y *
1-17
in p
erce
ntag
e
N
ë le
kë /
In A
LL
Lloga
ri rrj
edhë
se /
Cur
rent
acc
ount
sD
epoz
ita p
a af
at /
Dem
and
depo
sits
1 m
ujor
e /
1 m
onth
s3
muj
ore
/ 3
mon
ths
6 m
ujor
e /
6 m
onth
s12
muj
ore
/ 12
mon
ths
24 m
ujor
e /
24 m
onth
s
2017
0.10
0.28
0.86
0.28
0.65
0.75
1.48
2018
0.09
0.26
0.76
0.28
0.59
0.73
1.55
2019
0.10
0.24
0.66
0.23
0.42
0.49
1.13
2019
/07
0.10
0.20
0.73
0.20
0.26
0.40
1.13
2019
/08
0.10
0.22
0.44
0.23
0.23
0.36
1.16
2019
/09
0.09
0.19
0.76
0.18
0.29
0.45
1.14
2019
/10
0.10
0.23
0.73
0.43
0.35
0.44
1.08
2019
/11
0.10
0.24
0.65
0.13
0.58
0.53
0.96
2019
/12
0.10
0.27
0.72
0.17
0.41
0.43
0.98
N
ë do
llarë
am
erik
anë
/ In
USD
2017
0.01
0.13
0.23
0.12
0.29
0.39
0.83
2018
0.01
0.15
0.44
0.18
0.31
0.54
0.86
2019
0.01
0.14
0.31
0.22
0.35
0.76
1.47
2019
/07
0.01
0.09
0.30
0.21
0.21
0.92
1.69
2019
/08
0.01
0.11
0.24
0.35
0.32
0.75
1.65
2019
/09
0.01
0.13
0.25
0.17
0.45
0.82
1.55
2019
/10
0.01
0.14
0.32
0.19
0.17
0.53
1.14
2019
/11
0.01
0.12
0.13
0.37
0.18
0.45
0.66
2019
/12
0.01
0.14
0.27
0.31
0.23
0.59
0.93
N
ë Eu
ro /
In E
UR
2017
0.04
0.07
0.13
0.05
0.09
0.15
0.44
2018
0.02
0.06
0.06
0.05
0.07
0.12
0.36
2019
0.01
0.05
0.06
0.05
0.05
0.09
0.24
2019
/07
0.01
0.05
0.05
0.05
0.04
0.09
0.21
2019
/08
0.02
0.04
0.11
0.05
0.05
0.08
0.25
2019
/09
0.02
0.05
0.12
0.06
0.05
0.10
0.34
2019
/10
0.01
0.05
0.05
0.04
0.04
0.08
0.16
2019
/11
0.01
0.04
0.04
0.04
0.03
0.15
0.10
2019
/12
0.01
0.06
0.05
0.06
0.05
0.10
0.10
Bur
imi:
Bank
a e
Shqi
përis
ë.
* N
orm
at v
jeto
re p
ërfa
qëso
jnë
norm
at m
esat
are
të p
onde
ruar
a vj
etor
e, n
dërs
a no
rmat
muj
ore
përfa
qëso
jnë
norm
at m
esat
are
të p
onde
ruar
a m
ujor
e.
Sour
ce: B
ank
of A
lban
ia.
* Ye
arly
dat
a pr
esen
t the
ann
ual w
eigh
ted
aver
age
rate
, whi
le th
e m
onth
ly d
ata
pres
ent t
he m
onth
ly w
eigh
ted
aver
age
rate
.
Raporti tremujor i politikës monetare, 2020/I
79 Banka e Shqipërisë
1-18 normaT e inTeresiT për huaTë e reja Të korporaTave jo-financiare, individëve dhe insTiTucioneve jo me qëllim fiTimi që u shërbejnë individëve sipas monedhave*në përqindje
inTeresT raTes on new loans of non-financial corporaTions, households and
npish by currency* 1-18in percentage
Në lekë / In ALL
Deri në 6 muaj / Up to 6 months 6 muaj - 1 vit / 6 months - 1 year 1-3 vjet / 1-3 years 3 - 5 vjet / 3 - 5 years Mbi 5 vjet / Over 5 years
2017 8.18 5.98 7.77 7.64 5.90
2018 8.12 5.66 7.45 7.28 5.66
2019 7.07 6.25 6.82 7.12 5.59
2019/07 6.31 6.25 6.40 6.89 5.67
2019/08 7.69 5.73 6.78 7.39 5.67
2019/09 7.00 6.75 6.70 7.40 5.01
2019/10 5.94 6.62 5.84 7.55 5.44
2019/11 7.02 6.43 6.96 8.20 5.37
2019/12 6.34 6.82 6.26 6.80 6.30
Në dollarë amerikanë / In USD
2017 5.09 5.92 5.04 4.91 6.59
2018 5.51 5.30 5.03 5.56 4.42
2019 4.14 4.82 4.46 4.72 6.25
2019/07 3.51 5.12 4.41 _ _
2019/08 5.37 3.40 4.33 5.50 _
2019/09 3.54 4.13 7.14 _ 5.50
2019/10 3.56 5.10 1.70 _ _
2019/11 3.95 5.36 5.58 _ 6.97
2019/12 4.01 3.80 7.20 4.09 _
Në Euro / In EUR
2017 4.54 4.28 4.25 4.53 4.40
2018 3.96 4.01 4.36 4.58 4.09
2019 4.76 4.02 4.30 4.50 3.92
2019/07 4.71 3.80 3.79 4.37 3.87
2019/08 4.54 4.52 4.25 4.34 3.47
2019/09 5.10 4.03 4.07 4.15 3.36
2019/10 4.22 4.70 4.65 4.71 3.99
2019/11 4.79 4.55 4.24 4.47 3.58
2019/12 4.56 3.46 4.98 4.68 4.43
Burimi: Banka e Shqipërisë. * Normat vjetore përfaqësojnë normat mesatare të ponderuara vjetore, ndërsa normat mujore përfaqësojnë normat mesatare të ponderuara mujore.
Source: Bank of Albania.* Yearly data present the annual weighted average rate, while the monthly data present
the monthly weighted average rate.
Raporti tremujor i politikës monetare, 2020/I
80Banka e Shqipërisë
1-18a normaT e inTeresiT për huaTë e reja Të korporaTave jofinanciare privaTe sipas qëllimiT Të përdorimiT dhe monedhës *në përqindje
inTeresT raTes on new loans of privaTe non-financial corporaTions by purpose and
currency * 1-18ain percentage
Norma e interesit e huave të reja për korporata jofinanciare
private / Average monthly inter-est rates of new loans to private
non-financial corporations Ovërdraft /
OverdraftKapital qarkullues /
Working capital
Hua për çelje biznesi / Loans for starting up a
business
Blerje pajisjesh / Machineries and
appliances Pasuri të paluajtshme
/ Real estate
Hua për investime në instrumenta financiare / Loans for investments in
financial instruments
Në lekë / In ALL
2017 6.63 6.99 6.50 6.87 5.77 5.55 5.80
2018 6.71 7.21 6.14 6.99 5.70 4.95 _
2019 6.26 6.48 6.37 6.14 6.33 4.88
2019/07 5.89 5.78 5.81 7.00 6.93 4.62 _
2019/08 6.46 6.54 6.71 5.50 6.83 5.97 _
2019/09 5.94 6.42 6.75 7.01 6.40 4.39 _
2019/10 5.70 5.77 6.10 _ 5.97 5.04 _
2019/11 6.21 6.47 5.28 7.00 7.98 5.06 _
2019/12 6.27 5.44 6.66 6.55 6.60 4.23 _
Në dollarë amerikanë / In USD
2017 5.36 5.04 7.08 _ 5.56 5.94 _
2018 5.38 5.37 5.79 _ 4.76 5.64 _
2019 4.31 4.30 4.70 _ 4.32 4.16
2019/07 4.56 4.66 6.69 _ 3.79 _ _
2019/08 4.55 4.74 4.27 _ _ 3.95 _
2019/09 3.55 3.53 4.50 _ 5.50 _ _
2019/10 3.76 3.61 4.76 _ _ _ _
2019/11 4.06 3.99 5.15 _ _ 6.97 _
2019/12 3.84 3.84 3.90 _ _ _ _
Në Euro / In EUR
2017 4.50 4.27 4.46 5.36 4.89 4.49 5.90
2018 4.20 3.90 4.66 5.04 4.59 4.10 4.93
2019 4.18 4.21 4.06 5.00 4.30 4.06 5.00
2019/07 3.95 3.86 4.08 5.00 4.25 3.87 _
2019/08 4.27 4.34 4.30 _ 4.39 3.96 _
2019/09 3.96 4.43 3.79 _ 4.31 3.28 _
2019/10 4.59 4.75 3.54 _ 5.02 4.56 _
2019/11 4.32 4.76 4.42 _ 2.75 4.23 _
2019/12 4.31 3.70 3.76 _ 4.91 4.25 5.00
Burimi: Banka e Shqipërisë. * Normat vjetore përfaqësojnë normat mesatare të ponderuara vjetore, ndërsa normat mujore përfaqësojnë normat mesatare të ponderuara mujore.
Source: Bank of Albania.* Yearly data present the annual weighted average rate, while the
monthly data present the monthly weighted average rate.
Raporti tremujor i politikës monetare, 2020/I
81 Banka e Shqipërisë
1-18b normaT e inTeresiT për huaTë e reja Të individëve dhe insTiTucioneve jo me qëllim fiTimi që u shërbejnë individëve, sipas qëllimiT Të përdorimiT dhe monedhës *në përqindje
inTeresT raTes onnew loans of households
and npish by purposeand currency * 1-18b
in percentage
Norma e interesit e huave të reja për individët dhe
institucionet jo me qëllim fitimi që u shërbejnë individëve /
Average monthly interest rates of new loans to households
and NPISH
Overdraft / Overdraft
Mallra jo të qëndrueshëm /
Consuming of non durable goods
Mallra të qëndrue-shëm / Consuming
of durable goods
Hua për blerje banesash / Loans
for house purchase
Hua për qëllime të tjera / Loans for
other purposes
nga të cilat: për të vetëpunësuarit / of which:
sole proprietorships;part-nerships without legal
status
Në lekë / In ALL
2017 7.24 11.02 7.98 7.69 4.06 8.96 8.38
2018 6.96 11.80 7.69 7.73 3.70 9.02 8.68
2019 6.66 11.51 7.74 7.60 3.47 8.22 8.34
2019/07 6.62 11.80 7.73 7.22 3.40 7.65 6.70
2019/08 6.70 11.44 7.73 7.52 3.60 7.88 10.35
2019/09 6.44 12.27 7.85 7.22 3.25 8.08 9.87
2019/10 6.76 11.32 7.84 8.03 3.48 9.06 7.65
2019/11 6.80 11.80 7.86 8.07 3.45 8.86 8.71
2019/12 7.22 11.52 8.13 8.45 3.22 8.81 7.59
Në dollarë amerikanë / In USD
2017 5.28 7.19 4.07 3.14 4.59 7.00 _
2018 6.05 6.62 3.29 2.75 4.78 _ _
2019 6.54 7.01 3.39 3.19 _ 6.43 _
2019/07 8.39 8.71 _ 3.00 _ _ _
2019/08 6.69 16.07 4.23 4.30 _ _ _
2019/09 8.30 8.30 _ _ _ _ _
2019/10 8.15 13.25 _ 3.03 _ _ _
2019/11 10.95 15.12 6.21 _ _ _ _
2019/12 6.98 7.06 3.82 _ _ 6.50 _
Në Euro / In EUR
2017 3.83 6.94 3.96 4.74 3.18 5.52 5.09
2018 3.78 9.28 2.84 4.21 3.10 5.43 5.17
2019 3.79 8.49 3.10 4.21 3.23 5.13 2.82
2019/07 3.97 9.58 2.80 3.97 3.36 6.39 _
2019/08 3.18 7.99 3.41 3.90 2.50 5.14 _
2019/09 3.79 10.75 2.68 3.97 3.20 6.13 _
2019/10 3.67 9.35 2.73 4.54 3.18 5.71 _
2019/11 3.55 8.94 2.65 4.27 3.07 4.89 3.50
2019/12 3.94 11.14 2.86 3.91 3.32 5.54 5.50
Burimi: Banka e Shqipërisë. * Normat vjetore përfaqësojnë normat mesatare të ponderuara vjetore, ndërsa normat mujore përfaqësojnë normat mesatare të ponderuara mujore.
Source: Bank of Albania.* Yearly data present the annual weighted average rate, while the
monthly data present the monthly weighted average rate.
Raporti tremujor i politikës monetare, 2020/I
82Banka e Shqipërisë
1-19 normaT e inTeresiT për bonoT e ThesariT sipas afaTiT *në përqindje
maTuriTy breakdown of Treausury bills yields * 1-19
in percentage
Normat e interesit për bonot e thesarit / Maturity breakdown of Treausury bill yields
3 mujor / 3 months 6 mujor / 6 months 12 mujor /12 months
2009/12 6.30 7.52 9.14
2010/12 5.29 6.41 7.09
2011/12 5.31 6.23 6.95
2012/12 5.03 5.65 6.37
2013/12 3.40 3.54 3.66
2014/12 3.15 3.16 3.33
2015/12 _ 2.46 2.40
2016/12 _ 2.00 2.92
2017/01 1.22 2.25 3.20
2017/02 _ 2.01 2.93
2017/03 _ 1.70 2.25
2017/04 _ 1.52 1.79
2017/05 _ 1.54 1.98
2017/06 _ _ 2.04
2017/07 _ 1.54 2.12
2017/08 _ 1.65 2.20
2017/09 _ _ 2.31
2017/10 _ 1.82 2.46
2017/11 _ 2.04 2.54
2017/12 _ _ 2.63
2018/01 1.31 _ 2.71
2018/02 _ 2.04 2.62
2018/03 _ _ 2.51
2018/04 _ 1.84 2.36
2018/05 _ 1.92 2.26
2018/06 _ _ 2.07
2018/07 _ _ 1.82
2018/08 _ 1.36 1.68
2018/09 _ _ 1.67
2018/10 _ 1.34 1.65
2018/11 _ _ 1.54
2018/12 _ _ 1.43
2019/01 _ _ 1.33
2019/02 _ 1.07 1.25
2019/03 _ _ 1.14
2019/04 _ 0.85 1.11
2019/05 _ 0.96 1.29
2019/06 _ _ 1.57
2019/07 _ _ 1.81
2019/08 _ 1.48 2.05
2019/09 _ _ 2.26
2019/10 _ _ 2.07
2019/11 _ _ 1.85
2019/12 _ _ 1.69
Burimi: Banka e Shqipërisë. Source: Bank of Albania.
Raporti tremujor i politikës monetare, 2020/I
83 Banka e Shqipërisë
1-20 sTaTisTika Të sisTemiT Të pagesave paymenT sysTems sTaTisTics 1-20
Volumi i transaksioneve / Volume of transactions Vlera e transaksioneve (në milionë lekë) / Value of transactions (in milions ALL)
AIPS AECH AIPS AECH
1 2 3 4
Totali i periudhës / Total of period
2017 125,641 553,433 8,472,615 97,779
2018 126,038 632,923 9,141,173 108,682
2019 125,766 705,120 10,453,299 121,178
2019/07 11,195 63,470 870,406 11,014
2019/08 10,658 52,992 951,881 9,560
2019/09 9,075 55,325 828,158 9,410
2019/10 11,715 65,333 884,577 11,047
2019/11 8,555 58,079 674,407 9,851
2019/12 10,445 75,657 817,124 12,933
1-21 shpërndarja rajonale e Terminaleve Të bankave aTm & pos *fund periudhe
aTm & pos bank Terminals’ disTribuTion of by regions* 1-21
end of period
Shpërndarja rajonale e ATM / Number of ATM by regions
Total (2+ 3+ 4+ 5+ 6+ 7) Tirana Shkodra Korça Gjirokastra Elbasani Lushnja
1 2 3 4 5 6 7
2017 747 456 75 59 42 32 83
2018 723 390 83 76 46 38 90
2019 707 442 68 57 38 30 72
Shpërndarja rajonale e terminaleve POS / Number of POS terminals by regions
2017 7,294 6,269 320 138 173 137 257
2018 8,726 7,259 373 282 218 278 316
2019 11,195 9,449 459 323 217 377 370
1-22 numri i llogarive Të klienTëve në banka*fund periudhe
number of cusTomers accounTs wiTh banks* 1-22end of period
Llogaritë totale / Total accounts
(2+ 5)
Llogari rezidente / Resident accounts
Llogari jo rezidente / Non
resident accounts (6+7)
Individë / Individu-als (3+4)
Kompani / Com-panies
Individë / Indi-viduals
Kompani / Com-panies
1 2 3 4 5 6 7
2017 3,141,739 3,109,886 2,922,314 187,572 31,853 30,045 1,808
2018 3,115,421 3,081,286 2,892,461 188,825 34,135 32,377 1,758
2019 2,984,912 2,947,647 2,722,451 225,196 37,265 35,557 1,708 Burimi: Banka e Shqipërisë.* Raportimet e bankave sipas “Metodologjisë për raportimin e instrumenteve të pagesave(2008)” e rishikuar në Janar të vitit 2014.* Të dhënat nuk janë audituar nga Banka e Shqipërisë.
Source: Bank of Albania.* Banks reports according to “Methodology for reporting payments instruments (2008) ” revised in January 2014.
* Data are not audited by the Bank of Albania.
Raporti tremujor i politikës monetare, 2020/I
84Banka e Shqipërisë
2 s
ekTo
ri i
jash
Tëm
2-1
bila
nc
i i p
ag
esav
e 1
në
mili
onë
euro
exTe
rna
l se
cTo
r 2
bala
nc
e o
f pa
ymen
Ts 1
2-1
in m
illio
ns e
ur
Lloga
ria k
orre
nte
/ C
urre
nt a
ccou
nt
(2+
5+ 8
+ 11
)
Lloga
ria k
api-
tale
/ C
apita
l ac
coun
t
Mal
lrat /
G
oods
(3
- 4)
Kred
i / C
redi
tD
ebi /
Deb
itSh
ërbi
met
/
Serv
ices
(6-7
)Kr
edi /
Cre
dit
Deb
i / D
ebit
Të a
rdhu
ra p
arës
ore
/ Pr
imar
y in
com
e (9
-10)
Kred
i / C
redi
tD
ebi /
Deb
itTë
ard
hura
dyt
ësor
e /
Seco
ndar
y in
com
e (1
2-13
)Kr
edi /
Cre
dit
Deb
i / D
ebit
1
23
45
67
89
1011
1213
14
2016
-811
.7-2
602.
871
3.7
3316
.579
6.6
2395
.715
99.1
174.
140
8.7
234.
682
0.5
961.
214
0.7
66.2
2017
-866
.0-2
824.
279
7.1
3621
.210
81.8
2856
.217
74.3
28.7
407.
437
8.8
847.
796
1.8
114.
112
2.3
2018
-866
.4-2
871.
198
6.1
3857
.211
11.0
3072
.819
61.8
-13.
939
2.8
406.
690
7.5
1005
.497
.910
4.0
2018
/IV
-372
.2-8
31.2
254.
810
86.0
216.
469
8.0
481.
66.
310
5.0
98.7
236.
426
5.2
28.8
41.6
2019
/I-2
45.2
-694
.420
9.5
904.
029
0.7
675.
738
4.9
-32.
778
.711
1.4
191.
222
0.1
28.9
17.9
2019
/II
-280
.4-7
81.6
242.
210
23.8
262.
781
6.0
553.
4-1
0.0
132.
514
2.5
248.
627
4.2
25.6
12.3
2019
/III
-161
.2-8
24.6
226.
010
50.6
447.
811
19.0
671.
3-3
9.9
108.
714
8.6
255.
628
0.8
25.2
19.7
Lloga
ria fi
nanc
-ia
re /
Fi
nanc
ial
acco
unt (
16+
19+
22- 2
8)
Inve
stim
et d
i-re
kte /
Dire
ct
inve
stmen
t (1
7- 1
8)
Inve
stim
e po
rtofo
li /
Portf
olio
in
vestm
ent
(20-
21)
Inve
stim
e të
tje
ra*/
Oth
er
inve
stmen
t*
(23-
24)
Gab
ime
dhe
harre
sa n
eto
/
Net
erro
rs a
nd
omiss
ions
Mje
te e
reze
rvës
dh
e të
lidh
ura
me
to /
Res
erve
as
sets
and
rela
ted
Item
s (2
7- 2
8)M
jete
/ A
sset
s D
etyr
ime*
* /
Lia
biliti
es**
Mje
te /
Ass
ets
Det
yrim
e /
Lia
biliti
esM
jete
/ A
sset
sD
etyr
ime
/
Liabi
lities
Mje
tet e
re
zerv
ës /
Re
serv
e as
sets
Kred
i dhe
hua
nga
FM
N /
Cre
dit a
nd
loan
s fro
m th
e IM
F
15
1617
1819
2021
2223
2425
2627
28
2016
-664
.2-9
36.5
6.1
942.
522
5.2
206.
5-1
8.8
187.
420
1.5
14.0
128.
9-9
2.8
47.7
140.
4
2017
-111
5.3
-993
.8-9
4.0
899.
9-1
00.0
-99.
40.
649
.023
9.4
190.
4-1
86.3
114.
918
5.4
70.5
2018
-114
2.6
-102
2.2
-2.6
1019
.6-7
6.1
176.
125
2.2
-50.
427
.477
.8-8
.737
7.6
371.
5-6
.1
2018
/IV
-544
.9-2
44.9
19.9
264.
8-2
03.0
56.0
259.
0-1
01.7
-97.
64.
159
.727
8.7
273.
9-4
.8
2019
/I-3
00.3
-287
.21.
628
8.8
-0.2
-9.1
-8.9
-13.
29.
422
.6-1
43.8
-70.
5-7
0.7
-0.3
2019
/II
-309
.6-2
27.5
21.7
249.
2-8
2.4
-96.
0-1
3.6
-4.4
-29.
9-2
5.5
-85.
1-3
8.8
-43.
6-4
.8
2019
/III
-125
.1-2
63.6
8.6
272.
290
.881
.2-9
.642
.8-4
.4-4
7.2
126.
011
4.5
109.
7-4
.8
Burim
i: Ba
nka
e Sh
qipë
risë.
* N
ë ka
tego
rinë
22 p
ërfsh
ihen
edh
e de
rivat
ivat
fina
ncia
rë.
** N
uk p
ërfsh
ihet
zër
i 28
“Kre
di d
he h
ua n
ga F
MN
”1)
Janë
rish
ikua
r të
dhën
at e
viti
t 201
8 dh
e gj
asht
ëmuj
orit
të p
arë
2019
.
Sour
ce: B
ank
of A
lban
ia.
* O
ther
inve
stmen
t (22
) inc
lude
fina
ncia
l der
ivat
ives
.**
Exc
ludi
ng C
redi
t and
Loa
ns fr
om th
e IM
F 28
.1)
Dat
a ar
e re
vise
d fo
r the
yea
r 201
8 an
d th
e fir
st ha
lf ye
ar 2
019.
Raporti tremujor i politikës monetare, 2020/I
85 Banka e Shqipërisë
2-2
kurs
eT e
këm
bim
iT T
ë le
kuT
kun
dre
jT m
on
edh
ave
krye
sore
lekë
për
një
si të
mon
edhë
s së
hua
jex
ch
an
ge
raTe
2-2
all
per
uni
t of f
orei
gn c
urre
ncie
s
Mon
edha
t kry
esor
e /
Mai
n fo
reig
n cu
rrenc
ies
Mes
atar
ja e
per
iudh
ës/
Aver
age
of p
erio
dFu
ndi i
per
iudh
ës /
End
of p
erio
d
Dol
lari
amer
ikan
/
USD
EURO
/ E
UR
Ster
lina
Angl
eze
/ G
BPFr
anga
Zvi
cera
ne
/ C
HF
Jeni
Japo
nez
(per
10
0) /
JPY
Dol
lari
Kana
dez
/ C
ADD
olla
ri am
erik
an
/ U
SDEU
RO /
EU
RSt
erlin
a An
glez
e /
GBP
Fran
ga Z
vice
rane
/
CH
FJe
ni Ja
pone
z (p
er
100)
/ JP
YD
olla
ri Ka
nade
z /
CAD
12
34
56
78
910
1112
2017
119.
1013
4.15
153.
2012
0.91
106.
1891
.74
111.
1013
2.95
149.
9511
3.94
98.7
488
.64
2018
107.
9912
7.59
144.
2111
0.48
97.8
383
.40
107.
8212
3.42
137.
4210
9.60
98.0
079
.22
2019
109.
8512
3.01
140.
2511
0.57
100.
7982
.82
108.
6412
1.77
143.
0011
2.30
100.
0983
.38
2019
/07
108.
6212
1.95
135.
4611
0.03
100.
3982
.94
109.
0712
1.64
132.
7311
0.13
100.
4882
.97
2019
/08
108.
9812
1.26
132.
4011
1.25
102.
5082
.13
110.
5912
2.12
134.
7911
1.88
103.
9583
.16
2019
/09
110.
4412
1.61
136.
3311
1.47
102.
7783
.35
111.
7012
2.11
137.
5311
2.44
103.
5084
.34
2019
/10
111.
4412
3.11
140.
6911
2.17
103.
0984
.48
110.
4412
3.25
143.
0311
1.91
101.
9983
.89
2019
/11
111.
0612
2.80
143.
0811
1.91
102.
0683
.94
111.
3412
2.52
143.
3911
1.56
102.
0383
.93
2019
/12
109.
9412
2.17
144.
0911
1.87
100.
7383
.48
108.
6412
1.77
143.
0011
2.30
100.
0983
.38
Burim
i: Ba
nka
e Sh
qipë
risë.
Sour
ce: B
ank
of A
lban
ia.
2-3
eksp
orT
i sip
as
gru
p m
all
rave
*n
ë m
ilion
ë le
këex
porT
by
co
mm
od
iTy
gro
ups
* 2-
3in
mill
ions
all
Gjit
hsej
/ T
otal
(2+
3+ 4
+ 5+
6+
7+ 8
+ 9+
10)
Ush
qim
, pije
duh
an
/ Fo
od, b
ever
ages
, to
bacc
o
Min
eral
e, lë
ndë
djeg
ëse,
en
er. e
lek.
/ M
iner
als,
fu
els,
ele
ctric
ity
Prod
ukte
kim
ike
dhe
plas
tike
/ C
hem
ical
and
pl
astic
pro
duct
s
Lëku
re d
he a
rtiku
j pre
j lëk
ure
/ Le
athe
r and
oth
er le
athe
r m
anuf
actu
res
Prod
him
e dr
uri d
he le
tre /
W
ood
man
ufac
ture
s an
d ar
ticle
s of
pap
er
Teks
tile d
he
këpu
cë /
Tex
tile
and
foot
wea
r
Mat
eria
le n
dërti
mi d
he
met
ale
/ C
onstr
uctio
n m
ater
ials
and
met
als
Mak
iner
i, pa
jisje
dhe
pje
së
këm
bim
i / M
achi
nerie
s,
equi
pmen
ts an
d sp
are
parts
Të tj
era
/
Oth
ers
12
34
56
78
910
2017
272,
987.
930
,080
.543
,087
.94,
731.
72,
966.
08,
308.
611
7,38
8.7
43,8
02.4
15,0
78.9
7,54
3.3
2018
310,
435.
932
,333
.656
,397
.66,
190.
82,
727.
49,
627.
012
3,74
1.9
53,1
93.9
18,0
02.0
8,22
1.7
2019
298,
790.
135
,374
.350
,273
.97,
653.
52,
444.
19,
592.
011
8,20
1.5
45,3
84.8
20,8
92.1
8,97
3.8
2019
/07
27,7
54.2
3,15
8.0
4,49
8.7
736.
222
7.0
862.
011
,668
.44,
216.
71,
523.
886
3.5
2019
/08
20,0
75.6
2,01
7.0
3,55
0.3
874.
756
.965
1.1
6,47
6.3
2,90
1.0
2,98
9.9
558.
4
2019
/09
24,9
38.4
2,68
6.9
4,86
5.3
683.
520
4.5
808.
19,
902.
63,
481.
51,
613.
269
2.7
2019
/10
27,0
27.4
3,65
5.7
4,81
9.6
653.
621
7.6
916.
210
,345
.63,
963.
91,
567.
588
7.7
2019
/11
24,7
44.5
3,42
2.2
4,16
7.3
629.
422
9.8
896.
19,
654.
33,
314.
11,
682.
174
9.2
2019
/12
21,9
02.4
2,87
6.4
4,69
1.2
480.
516
1.5
737.
97,
892.
83,
262.
91,
125.
667
3.8
Burim
i: IN
STAT
.*
Eksp
orte
t jan
ë në
vle
rën
F.O.B
.So
urce
: IN
STAT
.*
Expo
rts a
re v
alue
d in
F.O
.B.
Raporti tremujor i politikës monetare, 2020/I
86Banka e Shqipërisë
2-4
impo
rTi s
ipa
s g
rup
ma
llra
ve*
në
mili
onë
lekë
impo
rT b
y c
om
mo
diT
y g
rou
ps*
2-4
in m
illio
ns a
ll
Gjit
hsej
/ T
otal
(2+
3+ 4
+ 5+
6+
7+
8+ 9
+ 10
)U
shqi
m, p
ije d
uhan
/
Food
, bev
erag
es,
toba
cco
Min
eral
e, lë
ndë
djeg
ëse,
ene
r. el
ek./
M
iner
als,
fuel
s,
elec
trici
ty
Prod
ukte
kim
ike
dhe
plas
tike
/ C
hem
ical
an
d pl
astic
pro
duct
s
Lëku
re d
he a
rtiku
j pre
j lëk
ure
/ Le
athe
r and
oth
er le
athe
r m
anuf
actu
res
Prod
him
e dr
uri d
he le
tre /
W
ood
man
ufac
ture
s an
d ar
ticle
s of
pap
er
Teks
tile d
he
këpu
cë /
Tex
tile
and
foot
wea
r
Mat
eria
le n
dërti
mi d
he
met
ale
/ C
onstr
uctio
n m
ater
ials
and
met
als
Mak
iner
i, pa
jisje
dhe
pje
së
këm
bim
i / M
achi
nerie
s,
equi
pmen
ts an
d sp
are
parts
Të tj
era
/
Oth
ers
12
34
56
78
910
2017
626,
185.
810
6,73
7.8
65,9
62.6
86,8
87.2
18,9
82.9
23,6
91.6
87,1
22.9
76,6
24.2
134,
060.
126
,116
.6
2018
641,
465.
510
6,50
7.7
68,3
84.8
87,7
48.2
18,8
95.9
25,1
56.2
88,2
22.4
78,3
96.3
142,
335.
325
,818
.7
2019
649,
097.
711
0,36
5.0
77,2
35.0
88,7
29.4
17,3
27.2
25,8
17.2
87,1
99.9
78,4
39.1
138,
751.
825
,233
.2
2019
/07
59,7
58.3
10,3
05.6
6,68
3.9
8,23
2.7
1,43
0.2
2,54
8.4
7,98
8.7
7,85
4.9
12,4
97.9
2,21
6.1
2019
/08
51,6
85.0
10,5
04.2
6,77
9.1
7,29
0.7
773.
22,
316.
75,
018.
36,
374.
310
,662
.41,
966.
3
2019
/09
52,1
85.2
9,28
0.2
5,51
4.8
7,59
3.7
1,35
1.6
2,24
2.6
7,51
1.7
6,27
0.4
10,5
62.4
1,85
7.8
2019
/10
59,3
08.3
9,35
5.7
6,79
0.2
8,40
1.5
1,59
9.1
2,23
5.5
7,97
0.4
6,57
9.5
13,6
70.8
2,70
5.7
2019
/11
52,9
64.6
8,34
0.0
5,93
9.9
7,11
4.8
1,47
6.9
2,48
1.8
7,90
5.7
5,60
2.1
11,8
38.1
2,26
5.4
2019
/12
55,5
22.6
10,2
65.2
6,12
6.7
7,79
2.6
1,24
8.6
1,89
0.7
6,90
1.3
5,46
4.3
13,2
97.7
2,53
5.4
Burim
i: IN
STAT
.*
Impo
rtet j
anë
në v
lerë
n C
.I.F.
Sour
ce: I
NST
AT.
* Im
ports
are
val
ued
in C
.I.F.
2-5
borx
hi i
jash
Tëm
bru
Ton
ë m
ilion
ë eu
rog
ross
exT
ern
al
deb
T 2-
5in
mill
ions
eur
Borx
hi i
jash
tëm
br
uto
/ G
ross
ex
tern
al d
ebt
(2+
5+ 8
+ 11
+ 14
)
Qev
eria
e
përg
jiths
hme
/ G
ener
al
Gov
ernm
ent
(3+
4)
Ba
nka
Qën
dror
e /
C
entra
l Ban
k (6
+ 7)
Ko
rpor
ata
Dep
ozitu
ese,
me
përja
shtim
të B
ankë
s Q
ëndr
ore
/ D
epos
it-tak
ing
corp
orat
ions
, ex
cept
Cen
tral B
ank
(9+
10)
Se
ktorë
të tj
erë
/ O
ther
sec
-to
rs (1
2+13
)
In
vesti
mi D
irekt:
Hua
të
Ndë
rkom
pani
/
Dire
ct In
vestm
ent:
Inte
rcom
pany
Lend
ing
Afat
shku
rtër /
Sh
ort-te
rmAf
atgj
atë
/
Long
-term
Afat
shku
rtër /
Sh
ort-te
rmAf
atgj
atë
/
Long
-term
Afat
shku
rtër /
Sh
ort-te
rmAf
atgj
atë
/
Long
-term
Afat
shku
rtër /
Sh
ort-te
rmAf
atgj
atë
/
Long
-term
12
34
56
78
910
1112
1314
2016
7,88
1.5
3,40
1.0
_3,
401.
063
.3_
63.3
1,34
9.9
1,22
0.3
129.
61,
276.
934
0.5
936.
41,
790.
5
2017
*7,
949.
43,
529.
1_
3,52
9.1
56.8
_56
.81,
386.
21,
230.
515
5.7
1,24
1.2
350.
489
0.8
1,73
6.2
2018
8,35
3.2
3,82
9.0
_3,
829.
056
.8_
56.8
1,42
7.0
1,29
2.1
134.
81,
345.
937
1.2
974.
71,
694.
5
2018
/IV
8,35
3.2
3,82
9.0
_3,
829.
056
.8_
56.8
1,42
7.0
1,29
2.1
134.
81,
345.
937
1.2
974.
71,
694.
5
2019
/I8,
416.
13,
860.
8_
3,86
0.8
57.6
_57
.61,
429.
11,
287.
614
1.6
1,34
3.5
386.
195
7.4
1,72
5.1
2019
/II
8,33
5.6
3,79
4.2
_3,
794.
256
.8_
56.8
1,42
3.9
1,27
0.6
153.
41,
355.
338
7.6
967.
71,
705.
3
2019
/III
8,32
8.5
3,80
3.1
_3,
803.
158
.1_
58.1
1,42
6.6
1,25
7.7
168.
91,
343.
037
4.0
969.
01,
697.
8
Burim
i: Ba
nka
e Sh
qipë
risë.
Për d
etaj
e re
fero
huni
tek
“Shp
jegu
es p
ër n
drys
him
et n
ë sta
tistik
at e
sek
torit
të ja
shtë
m s
ipas
BPM
6 (Q
ersh
or 2
014)
”.*
Janë
rish
ikua
r të
dhën
at p
ër v
itin
2017
.
Sour
ce: B
ank
of A
lban
ia.
For d
etai
ls re
fer t
o: “
Com
men
tary
for c
hang
es in
the
publ
icat
ion
of e
xter
nal s
ecto
r sta
tistic
s ac
cord
ing
to B
PM6
(June
201
4)”
* D
ata
are
revi
sed
for t
he y
ear 2
017.
Raporti tremujor i politikës monetare, 2020/I
87 Banka e Shqipërisë
3 se
kTo
ri f
iska
l3-
1 Tr
egu
esiT
fis
kalë
sip
as
buxh
eTiT
Të
kon
solid
ua
rn
ë m
ilion
ë le
kë, f
und
periu
dhe,
të d
hëna
pro
gres
ive
fisc
al
sec
Tor
3fi
sca
l in
dic
aTo
rs r
ega
rdin
g c
on
solid
aTed
bu
dg
eT 3
-1in
mill
ions
all
, end
of p
erio
d, p
rogr
essi
ve d
ata
Tot
ali i
të
ardh
urav
e /
To
tal r
even
ue (2
+ 3+
4)
To
tali
i shp
en-
zim
eve
/ To
tal
expe
nditu
re (6
+ 7+
8)
D
efic
iti /
Cas
h ba
lanc
e
Fina
ncim
i i d
efic
itit /
Def
icit
finan
cing
Të
ardh
ura
nga
ndih
mat
/ G
rant
sTë
ard
hura
tatim
ore
/ Ta
x re
venu
eTë
ard
hura
jo
tatim
ore
/ N
on ta
x re
venu
eSh
penz
imet
kor
ente
/
Cur
rent
exp
endi
ture
sSh
penz
ime
kapi
tale
/
Cap
ital e
xpen
ditu
res
Shpe
nzim
e të
tjer
a /
O
ther
exp
endi
ture
Fi
nanc
imi i
bre
ndsh
ëm
/ D
omes
tic fi
nanc
ing
Fina
ncim
i i h
uaj /
Fo
reig
n fin
anci
ng
12
34
56
78
910
11
2017
430,
492
11,0
8539
8,62
920
,778
461,
410
382,
287
68,4
5610
,667
-30,
919
1,80
529
,113
2018
449,
909
8,16
441
9,33
322
,412
476,
147
397,
345
78,4
3436
8-2
6,23
8-6
,866
33,1
04
2019
460,
349
8,81
142
6,27
125
,267
491,
897
416,
852
74,9
9353
.1-3
1,54
940
,932
-9,3
83
2019
/07
265,
797
2,55
024
9,80
313
,444
271,
975
237,
554
34,3
8437
.17
-6,1
7815
,124
-8,9
47
2019
/08
305,
929
2,75
428
8,46
114
,714
309,
504
271,
251
38,2
0053
.09
-3,5
7513
,045
-9,4
69
2019
/09
343,
859
3,29
332
3,39
717
,169
347,
181
304,
451
42,6
7753
.09
-3,3
2213
,026
-9,7
04
2019
/10
383,
404
3,57
436
1,02
018
,810
390,
037
341,
860
48,1
2453
.09
-6,6
3317
,863
-11,
229
2019
/11
421,
129
5,03
739
4,40
921
,682
432,
251
376,
214
55,9
8453
.09
-11,
122
20,9
92-9
,870
2019
/12
460,
349
8,81
142
6,27
125
,267
491,
897
416,
852
74,9
9353
.09
-31,
549
40,9
32-9
,383
Burim
i: M
inist
ria e
Fin
anca
ve d
he E
kono
misë
.Ja
nar -
Dhj
etor
201
9, T
ë dh
ëna
para
prak
e.So
urce
: Min
istry
of F
inan
ce a
nd E
cono
my.
Janu
ary
- Dec
embe
r 201
9, P
relim
inar
y da
ta.
3-2
sTo
ku i
borx
hiT
Të
bren
dsh
ëm s
ipa
s in
sTru
men
Teve
*n
ë m
ilion
ë le
kë, f
und
periu
dhe,
të d
hëna
pro
gres
ive
do
mes
Tic
deb
T sT
oc
k by
insT
rum
enTs
* 3-
2in
mill
ions
all
, end
of p
erio
d, p
rogr
essi
ve d
ata
St
oku
i bor
xhit
të b
rend
shëm
/ D
omes
tic
debt
sto
ck (2
+9)
Borx
hi i
Qev
erisë
Qën
dror
e Bu
xhet
ore
/
Budg
etar
y C
entra
l Gov
ernm
ent D
ebt (
3+ 4
+ 5+
6+
7+ 8
)
Borx
hi i
gara
ntua
r / P
ublic
ly
guar
ante
ed d
ebt
Bono
The
sari
/
Trea
sury
bills
Obl
igac
ione
dy
vjeç
are
/ 2
year
s N
ote
Obl
igac
ione
tre
vjeç
are
/ 3
year
s N
ote
Obl
igac
ione
pes
ë vj
eçar
e /
5 ye
ars
Not
e
Obl
igac
ione
sh
tatë
vje
çare
/ 7
ye
ars
Not
e
Obl
igac
ione
dh
jetë
vje
çare
/
10 y
ears
Not
eG
aran
ci T
reg.
Bren
d. /
Dom
es-
tic G
uara
ntee
s
12
34
56
78
9
2016
561,
120
530,
834
209,
409
83,6
7428
,920
98,4
2863
,232
47,1
7330
,286
2017
577,
056
546,
939
195,
047
95,4
7424
,673
103,
120
71,6
6956
,956
30,1
17
2018
580,
310
565,
093
194,
545
100,
751
18,6
7910
1,26
681
,788
68,0
6415
,218
2018
/IV
580,
310
565,
093
194,
545
100,
751
18,6
7910
1,26
681
,788
68,0
6415
,218
2019
/I57
7,55
956
2,26
719
2,35
390
,897
17,2
7910
4,88
784
,788
72,0
6415
,292
2019
/II
584,
963
569,
775
194,
097
87,1
9623
,279
105,
386
85,2
8874
,530
15,1
88
2019
/III
589,
870
574,
703
195,
643
86,7
8122
,000
106,
944
85,8
0677
,530
15,1
67
Burim
i: M
inist
ria e
Fin
anca
ve d
he E
kono
misë
.*
Nuk
për
fshih
et ri
vlerë
simi i
val
utës
dhe
gar
anci
të e
bre
ndsh
me.
Bor
xhi i
bre
ndsh
ëm i
Qev
erisë
Qën
dror
e Bu
xhet
ore
përfs
hin
vetë
m le
tra m
e vle
rë të
bor
xhit
dhe
nuk
ka k
redi
të m
arra
në
tregu
n e
bren
dshë
m.
Bor
xhi i
bre
ndsh
ëm i
gara
ntua
r ësh
të a
fatsh
kurtë
r.
Sour
ce: M
inist
ry o
f Fin
ance
and
Eco
nom
y.*
Fore
ign
Exch
ange
Res
erve
Eva
luat
ion
and
dom
estic
gua
rant
ies
are
not i
nclu
ded.
Budg
etar
y C
entra
l Gov
ernm
ent D
omes
tic d
ebt s
tate
d in
this
tabl
e co
mpr
ises
only
of d
ebt s
ecur
ities
an
d th
ere
are
no lo
an in
strum
ents
dom
estic
ally
con
tract
ed.
Dom
estic
gua
rant
eed
debt
is s
hort
term
.
Raporti tremujor i politikës monetare, 2020/I
88Banka e Shqipërisë
4 se
kTo
ri r
eal
4-1
pro
dh
imi i
bre
nd
shëm
bru
To s
ipa
s kl
asi
fiki
miT
Të
akT
iviT
eTiT
eko
no
mik
, (m
eTo
da
e p
rod
him
iT n
ve r
ev 2
)20
15 –
201
7, m
e çm
ime
korr
ente
, në
mili
onë
lekë
rea
l se
cTo
r 4
gro
ss d
om
esTi
c p
rod
uc
T by
ec
on
om
ic a
cTi
viTi
es,
(pro
du
cTi
on
m
eTh
od
na
ce
rev
2) 4
-120
15 -
2017
at c
urre
nt p
rices
, in
mill
ions
all
Kodi
NVE
Rev
.2Ak
tivite
ti ek
onom
ik
Ec
onom
ic a
ctiv
ities
Cod
eN
ace
Rev.
220
1520
1620
17*
A101
-03
Bujq
ësia
, pyj
et d
he p
eshk
imi
283
,709
2
92,2
87
294
,966
Ag
ricul
ture
, for
estry
and
fish
ing
A205
-09
Indu
stria
nxj
errë
se 4
6,71
4 3
6,06
2 3
7,17
3 M
inin
g an
d qu
arry
ing
A310
-33
Indu
stria
për
punu
ese
81,
347
83,
702
95,
290
Man
ufac
turin
g
A435
Ener
gjia
ele
ktrik
e, g
azi,
avul
li dh
e fu
rniz
imi m
e aj
ër të
kon
dici
onua
r 4
6,11
9 5
0,53
6 2
9,86
9 El
ectri
city
, gas
, ste
am a
nd a
ir co
nditi
onin
g su
pply
A536
-39
Furn
izim
i me
ujë,
akti
vite
tet e
traj
timit
dhe
men
axhi
mit
të m
betu
rinav
e, m
betje
ve 1
0,21
6 9
,922
1
1,49
5 W
ater
sup
ply;
sew
erag
e, w
aste
man
agem
ent a
nd re
med
iatio
n ac
tiviti
es
A641
-43
Ndë
rtim
i 1
27,7
62
131
,089
1
42,2
48
Con
struc
tion
A745
-47
Treg
tia m
e sh
umic
ë dh
e m
e pa
kicë
; rip
arim
i i a
utom
jete
ve d
he m
otor
cikle
tave
154
,110
1
59,7
47
166
,553
W
hole
sale
and
reta
il tra
de; r
epai
r of m
otor
veh
icle
s an
d m
otor
cycl
es
A849
-53
Tran
spor
ti dh
e m
agaz
inim
i 4
3,77
1 4
5,16
7 4
9,54
1 Tr
ansp
orta
tion
and
stora
ge
A955
-56
Akom
odim
i dhe
shë
rbim
i ush
qim
or 2
6,19
8 2
9,52
4 3
3,73
9 Ac
com
mod
atio
n an
d fo
od s
ervi
ce a
ctiv
ities
A10
58-6
3In
form
acio
ni d
he k
omun
ikac
ioni
4
2,64
4 4
5,33
6 4
7,83
8 In
form
atio
n an
d co
mm
unic
atio
n
A11
64-6
6Ak
tivite
te fi
nanc
iare
dhe
të s
igur
imit
38,
975
35,
776
38,
745
Fina
ncia
l and
insu
ranc
e ac
tiviti
es
A12
68Ak
tivite
te të
pas
uriv
e të
pal
uajts
hme
85,
615
85,
838
87,
275
Real
esta
te a
ctiv
ities
A13
69-7
5Ak
tivite
te p
rofe
siona
le, s
hken
core
dhe
tekn
ike
38,
883
39,
065
45,
587
Prof
essio
nal,
scie
ntifi
c an
d te
chni
cal a
ctiv
ities
A14
77-8
2Sh
ërbi
me
adm
inist
rativ
e dh
e m
bësh
tetë
se
40,
687
46,
533
51,
801
Adm
inist
rativ
e an
d su
ppor
t ser
vice
act
iviti
es
A15
84Ad
min
istrim
pub
lik d
he m
broj
tja; s
igur
imi s
ocia
l i d
etyr
uesh
ëm 5
9,26
9 6
1,93
6 6
9,82
3 Pu
blic
adm
inist
ratio
n an
d de
fenc
e; c
ompu
lsory
soc
ial s
ecur
ity
A16
85Ar
simim
i 6
1,10
1 5
9,23
0 6
6,05
3 Ed
ucat
ion
A17
86-8
8Sh
ënde
tësia
dhe
akti
vite
te të
pun
ës s
ocia
le 3
8,31
6 4
0,41
0 4
5,81
6 H
uman
hea
lth a
nd s
ocia
l wor
k ac
tiviti
es
A18
90-9
3Ar
te, a
rgët
im d
he ç
lodh
je 1
6,55
5 1
6,69
6 1
6,69
4 Ar
ts, e
nter
tain
men
t and
recr
eatio
n
A19
94-9
8Ak
tivite
te të
tjer
a sh
ërbi
mi;
17,
737
22,
348
24,
621
Oth
er s
ervi
ce a
ctiv
ities
Vler
a e
Shtu
ar B
ruto
me
çmim
e ba
zë1,
259,
726
1,29
1,20
31,
355,
126
GVA
at b
asic
pric
es
Taks
a ne
to m
bi p
rodu
ktet
174
,580
1
81,2
76
196
,155
N
et ta
xes
on p
rodu
cts
PBB
ME
ÇM
IMET
E T
REG
UT
1,43
4,30
71,
472,
479
1,55
1,28
1G
DP
at m
arke
t pric
es
Burim
i: IN
STAT
. *
2017
Gjy
sëm
-fina
le.
Sour
ce: I
NST
AT.
* 20
17 S
emifi
nal d
ata.
Raporti tremujor i politikës monetare, 2020/I
89 Banka e Shqipërisë
4-2
ind
eksi
i ç
mim
eve
Të p
rod
him
iT d
he
ind
eksi
i ku
shTi
miT
në
nd
ërTi
m (p
ër
ban
esa
)in
deks
pro
du
cer
pri
ce
ind
ex a
nd
co
nsT
ruc
Tio
n c
osT
ind
ex 4
-2 (f
or
dw
ellin
gs)
inde
x
IÇP
Inde
ksi T
otal
(NVE
Rev
.2),
2010
=10
0 (%
)/ P
PI T
otal
In
dex
(NAC
E Re
v.2)
, 201
0 =
100
(%)
Inde
kset
e ç
mim
eve
të p
rodh
imit/
Pro
duce
r pric
e in
dex
Inde
ksi i
kus
htim
it në
ndë
rtim
(për
ban
esa)
/ C
onstr
uctio
n co
st in
dex
(for
dwel
lings
)
Indu
stria
nxj
errë
se
/ M
inin
g an
d qu
arry
ing
Indu
stria
për
punu
ese
/ M
anuf
actu
ring
Ener
gjia
ele
ktrik
e, g
az, a
vull
dhe
ajër
i ko
ndic
ionu
ar /
El
ectri
city
,gas
, ste
am a
nd a
ir co
nditi
onin
g
Furn
izim
i me
ujë,
akti
vite
te të
traj
timit
dhe
men
axhi
mit
të m
betu
rinav
e, m
betje
ve /
W
ater
sup
ply,
trea
tmen
t act
iviti
es a
nd
was
te m
anag
emen
t
Inde
ksi i
kus
htim
it në
ndë
rtim
(për
ba
nesa
) T1
/ 20
11=1
00 (%
) /
Con
struc
tion
cost
inde
x (fo
r dw
ellin
gs)
Q I
/ 20
11=1
00 (%
)
Ndr
yshi
met
vje
tore
të in
deks
it të
ku
shtim
it në
ndë
rtim
(për
ban
esa)
/
Annu
al c
hang
es o
f the
con
struc
tion
cost
inde
x (fo
r dw
ellin
gs)
12
34
56
7
2016
*99
.390
.510
3.9
99.0
99.1
102.
30.
03
2017
*10
1.9
103.
610
5.8
99.0
99.5
103.
00.
70
2018
*10
3.6
115.
410
4.7
100.
310
1.7
103.
70.
60
2018
/IV
103.
311
3.0
104.
510
0.7
101.
810
4.2
0.99
2019
/I10
3.1
111.
010
4.6
100.
210
2.2
103.
80.
41
2019
/II
103.
211
6.9
103.
510
0.3
102.
410
3.8
0.34
2019
/III
102.
411
0.0
103.
310
0.4
102.
210
3.7
0.11
Burim
i: IN
STAT
. *
Mes
atar
e vj
etor
e.
Sour
ce: I
NST
AT.
* A
nnua
l ave
rge.
Raporti tremujor i politikës monetare, 2020/I
90Banka e Shqipërisë
4-3
ind
eksi
i ç
mim
eve
Të k
on
sum
iTc
on
sum
er p
ric
e in
dex
4-3
IÇK
Tota
li dh
jeto
r 20
15=1
00
/ C
PI T
otal
D
ecem
ber
2015
=100
Ush
qim
e dh
e pi
je
jo-a
lkool
ike
/ Fo
od
and
non-
alco
holic
be
vera
ges
Pije
alko
olik
e dh
e du
han
/ Al
coho
lic
beve
rage
s an
d to
bacc
o
Vesh
je d
he
këpu
cë /
C
loth
ing
and
foot
wea
r
Qira
, ujë
lënd
ë dj
egës
e dh
e en
ergj
i /
Rent
, wat
er, f
uel
and
pow
er
Mob
ilje,
paj
isje
shtë
pie
dhe
mirë
mba
jtje
e sh
tëpi
së
/ Fu
rnitu
re h
ouse
hold
and
m
aint
enan
ce
Shën
deti
/ M
edic
al
care
Tran
spor
ti /
Tran
spor
tKo
mun
ikim
i /
Com
mu-
nica
tion
Argë
tim d
he k
ultu
rë
/ Re
crea
tion
and
cultu
re
Shër
bim
i ar
simor
/
Educ
atio
n se
rvic
e
Hot
ele,
kaf
ene
dhe
resto
rant
e /
Hot
els,
co
ffee-
hous
e an
d re
staur
ants
Mal
lra d
he s
hërb
ime
të n
drys
hme
/
Goo
ds a
nd v
ario
us
serv
ices
12
34
56
78
910
1112
13
2017
*10
3.33
107.
3110
1.63
97.9
810
1.62
99.8
110
0.15
100.
0410
0.46
102.
4010
0.86
100.
1610
3.37
2018
*10
5.43
110.
1810
3.45
99.4
010
4.47
99.7
999
.92
102.
4710
1.14
105.
1210
1.52
101.
0910
3.62
2019
*10
6.91
113.
4010
4.75
99.3
810
5.20
100.
7299
.67
102.
2410
1.26
106.
2210
2.14
102.
2310
3.74
2019
/07
106.
1211
1.29
104.
7298
.77
105.
0210
0.43
99.4
910
2.86
101.
2710
6.37
102.
0810
2.31
103.
63
2019
/08
106.
4911
1.77
104.
9398
.53
105.
0810
0.80
99.4
910
4.52
101.
2610
7.93
102.
0910
2.32
103.
68
2019
/09
106.
5911
2.19
104.
9099
.07
105.
1310
0.94
99.6
310
2.93
101.
2410
8.36
102.
2510
2.38
103.
73
2019
/10
106.
3711
1.65
104.
8499
.43
105.
1910
0.97
99.5
010
2.21
101.
2310
8.01
102.
2510
2.39
103.
83
2019
/11
106.
2111
1.23
104.
8699
.56
105.
2310
1.17
99.4
110
2.11
101.
2410
7.12
102.
2610
2.47
103.
77
2019
/12
107.
1011
3.44
104.
6499
.70
105.
4210
1.42
99.3
610
2.76
101.
2110
7.33
102.
2610
2.47
103.
89
N
drys
him
et v
jeto
re të
inde
ksit
të ç
mim
eve
të k
onsu
mit
sipas
gru
peve
kry
esor
e (në
%) /
Yea
r on
year
con
sum
er p
rice
inde
x, m
ain
grou
ps (i
n %
)
Infla
cion
i m
esat
ar
vjet
or**
/ An
-nu
al a
vera
ge
infla
tion *
*
IÇK
Tota
li /
C
PI to
tal
Ush
qim
e dh
e pi
je jo
-alko
olik
e /
Food
and
no
n-al
coho
lic
beve
rage
s
Pije
alko
olik
e dh
e du
han
/ Al
coho
lic
beve
rage
s an
d to
bacc
o
Vesh
je d
he
këpu
cë /
C
loth
ing
and
foot
wea
r
Qira
, ujë
lënd
ë dj
egës
e dh
e en
ergj
i / R
ent,
wat
er, f
uel a
nd
pow
er
Mob
ilim
, paj
isje
shtë
pie
dhe
mirë
m-
bajtj
e e
shtë
pisë
/
Furn
iture
hou
seho
ld
and
mai
nten
ance
Shën
deti
/
Med
ical
car
eTr
ansp
orti
/
Tran
spor
tKo
mun
ikim
i /
Com
mun
i-ca
tion
Argë
tim d
he
kultu
rë /
Re
crea
tion
and
cultu
re
Shër
bim
i ar
simor
/
Educ
atio
n se
rvic
e
Hot
ele,
kaf
ene
dhe
resto
rant
e /
Hot
els,
cof
-fe
e-ho
use
and
resta
uran
ts
Mal
lra d
he
shër
bim
e të
nd
rysh
me
/
Goo
ds a
nd
vario
us s
ervi
ces
12
34
56
78
910
1112
1314
2017
1.80
2.83
0.51
0.59
2.15
0.01
0.09
2.05
0.23
-0.0
80.
630.
510.
221.
99
2018
1.80
2.85
2.55
-1.5
62.
16-0
.01
-0.5
21.
350.
462.
660.
731.
240.
132.
03
2019
1.15
2.58
0.21
-0.2
20.
121.
23-0
.40
0.15
-0.0
92.
250.
180.
640.
241.
41
2019
/07
1.46
2.81
1.28
0.24
0.77
1.26
-0.1
1-0
.10
0.15
1.10
0.74
1.14
0.06
1.68
2019
/08
1.45
2.40
1.49
0.18
0.78
1.47
-0.1
21.
220.
132.
150.
751.
090.
081.
61
2019
/09
1.31
2.47
1.51
0.18
0.74
1.49
0.02
-0.5
70.
090.
520.
851.
230.
171.
55
2019
/10
1.27
3.00
1.42
-0.1
50.
151.
35-0
.12
-2.0
10.
091.
220.
221.
230.
301.
50
2019
/11
1.37
3.19
1.11
-0.2
50.
081.
510.
01-1
.62
0.01
2.14
0.18
1.27
0.24
1.47
2019
/12
1.15
2.58
0.21
-0.2
20.
121.
23-0
.40
0.15
-0.0
92.
250.
180.
640.
241.
41
Burim
i: IN
STAT
. *
Inde
kse
mes
atar
e të
çm
imev
e të
kon
sum
it .
** M
esat
are
aritm
etik
e e
thje
shtë
e in
flaci
onev
e vj
etor
e të
dym
bëdh
jetë
mua
jve
të fu
ndit
(llog
aritj
e e
B.Sh
).
Sour
ce: I
NST
AT.
*Ave
rage
CPI
by
mai
n gr
oups
. **
Sim
ple
arith
met
ic a
vera
ge o
f ann
ual i
nfla
tion
of la
test
twel
ve m
onth
s (c
alcu
latio
n of
BoA
).
Raporti tremujor i politikës monetare, 2020/I
91 Banka e Shqipërisë
4-4
pun
ësim
i, pa
pun
ësia
dh
e pa
gaT
në
mijë
, ose
në
rast
të k
undë
rt, s
ikur
se p
ërca
ktoh
etem
plo
ymen
T, u
nem
plo
ymen
T a
nd
wa
ges
4-4
in th
ousa
nds,
unl
ess
othe
rwis
e in
dica
ted
Të p
unës
uar s
ipas
sek
torë
ve /
Em
ploy
ed b
y se
ctor
sPu
nëkë
rkue
s të
pap
unë
të re
gjist
ruar
/
Re
giste
red
jobs
eeke
rs
Paga
t (në
Lekë
) / W
ages
(in
ALL)
Në
sekto
rin s
htet
ëror
/
In p
ublic
sec
tor
Në
sekto
rin p
rivat
jo-b
ujqë
sor /
In
non
agr
icul
tura
l priv
ate
sect
orN
ë se
ktorin
priv
at b
ujqë
sor /
In
agr
icul
tura
l priv
ate
sect
orPa
ga m
esat
are
muj
ore
në s
ekto
rin s
htet
ëror
/
Aver
age
mon
thly
wag
e in
pub
lic s
ecto
r Pa
ga m
inim
ale
e m
iratu
ar**
/
Appr
oved
min
imum
mon
thly
wag
e **
12
34
56
2016
*16
541
246
612
054
,488
22,0
00
2017
*16
447
545
790
59,8
1324
,000
2018
*17
050
846
075
61,0
2324
,000
2018
/IV
173
509
453
6463
,276
24,0
00
2019
/I17
250
345
370
61,3
8426
,000
2019
/II
171
510
463
7263
,207
26,0
00
2019
/III
174
526
463
7063
,911
26,0
00Bu
rimi:
INST
AT.
* M
esat
are
vjet
ore
përv
eç p
agës
min
imal
e (6
).**
Të
dhën
a ad
min
istra
tive.
Sour
ce: I
NST
AT.
* A
nnua
l ave
rage
exc
ept a
ppro
ved
min
imum
mon
thly
wag
e (6
).**
Adm
inist
rativ
e da
ta.
Raporti tremujor i politikës monetare, 2020/I
92Banka e Shqipërisë