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Lek inflation and resistance
Written by Fatos Çoçoli 24 Mars 2022
Among the few efficient economic policies implemented in the last seven years in our country is undoubtedly the monetary one (lek), implemented by the Bank of Albania and accepted by both the local public and international financial institutions, in the first place. , International Monetary Fund. World theory and practice suggest that price stability is the greatest contribution a central bank can make to supporting the country's long-term economic growth. During the last seven years, this contribution has been given significantly and convincingly by our central bank, the Bank of Albania. This was confirmed by the two very difficult years of the 2020-2021 pandemic and the estimates of the monitoring reports of the International Monetary Fund, the World Bank and the European Bank for Reconstruction and Development. More concret, By guaranteeing price stability, the Bank of Albania provides a direct added value in maintaining the country's macroeconomic balances, reducing risk premiums, sustainable economic growth and long-term improvement of citizens' well-being. Therefore, the main objective of the monetary policy of our central bank is to achieve and maintain price stability. However, maintaining the exchange rate of the national currency, the lek, is perhaps one of the most reassuring achievements of the Bank of Albania, especially in these turbulent times of war in Europe and the galloping rise in prices of fuel, food and electricity everywhere in world. Our central bank, with its prudent policy and maintaining the stability of the lek exchange rate, although it is not its first legal task, it provides assurance that our financial situation as a country and the economy will not deteriorate in the future, despite the very strong onslaught of rising base prices. All actors in the foreign exchange market, but also exporters and many entrepreneurs of the basic sectors of the economy, have their eyes on our central bank and are confident that the Bank of Albania does not allow the national currency to depreciate and weaken significantly. Recent market interventions, when the euro, after the outbreak of war in Ukraine, rose sharply against the lek (February 25-March 8), showed that the exchange value of our currency is in safe hands. On the other hand, the stability of the lek exchange rate has been strongly helped by the substantial inflows of remittances, remittances, even during these two very difficult months of war in Europe and the galloping rise in prices. The Bank of Albania actively monitors the exchange rate and takes it into account in drafting the monetary program. The range of monetary policy instruments available to the authorities has expanded in recent years, leading to greater stability and predictability for the link between changes in money supply and changes in price levels. Also, the introduction of indirect monetary policy instruments seems to have contributed to the effectiveness of the monetary policy exchange rate transmission mechanism in our real economy. The consistent inflation target of 3 percent per year has worked quite well so far. The effects of rising prices due to the war in Ukraine are temporary and will calm down with the achievement of a possible ceasefire between aggressive Russia and Ukraine. The active monetary policy of our central bank, trying to positively affect production and employment, has left its mark on a good stability and resistance of the lek against strong currencies. Although under increasing international price pressure, the Bank of Albania has continued to play a stabilizing role in the economy, through prudent monetary policies, best verified during the two difficult years 2020-2021 of the pandemic, but also the administration of careful exchange rate of the lek, intervening from time to time, to ease shocks to the exchange rate of the national currency.