Albanian central bank keeps key rate on hold at 4.25%.

By bne IntelliNews June 28, 2012
The supervisory board of Albanias central bank decided on June 27 to keep the base interest rate unchanged for a third consecutive month at its historic low of 4.25%, the bank said in a statement. The decision is in line with the objectives for balanced inflationary pressures and meeting the mid-term inflation target, while providing necessary monetary stimulus to support domestic demand. Albanias consumer prices grew 1.9% y/y on average in January to May 2012, slowing down from the 4.1% y/y increase recorded a year earlier. Low inflationary pressures have been determined by a negative output gap. Foreign demand has seen only a moderate growth, while domestic demand remains weak due to low private investments and a lack of fiscal stimulus. The central bank decided in April to lower its annual inflation target for 2012, projecting a 0.7%-2.8% fluctuation band. The banks previous target was set at 3% with a 1% fluctuation band on either side.
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