November 7, 2018 / 4:33 PM / in 7 days

Albanian central bank postpones rate-setting meeting

Nov 7 (Reuters) - The Albanian central bank rate-setting meeting slated for Wednesday was postponed because the terms of six of its nine board members have expired and the meeting will take place once replacements have been voted in by parliament.

The government of Socialist Prime Minister Edi Rama and parliament, also dominated by his Socialist lawmakers, need to approve three candidates each to the central bank board. Four dozen people have applied and are being reviewed.

The postponement of the meeting does not impair the normal functioning of the Bank of Albania, the central bank told Reuters.

The bank has brought down its benchmark rate from 6.25 percent at the end of 2008 to a record low of 1 percent to spur lending and growth and achieve its 3 percent inflation target.

Governor Gent Sejko told banks after the board’s last meeting in early October that there would be no change in the rate before next April and that further monetary stimulus would be needed to guarantee stable growth in the medium term.

He clarified the intensity of the stimulus would diminish in line with the growth performance and the speed with which inflation returns to target. (Reporting by Benet Koleka Editing by David Goodman)

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