Bi-Weekly Report 30 June – 13 July 2020


In view of limited room for rate cuts, monetary authorities shift into more unorthodox policies to counteract the recessionary trend and finance the budget deficit



IMF concludes Remote Staff Visit to Albania, recommending post-crisis policy response

Despite weaker external demand due to the COVID-19 shock, the 4-quarter rolling current account deficit stabilized at 7.5% of GDP in Q1:20, reflecting normalization in electricity generation

The current account deficit is set to widen to a 6-year high of 10.0% of GDP in FY:20, driven by the sharp drop in tourism receipts



Underlying pressures on the EGP deter the CBE from reducing further its key rate

The envisaged fiscal consolidation appears difficult to achieve, without additional measures



Bi-Weekly Report 30 June – 13 July 2020

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