Albania seeks to introduce new economic indicators in 2006

Tirana, Dec. 30 (AENews) – Bank of Albania published today its monetary policy framework paper for 2006. The paper included the inflation target, the M3 objective and limits for government direct financing.

The average inflation target for the next year is 3%, +/- 1%.
The M3 growth objective is 11.8%, while limits for the state budget expenditures financed by the central bank are projected at LEK 23.8 bln, (USD 228 mln, EUR 193 mln), according to the paper.

In an attempt to improve analysis in determining the inflation target, the central bank said it would try to introduce for the first time in Albania the Business Sentiment Index, Consumers Confidence Index, and the Real Estate Index.

Up till now, the Business Sentiment Index has been published by a privately owned research institute, and has been used primarily as a news source rather than a factor for political decision-making.

In terms of structural reforms, the Ministry of Finance is now seeking to find agencies to provide credit rating services for the public debt issued in local currency, in an attempt to issue treasury papers in foreign currency also.

Moreover, the Albanian Institute of Statistics has announced that it is trying to build a collecting-data-system capable of producing a quarterly GDP growth report.

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