Current Account Deficit widens by 60% in Albania

Tirana, Dec. 7, 2008 (AENews) – Current Account deficit of Albania reached Euro 840 million in the nine months ended on Sept. 30, thus widening by 60% compared to the same period 2007, Bank of Albania stated in a report.

“Sharp increase on commodities prices and also a sharp decrease on remittances, widened the country’s Current Account Deficit”, BoA said. Fuel imports reached Euro 210 million, a 50% increase compared to 2007. Remittances were Euro 623 million, down 13% compared with previous year.

Widening current account deficit had not caused a major correction in the FOREX, and national currency has been stable. Governor of the Central Bank Adrian Fullani, warned earlier this year that  lek may depreciate against Euro as a result of widening Current Account Deficit.

Short URL: http://www.albanianeconomy.com/news/?p=828

Posted by Gjergj Erebara on Dec 7 2008. Filed under Banking & Finance, Economy, General News. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry