The economies of central and eastern Europe are expected to contract by an average of 6.3 percent in 2009 following steep output declines in the first half of the year
The governor of the National Bank of Serbia, Radovan Jelasic, says that the IMF is ready to help Serbia, but “only if there is serious reform”.
Albania Central Bank governor Ardian Fullani tried to calm Albanians cough by panic on Thursday, by the fast depreciation of Lek in the domestic market. “Markets should stay calm. What is happening has not economic bases. Lek will continue to be our currency for many-many years,” Fullani said in an unscheduled press conference.
Albanian currency Lek lost more then 3 per cent in two days causing panic in Tirana. Euro changed hands for as much as 138.6 lek in early morning on Thursday, 1.7 per cent higher then Wednesday.
Albanian currency lek experienced its worst day in more then five years on Thursday, due to strong demand for hard currency in the local market.
The governor of Albania’s Central Bank, Ardian Fullani, warned on Wednesday that excessive government spending is threatening the country’s macroeconomic stability.
Banks in Albania managed to earn 660 million lek, (5 million euro) in the first six months of 2009, thanks to better results achieved in June, statistics published from Albanian Banks Association shows.
Encumbered by petty political plots and growing social unrest, Bosnia is staggering closer to garnering a first loan tranche from the IMF.
The head of the IMF mission to Romania, Jeffrey Franks, said Thursday that the Fund is willing to be flexible in reviewing Romania’s reform progress.
An IMF delegation, charged with reviewing the country’s economic performance under a two-year loan programme, is due in Bucharest later this week, it was announced on Monday.