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Albanian economy not directly affected by Brexit: central bank governor

Xinhua, June 29, 2016 Adjust font size:

Albanian economy is not directly affected by Brexit, but developments in the banking system are being closely monitored, especially on remittances, chief of Bank of Albania Gent Sejko said here Tuesday.

"The expansion of economic activity (in Albania) continues to be decelerated by the unfavorable economic performance in the euro area, which is further complicated by Brexit," Sejko said.

Entrepreneurs' reluctance to implement long-term business projects has also undermined the country's economic prospect, he added.

In this regard, the country's economic development should focus on maintaining and strengthening economic and financial stability and accelerating structural reforms, the central bank governor suggested.

Bank of Albania has been discussing with the International Monetary Fund (IMF) Albania's economic and financial situation, and trying to make development plans for the country.

Head of the IMF Mission to Albania Anita Tuladhar said the IMF is expecting Albania' s economic growth to keep improving.

"We foresee the economic growth to reach 3.4 percent for this year, and that will receive support from foreign investments and from increased internal demand," said Tuladhar.

However, Albania's economic risks remain high, especially those coming from external environments. The IMF is asking the Albanian government to accelerate business climate reforms and preserve the positive progress of budget revenues, said the IMF representative. Endi