an hour agoBQKU Governor: The economy is expected to shrink 7.2 percent due to pandemic
Periskopi(6 years ago)
(6 years ago)Central Bank Governor Fehmi Mehmeti at a joint conference with Prime Minister Hoti has said the CEC will support government policies and work with the principle of free economy. According to him, the banking sector in the pandemic has been stable, adding that in February 2020, banks were stable. Mehmeti [...]
According to him, the banking sector in the pandemic has been stable, adding that in February 2020, banks were stable.
Mehmeti has said the economy is expected to mark a decline of 7.2% due to pandemic measures.
“at the beginning of the pandemic has been activated to ensure full functionality in all banks. The CEC has shown high activity since the beginning of restrictive measures to help economic agents cope. We've been in regular communication with international institutions and all activities are in coordination with these. The European Central Bank has approved the Central Bank's request to establish a 100m-euro financing line, valid until June 2021, which allows it to borrow liquidity for financial institutions due to the failure of the markets”, he has said.
He has said that the CEC has helped with all of its professional government capacities in drafting an economic package and remains committed to helping the country's economy.
He has said the banking sector continues to remain stable, liquid and well capitalised.
“The liquidity report marks 37.7 %, which is above minimum 25 %, the performance loans 2.7 % and their property coverage is 138.2 %. Credits in August 2020 mark 3.02 billion euros, marking growth trends even this year with a 7.6-euro increase. The value of new loans issued in January-August 2020 is 912.5m euros, which is a 5 %s drop. However, during July and August we have promising data, new loans mark growth of more than 320.7m euros, while last year for the past period there was 260m euros, so there was annual growth 23 %”, he said.
