Bank of Albania shifts policy, cutting key rate by 0.25% to 3%

Bank of Albania shifts policy, cutting key rate by 0.25% to 3%

TIRANA, July 4, 2024 – The Bank of Albania has shifted direction for the first time since March 2022, easing its monetary policy by reducing the key interest rate by 0.25 percentage points. The Supervisory Council of the Bank of

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Property prices on Albanian coast soar, partially driven by foreign buyers 

Property prices on Albanian coast soar, partially driven by foreign buyers 

TIRANA, May 29, 2024 – Demand for coastal properties in Albania has surged by 20-30 percent compared to last year, according to the Albanian Builders Association.  Key areas like Vlora, Palasa and Saranda are particularly popular, with 40 percent of

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Credit collections scheme leads to arrests, license suspensions 

Credit collections scheme leads to arrests, license suspensions 

TIRANA, May 26, 2024 – An Albanian court has ordered the arrest of several individuals in connection with a credit collections scheme that allegedly defrauded thousands of citizens. According to the prosecution, a non-banking lender and collection enforcement companies orchestrated

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Tourism boom not translating into into higher overall consumption, data shows 

Tourism boom not translating into into higher overall consumption, data shows 

TIRANA, May 11, 2024 – It’s the bright spot in Albania’s image: the country is currently seeing a boom in international tourist visits.  But most foreign tourists are spending too little money and their input has not been enough to

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Bank of Albania moves to apply for SEPA membership

Bank of Albania moves to apply for SEPA membership

Albanian businesses and individuals have for years complained that bank transfers — both domestic and international — are costly and slow. SEPA membership would help solve the problem.  TIRANA, Apr. 30, 2024 – Albania has started procedures to join the

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Albania’s sovereign credit rating upgraded by major int’l agency

Albania’s sovereign credit rating upgraded by major int’l agency

TIRANA, March 26, 2024 – The Standard & Poor’s (S&P) credit rating agency, one of the three largest in the world, has upgraded Albania’s long-term sovereign credit rating by one notch, pushing it for the first time into ‘BB-‘ from

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Reflecting renewed emigration wave, remittances to Albania reached record high in 2023

Reflecting renewed emigration wave, remittances to Albania reached record high in 2023

TIRANA, March 28, 2024 – Money sent home by Albanians working abroad saw a significant increase in 2023, reaching the highest historical level since 2008, according to the latest data reported by Albania’s central bank.  Remittances were almost 930 million

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Trump’s son-in-law plans major investment in Sazan, Albanian gov’t confirms

Trump’s son-in-law plans major investment in Sazan, Albanian gov’t confirms

TIRANA, March 16, 2024 – U.S.-based company Affinity Partners, led by Jared Kushner, the influential son-in-law of former President Donald Trump, aims to undertake two major tourism projects in Albania, along with another in Belgrade, with a combined value that

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Albania signs long-awaited social insurance deal with Italy 

Albania signs long-awaited social insurance deal with Italy 

By JERINA ZALOSHNJA-RAKIPI ROME, Feb. 7, 2024 – After years of negotiations, Albania and Italy have signed a long-awaited deal on recognizing each other’s social insurance contributions, which will benefit more than 500,000 Albanian residents in Italy and any Italians

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From exile, Albania’s ex deputy PM alleges massive corruption at top of SP leadership

From exile, Albania’s ex deputy PM alleges massive corruption at top of SP leadership

TIRANA, Feb. 6, 2024 – In an lengthy television interview from exile in Switzerland, Albania’s former deputy prime minister, Arben Ahmetaj, has made startling accusations of massive corruption at the top of the country’s ruling Socialist Party, involving misuse of

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