Albania's central bank

Albania uses a flexible exchange rate regime, which means the currency fluctuates freely up and down, depending on supply and demand. This regime is preferred by free-market champions because it allows the market to regulate rates.

Albania's Central Bank does not plan to intervene in the exchange rate to stop the fast rise of the national currency, the lek, which has caused major concerns among exporters who claim the strong currency is hitting their revenues and profits.

Queried at a press conference, the bank governor, Gent Sejko, said he had "no reason to intervene".

The Sanctions Buster

Illustration: BIRN

Slobodan Tesic is reputedly one of the biggest arms traders in the Balkans. He is also one of the most controversial in the region, having been the subject of UN sanctions over violations of embargoes on weapons exports to Liberia for the best part of a decade.

Piraeus Bank concluded the sale of its Albanian subsidiary Tirana Bank to Balfin and Komercijana Banka, boosting its core equity capital, Greece's largest lender said on Monday.

Few people automatically think of Albania when it comes to arranging their holidays, but data showing that Albanian tourism is growing fast has speeded up a drive to formalize the touristic market, codify hotel ratings and promote growth by hunting for foreign investments.

Albania's Ministry of Economy and Tourism told BIRN that the main focus now is to continue the upwards trend.

Several hundred citizens, including journalists, organized a protest Monday in front of the headquarters of Albania's central bank in downtown Tirana.

Protesters demanded the instant dismissal of Ardian Fullani, governor of the bank, due to the theft of around EUR 5 M from a storage facility of the bank.