Gent Sejko

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".

Albanian Central Bank governor Gent Sejko at a press conference in Tirana on July 6, 2022. Photo: LSA

Bank governor Gent Sejko warned the country that a current inflation rate of 6.7 per cent might not have peaked, adding that while the country is expected to avoid a recession, growth will likely fall.

Police and army officers manning a checkpoint in the port of Durres on 12 March 2020. Photo: LSA

Central Bank governor Gent Sejko announced on Wednesday that the bank's supervisory board has authorised the intervention in the currency market to avoid a further strengthening of the lek after it hit a ten-year high against the euro the previous day.

Prime Minister Edi Rama announced the appointment of the Argentinean economist on Thursday on Twitter.  

"The famous economist Mario Blejer, who served as director of monetary policy in the Bank of England, will be an advisor to our governor," Rama wrote.

The Tirana First Instance Court handed down the jail terms on Thursday following a speedy trial.

The ten employees received relatively light sentences following a deal with prosecutors to plead guilty to the charges.

One ex-bank employee, Bashkim Xhilaga, received a suspended sentence, based on his health condition.