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Albania Country Report - July , 2016

  • August 2016
  • -
  • Emerging Markets Direct Media Holdings
  • -
  • 48 pages

This report covers the key macroeconomic and financial releases as well as the political events from Albania for the period of July 11, 2016 - August 13, 2016.

Albania's central bank to rebuild Tirana landmark Hotel Dajti after controversial acquisition

CONFERENCE CALL: EU leaders reassure Western Balkans on integration after Brexit vote

Albanian parliament adopts judicial reform package after last minute delay

Bankers Petroleum expects to close transaction with Geo Jade by end-September

Albanian government abandons plans to have Becchetti extradited from UK

Albania's National Lottery sold for EUR1 due to huge losses

S&P affirms 'B+/B' rating on Albania

Audit reveals Albanian banks illegally profited from damaged banknote scheme







Key points:

o Albania's inflation accelerates to 1.9% y/y in July

o Albania's economic growth gains speeds in Q1

o State budget surplus holds in H1

o Economic outlook index improves q/q in Q2

o Albania's trade gap widens 25.4% y/y in H1

o Commercial bank deposits turn to growth at end-June


Table Of Contents

Albania Country Report - July , 2016
EXECUTIVE SUMMARY4

MACROECONOMIC OVERVIEW5

SandP affirms 'B+/B' rating on Albania5

Albanian central bank keeps key rate unchanged at 1.25%6

REAL SECTOR6

1.GDP6

Albania's economic growth gains speed in first quarter6

2.Inflation7

Albania's inflation accelerates to 1.9% y/y in July7

Tirana house price index up 5.2% y/y in Q28

3.Industry/trade/services9

Albania's economic outlook index improves q/q in Q29

FISCAL SECTOR10

Albania raises EUR64.5mn in one-year, six-month T-bills, target missed10

Albania raises EUR35.3mn in five-year T-bonds, misses target10

Albania's M3 money supply up 0.7% y/y at end-June10

Albania to increase pensions by 1.6% as of August11

Albania raises over EUR164mn in one-year, three-month T-bills, yields down11

Albanian government plans 2016 budget revision to allow more funds for road projects12

Albania raises EUR24.1mn in two-year T-bonds, target missed12

Albanian state budget surplus holds in H112

Albania sells out EUR29.2mn in ten-year T-bonds13

FINANCIAL INTERMEDIATION14

Audit reveals Albanian banks illegally profited from damaged banknote scheme14

Albania's NPL ratio down 1pp y/y to almost 20% at end-June15

Albanian banks' net profits fall 39% y/y at end-Q215

EBRD seeks consultant to help Albanian capital develop Green City Action Plan16

FUNDS: KfW's EFSE fund goes from little beginnings to big ends in Southeast Europe16

Albania's commercial bank deposits turn to growth at end-June18

Loan portfolio of Albania's commercial banks almost flat y/y in June19

Two Albanian financial institutions join Albania Agribusiness Support Facility - EBRD20

EBRD appoints Matteo Colangeli its new head of Albania21

Albania's insurance market up 3% y/y in H121

EBRD launches Albania Agribusiness Support Facility with six financial institutions22

Albania to get EUR50mn German loan for construction of power line to Macedonia23

EXTERNAL SECTOR23

Albania's trade gap widens 25.4% y/y in H123

STRUCTURAL REFORMS AND CORPORATE NEWS24

Bankers Petroleum reports fall in oil production, revenues in H124

TAP operator in Albania to pay income tax at old rate25

H1 revenues from agriculture rise in Albania26

Construction of underground car park at Tirana's Skanderbeg Square to start soon26

Albania's OSHEE buys extra electricity in August27

Albania launches Rapuni 3 and 4 HPPs27

Albania to launch feasibility study for construction of new airport27

Albania's National Lottery sold for EUR1 due to huge losses27

Albanian energy bourse to be operational by end-201728

Albania's OSHEE keeps cutting power losses28

Turkish tie-up wins Milot-Morine motorway concession deal29

Bankers Petroleum expects to close transaction with Geo Jade by end-September29

Albania takes more steps to reform municipal administration30

Albanian port of Durres' container throughput rises by 2.8% y/y in H130

TAP pipeline works in Albania gain speed31

Albania's central bank to rebuild Tirana landmark Hotel Dajti after controversial acquisition31

Reconstruction of two piers at Albanian port Durres to be completed by end-August32

Albania selects 12 road priority projects worth EUR858mn by 202032

Germany to provide EUR41.4mn for Albanian development projects33

Over 10% of Albanian firms used electronic commerce in 201533

Macedonia and Albania sign pension recognition agreement34

POLITICS34

Albanian president invites parties to solve issue related to judicial reforms35

Albanian police destroy 18,680 cannabis plants in Tepelena region35

EU/US urge for rapid adoption of judicial law package by Albanian parliament35

Albanian parliament to approve judicial law package in September36

Albanian police detain 19 illegal migrants from Afghanistan37

Albanian parliament to reconvene on September 537

Brief accord between Albania's polarised politicians over judicial reforms unlikely to last37

EC officials urge for quick implementation of Albanian judicial reforms39

Albanian parliament adopts judicial reform package after last minute delay40

Albanian government abandons plans to have Becchetti extradited from UK41

Crunch time for Albania on judicial reforms42

Albanian PM Rama confident for adoption of judicial reforms on July 2143

Meta calls for new meeting on July 18 on key judicial reforms in Albania44

CONFERENCE CALL: EU leaders reassure Western Balkans on integration after Brexit vote45

EU disappointed by Albanian opposition party's rejection of judicial reform proposal48

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