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Albania Country Report - July , 2016

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

Description

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 €1 due to huge losses
S&P affirms 'B+/B' rating on Albania
Audit reveals Albanian banks illegally profited from damaged banknote scheme


Key points:
- Albania's inflation accelerates to 1.9% y/y in July
- Albania's economic growth gains speeds in Q1
- State budget surplus holds in H1
- Economic outlook index improves q/q in Q2
- Albania’s trade gap widens 25.4% y/y in H1
- Commercial bank deposits turn to growth at end-June

Table Of Contents

Albania Country Report - July , 2016
Table of Contents

EXECUTIVE SUMMARY 4
MACROECONOMIC OVERVIEW 5
SandP affirms 'B+/B' rating on Albania 5
Albanian central bank keeps key rate unchanged at 1.25% 6
REAL SECTOR 6
1. GDP 6
Albania's economic growth gains speed in first quarter 6
2. Inflation 7
Albania's inflation accelerates to 1.9% y/y in July 7
Tirana house price index up 5.2% y/y in Q2 8
3. Industry/trade/services 9
Albania's economic outlook index improves q/q in Q2 9
FISCAL SECTOR 10
Albania raises €64.5mn in one-year, six-month T-bills, target missed 10
Albania raises €35.3mn in five-year T-bonds, misses target 10
Albania's M3 money supply up 0.7% y/y at end-June 10
Albania to increase pensions by 1.6% as of August 11
Albania raises over €164mn in one-year, three-month T-bills, yields down 11
Albanian government plans 2016 budget revision to allow more funds for road projects 12
Albania raises €24.1mn in two-year T-bonds, target missed 12
Albanian state budget surplus holds in H1 12
Albania sells out €29.2mn in ten-year T-bonds 13
FINANCIAL INTERMEDIATION 14
Audit reveals Albanian banks illegally profited from damaged banknote scheme 14
Albania's NPL ratio down 1pp y/y to almost 20% at end-June 15
Albanian banks' net profits fall 39% y/y at end-Q2 15
EBRD seeks consultant to help Albanian capital develop Green City Action Plan 16
FUNDS: KfW's EFSE fund goes from little beginnings to big ends in Southeast Europe 16
Albania's commercial bank deposits turn to growth at end-June 18
Loan portfolio of Albania's commercial banks almost flat y/y in June 19
Two Albanian financial institutions join Albania Agribusiness Support Facility - EBRD 20
EBRD appoints Matteo Colangeli its new head of Albania 21
Albania's insurance market up 3% y/y in H1 21
EBRD launches Albania Agribusiness Support Facility with six financial institutions 22
Albania to get €50mn German loan for construction of power line to Macedonia 23
EXTERNAL SECTOR 23
Albania's trade gap widens 25.4% y/y in H1 23
STRUCTURAL REFORMS AND CORPORATE NEWS 24
Bankers Petroleum reports fall in oil production, revenues in H1 24
TAP operator in Albania to pay income tax at old rate 25
H1 revenues from agriculture rise in Albania 26
Construction of underground car park at Tirana's Skanderbeg Square to start soon 26
Albania's OSHEE buys extra electricity in August 27
Albania launches Rapuni 3 and 4 HPPs 27
Albania to launch feasibility study for construction of new airport 27
Albania's National Lottery sold for €1 due to huge losses 27
Albanian energy bourse to be operational by end-2017 28
Albania's OSHEE keeps cutting power losses 28
Turkish tie-up wins Milot-Morine motorway concession deal 29
Bankers Petroleum expects to close transaction with Geo Jade by end-September 29
Albania takes more steps to reform municipal administration 30
Albanian port of Durres' container throughput rises by 2.8% y/y in H1 30
TAP pipeline works in Albania gain speed 31
Albania's central bank to rebuild Tirana landmark Hotel Dajti after controversial acquisition 31
Reconstruction of two piers at Albanian port Durres to be completed by end-August 32
Albania selects 12 road priority projects worth €858mn by 2020 32
Germany to provide €41.4mn for Albanian development projects 33
Over 10% of Albanian firms used electronic commerce in 2015 33
Macedonia and Albania sign pension recognition agreement 34
POLITICS 34
Albanian president invites parties to solve issue related to judicial reforms 35
Albanian police destroy 18,680 cannabis plants in Tepelena region 35
EU/US urge for rapid adoption of judicial law package by Albanian parliament 35
Albanian parliament to approve judicial law package in September 36
Albanian police detain 19 illegal migrants from Afghanistan 37
Albanian parliament to reconvene on September 5 37
Brief accord between Albania's polarised politicians over judicial reforms unlikely to last 37
EC officials urge for quick implementation of Albanian judicial reforms 39
Albanian parliament adopts judicial reform package after last minute delay 40
Albanian government abandons plans to have Becchetti extradited from UK 41
Crunch time for Albania on judicial reforms 42
Albanian PM Rama confident for adoption of judicial reforms on July 21 43
Meta calls for new meeting on July 18 on key judicial reforms in Albania 44
CONFERENCE CALL: EU leaders reassure Western Balkans on integration after Brexit vote 45
EU disappointed by Albanian opposition party's rejection of judicial reform proposal 48

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