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Albania Country Report - October, 2015

  • November 2015
  • -
  • Emerging Markets Direct Media Holdings
  • -
  • 53 pages

This report covers the key macroeconomic and financial releases as well as the political events from Albania for the period of October 9 - November 9, 2015.

S&P affirmed its 'B/B' sovereign credit ratings on Albania.

The Tirana court acquitted the former c-bank governor, Ardian Fullani, of charges of abuse of office in connection to a multi-million euro theft from bank reserves.

Albania plunged to 97th position in the World Bank's Doing Business 2016 ranking among 189 countries, from 68th place a year ago.

The European Commission and the EBRD cut their forecast for Albanian economic growth in 2015.

Albania places EUR450mn 5-year Eurobond

Leyton Orient owner, Francesco Becchetti, could face extradition to Albania

Key points:

o The CPI inflation decelerates slightly to 2.1% y/y in Oct

o Albania's foreign trade gap widened by 0.7% y/y to EUR1.48bn in the first nine months

o The combined net profit of Albanian commercial banks up by 33.3% y/y to EUR83.5mn in Jan-Sept

o Albania's commercial banks' loan portfolio fell 1.8% y/y at end-Sept

o The bad loan ratio at Albanian commercial banks stood at 20.2% at end- Sept

o Albania's insurance market grew by 17.3% y/y in the first nine months of 2015

Table Of Contents

Albania Country Report - October, 2015


EC, EBRD cut forecast for Albania's GDP growth in 20155

Gains for most EU aspirants on World Bank "2016 Doing Business" ranking but Albania plummets6

Albania plunges to 97th position in the World Bank's Doing Business 2016 ranking8

IMF mission arrives in Tirana9

SandP affirms Albania's 'B/B' rating9



Albania's CPI inflation slows to 2.1% y/y in Oct11


Albania in tough negotiations with IMF on 2016 draft budget - report12

Albania places EUR450mn 5-year Eurobond13

Albania starts marketing new 5-year Eurobond with interest rates around 6%14

Albania raises EUR27.4mn in five-year T-bonds, meets target14

Albanian c-bank cuts key rate to 1.75%15

Albania sells EUR92mn in three-month, one-year T-bills, yields slightly down16

Albania's 9-mo budget gap narrows by 39.6%, revenues below planned amount16

Albania sells out EUR25.1mn in ten-year T-bonds17

Albania raises EUR17mn in two-year T-bonds17


ProCredit Bank Albania's 9-mo net profits almost double17

Albania's NPL ratio at 20.2% at end-September18

Albanian banks' net profits jumps 33.3% y/y at end-Sept18

Intesa Sanpaolo's 9-mo net profit in Albania rises y/y to EUR15mn19

Albania's M3 money supply up 2.8% y/y at end-Sept19

Albania's avg interest rate on lek deposits down 0.31pp y/y to 1.36% in Sept20

Albania's avg interest rate on new lek loans falls by 0.28pp y/y to 8.18% in Sept20

Albania's commercial bank loan portfolio falls 1.8% y/y in Sept21

Growth of Albania's commercial bank deposits speeds slightly to 1.4% y/y at end-Sept22

Albanian central bank assets up 19% y/y to EUR3.8bn at end-Sept22

Albania's insurance market up 17.3% y/y in 9-mo 201523

Albania's c-bank says NPLs remain one of the main problems for banking system24

Albanian banks' lending standards mixed for business and households in Q324

Albania gets EUR2.2mn Swiss grant for financial reporting project25

Albanian banks' 8-mo combined net profit jumps 55% y/y25


Albania's 9-mo trade gap widens 0.7% y/y26

Flow of FDI into Albania drops 8% y/y in 201426


Albanian PM says no plans for tax hikes in 201627

Albania's authorities launch probe into Durres beach pollution28

Bankers Petroleum says 9-mo operating income for Albania plunges 66%28

Albanian unit of Greece's OTE posts 49.1% y/y lower pro forma EBITDA29

JYSK to open first stores in Albania on November 430

Albania's telecom regulator to reduce interconnection tariffs in fixed telephony30

Two final bids filed for maintenance of Dures-Kukes motorway in Albania30

TAP awards line pipe contract to Salzgitter Mannesmann31

Chinese, Italians interested in Spitalla free zone in Albania32

Albania to increase transport sector controls as part of campaign against the grey economy32

Albanian bankrupt brick factory Volalba put up for sale again at lower price33

Tirana to turn old railway station into car park33

Albania could become part of main migrant route in winter - PM34

Albanian parliament panel approves new law on energy efficiency35

Albanian govt to set up a network of informants to track fiscal evaders35

Albanian fish processing co Nettuno eyes EUR3.6mn investments in new technology36

Kuwait fund allocates EUR41mn for first stage of Vlora River road project in Albania36

OSHEE expected to end 2015 with profit, following years of losses37

Albania deputy PM calls for farmers to get tax identification numbers37

Real estate sales in Albania decline in 2015 due to higher taxes38

Albania's OSHEE reports 43% y/y hike in payments for electricity in Jan-Sept38

Albania seeks legal assistance in evaluating China's offer for Arber highway project39

Two Italian companies receive three contracts in TAP tender39

Albania's OST to pay EUR6.8mn compensation to Croatia's Dalekovod40

Local consortium wins ROT concession for two Albanian railway lines40

Economic cooperation between Albania and the Czech Republic gets new impetus41

Crown Agents to replace Georgia's Reformatics as Albania's customs advisor41

Albania's OSHEE won't ask for electricity price hikes for 201642

Albania gears up to launch EUR100mn financial mechanism for agriculture43

Albania postpones final stage of maintenance tender for Dures-Kukes motorway until Nov43

Completion of Tirana ring road delayed until Oct 201644

Albania to award contracts for four World Bank co-financed road maintenance projects44

Bankers Albania fully transposed Third Energy Package into national legal framework - Energy Community45


Albanian PM appoints new justice minister to step up judiciary reforms46

Leyton Orient owner could face extradition to Albania47

Albanian PM expects Tirana to start EU accession talks in 201648

Albanian police discover drug laboratory in Durres, detain seven people48

Albanian police seize 3.2 tonnes of marijuana48

Albania's energy minister claims charges are politically motivated49

Albanian President Nishani says judicial reform is not transparent51

Albanian ex-energy minister, his deputy charged over irregularities in HPP privatisations52

Albanian court acquits former c-bank governor Ardian Fullani53

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