JUNE 2013 - FEAS
JUNE 2013 - FEAS
JUNE 2013 - FEAS
You also want an ePaper? Increase the reach of your titles
YUMPU automatically turns print PDFs into web optimized ePapers that Google loves.
FEDERATION OF EURO-ASIAN STOCK EXCHANGES ANNUAL REPORT <strong>JUNE</strong> <strong>2013</strong><br />
TIRANA STOCK EXCHANGE<br />
• Performance of a marketing campaign, in<br />
full compliance with the marketing program<br />
compiled by TSE with a final objective to<br />
attract domestic business at exchange<br />
listing,<br />
• In cooperation with AFSA, carrying out of a<br />
continued public education & information<br />
campaign regarding the securities market<br />
and advantages that provides its use,<br />
• Improvement of information technology at<br />
TSE in order to make it possible to provide<br />
the market with an appropriate Electronic<br />
Trading System for securities,<br />
• Keeping fruitful cooperation with institutions<br />
in the region, regarding the exchange of<br />
experiences and staff training, targeting<br />
further improvement of human resources<br />
capacity within the filed of securities market.<br />
CAPITAL MARKET DEVELOPMENT<br />
AND ECONOMIC OUTLOOK<br />
Economic situation<br />
The Albanian economy faced with more<br />
challenges in 2011. Albania’s economy<br />
maintained its positive growth rates during this<br />
year. The economic growth stood at 3%.<br />
Annual growth of Albanian exports in value for<br />
the first eleven months of the year was 19.9%,<br />
implying slower rates compared with the<br />
corresponding period of a year earlier. On the<br />
other hand, imports accelerated their annual<br />
growth to 12.2%. Trade deficit widened by 8.1%,<br />
illustrating negative effects of price rise in global<br />
markets. The trade deficit reveals that about<br />
50% of its increase is created by the balance of<br />
electric energy exchange.<br />
Annualized contraction of net exports deficit is<br />
assessed to be resulting from imports of goods<br />
and services decline by about 4.2% in real terms<br />
and exports upsurge by about 8.6%.<br />
The exchange rate has been stable and inflation<br />
has been entirely within the objectives set by the<br />
Bank of Albania increased by 2.9% annually.<br />
Financial markets during the second half<br />
of 2011 were calm and reflected relatively<br />
downward premiums on liquidity risk and<br />
inflation. Successive key rate cuts were swiftly<br />
reflected in the interbank market. In the primary<br />
market, government security yields dropped,<br />
reflecting the key interest rate cut as well as<br />
the low demand of the public sector for loans.<br />
Moreover, transmission of monetary policy<br />
signals is expected to be extended fully to the<br />
deposits and loans market, in accordance with<br />
the transmission mechanism time lags.<br />
Fiscal policy was stimulating in 2011,<br />
materialized in positive contribution of public<br />
spending to aggregate demand. At the end of<br />
November, budget deficit was ALL 38 billion,<br />
reflecting expansion by about 65% in annual<br />
terms. However, the budget deficit has remained<br />
within levels provided in the budget plan for<br />
2011. The deficit created by the scheme of<br />
social security system has exceeded the budget<br />
deficit by about 34%. Current surplus estimated<br />
to 18.1 billion, or about 15.7% higher than the<br />
same period a year ago.<br />
* Information provided by the Tirana Stock Exchange.<br />
Key Information Contacts<br />
Bank of Albania www.bankofalbania.org<br />
Ministry of Finance www.minfin.gov.al<br />
Albanian Institute of Statistics www.instat.gov.al<br />
Albanian Financial Supervisory Authority www.amf.gov.al<br />
Ministry of Economy www.mete.gov.al<br />
CONTACT INFORMATION<br />
Contact Name Ms. Anila Fureraj E-mail afureraj@tse.com.al Website www.tse.com.al<br />
PAGE 84