SEEU Review vol. 5 Nr. 2 (pdf) - South East European University

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Arjeta VOKSHI-ABAZI and Sulo HADERI demand of the banking system. The reaction of the market toward the change of the administrative interest rate was also very weak. For these reasons the BoA decided to use the market instruments that are affected from the fix rate of REPO. The BoA has decided on the exchange rate regime. It chose the flexible exchange rate regime since at the beginning of the transition period it was quite impossible to implement fixed exchange rate regime because of the low level of foreign currency reserves and a very big deficit of the balance of payments. Financial independence: When discussing about government’s borrowing, the law on the Bank of Albania is not strict. During the ‘90s the maximal level of government borrowing was 15percent and the maturity was 1, 3 and 6 months. 24 Actually, the credit ceiling is reduced (5percent of the average revenues of the budget for the last 3 years). Dvorsky (2007) thinks that this is a handicap of the Albanian law. The existing law includes the limitation of the category of secondary market assets. Reading carefully the law on the Bank of Albania we can notice that the way the profit of the bank is allocated provides another possibility to monetize the budget deficit. The law states that part of the profit will be used to cover (buy) government’s bonds 25 . The law on the Bank of Albania should prohibit public sector direct financing, prohibit the overdraft and all other ways of public institutions crediting. It should also prohibit the direct purchase of every type of public debt instrument from Bank of Albania. For this reason, in the article 30 of the law on the Bank of Albania it is necessary not to include “except cases foreseen in the law”. Even points 2, 3, 4, 5, 6 and 7 of this article, that allow direct financing of budget deficit in special cases, must not be part of. Real independence: What is the real situation of the independence of Bank of Albania? Real independence is not equal to legal independence. It relates to the standardization of the behavior. Even in Albania it is difficult to approximate these two indicators. Cani and Baleta (2002) measured the real independence of BoA and one of the indicators that they used is the governors’ turnover rate. When the mandate of the governor is 8 or more years this indicator gets the maximum value. In Albania, till 1996 the mandate of the governor was 6 year. Then, it became 7 years. This fact shows a high level of real independence of BoA, but till 1997 the real average mandate was 18 months instead of 84 months 24 25 62 Only in 1996 the maturity goes in 1 year. Law on “Bank of Albania: article 10.1; in the past this part of the profit was used to cover the bank’s loss.
SEEU Review Volume 5, No. 2, 2009 of a full mandate. Based on the calculations, at that period this ratio was 0.48 (see the table below). Table 3: Governors turnover rate in Albania Country Governors Period Turnov er Rate Albania Ilir Hoti (May 92 –September 93) 16 months 0.48 Dylber Vrioni (September 93 – December 94) Kristaq Luniku (December 94 – April 97) Qamil Tusha (April 97 – August 97) Shkëlqim Cani (August 97 – September 2004) 15 months 40 months 5 months 84 months Ardian Fullani (October 2004 - …) Source: Cani, Sh., Baleta, T. “Elementet e pavaresise se bankes qendrore”. Material diskutimi Nr.1/9913 This very high rate was mainly the consequence of the political instability that characterized our country during 199726 and not of the limitations of the legal framework. But, exploring the other side of the coin, it can be argued that sometimes a low governors’ turnover rate is not an indicator of high level of real independence. Cani (2008) suggests that a governor may prolong his/her stay because he has toady behavior. If we recalculate the turnover rate of governors in this period, this rate decreases from 0.48 to 0.40. This is a good sign because according to this indicator we can conclude that the level of the real independence of the Bank of Albania has increased. 26 In 1997 we had 3 different governors 63
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UNIVERSITETI I EVROPËS JUGLINDORE
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Contents Foreword by the Editor in
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138 Reviewers: Benjamin Keatinge Dr
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Iranda Bajrami, MA kanë qenë të
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Iranda Bajrami, MA a state of c
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