Drejtimi Financiar I Organizatave Publike - Hysen Zyberaj

CIKLII STUOIMEVETE NIVELIT TE OYTE
F AKULTETII SHKENCAVE POLITIKE a JURIDIKE
PROFILI: MASTER SHKENCOR·AOMINISTfliM FINANCIAR
MIKROTEZE
TEMA: DREJTIMI FINANCIAR I ORGANTZATAVE
PUBLIKE
BANKA E SHQIPERISE DHE DHE ROL.l I SAJ Nt
STABILITETIN MAKROEKONOMIK
18.405 ..JALE (WOROS)
PUNOI UDHEHOQI
HYSEN ZYBERAJ PR.DR. ELMAZ LEGI
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dhe zh>i/hni' Ie qtndruC>b<m ekooomik. Subiliteti makrockQnMlik ndil:ohe< .. ng;>.
~olilil.a monotm: dhe aja n,bl•. pm nO f.,i~ I'm~ bIll" Iraj.,,", vot~m li<lhja e _"abiliIOU1
",.kro,koru>mik me poli1;kiln m_tate MalOri"li no vijim porb'h<t "ga Ire bpi1"!
lay"""" mo o<"ceshljo to wi,,",..
~t DgB pika< byeso", 10 Irl~'uara MIte lidhj •• ,tahilitttit D>Hkrt>olmnomik m" nitjen
okonom;k., ; oih pert.:" nj< ku.h! Ie domosdo'hfm per rriljen e q~ndrue>hm. dhe Ie lan~
Ie ekQllom;,~ " nj~ vend;, E,bW Ilojl""' a,'pekli !Corl", duke e dMn~ .'i! '" lidhur lllO .do
""kto.r to clwn""';<~ do< p('f Ie kill_ n~ _<tabilitctin ""kmekDnomi~ n~ ".din rooll.
:>!j1' ~1ICI:'sh1j. 'jot« e ....jnw bhlC dh. ""Hlib monelare dhe inI13cioni. duke e cilrnur
1cc"tO to [linJi, ,i nj~ faktOT mjllll t! ri!nd;;,;shem pt, mtjen db. ""bilit.,in ekonorni~.
Me Imnkroli,b\ ",oct! dMn~ Ilia l'III"'Iitje e Lntlooioni, ne vi.. n~ "ndin IQn~, dol, dh(ln!
fakLar<lq! bru! ndikuarn!l!.
K~ kW11om! l<hte lrajtm~ ~i'hashtu "'llIiml I ,Mnj"trl",i1I~ inji~<jonit ( 11). duke

fol"r per "n(!i 0 tij I"-'",Ii,e no 'plikimin. k~dJ roruimi, por ""h. problem<1 q~ ka "OLtdi
~ll~ pl!r to tW'>P(\iIIf k~", regjint, k" mLll1d Ie thcmi "" me&iith~ pwbl<met me nj~ p"no
intomh. kjo mund to arriI>:L
m plITIllnm • k~",j tern, d(;>hiroj '" thl~ndoroj tI:l llii(h~ ata qc me ndiio""",n, me
kii>hilluan, m1 ,u~CI\J.n mendime. id" mform""inn • (ljithcb Ijel<" q! u dosh per l~
lII'dhur dori De .,crfundlmin e s'li. angK.dllmi. e tyro .bumi! ""rio, jna kthcj no n:lirenjohj.
dbc pa:i<ushtim ndaj plllli.'s sii 'l'''' II! palodhur. Nj! falendcrim i ,<:<.OIl'" ; shko:n
podaSogut udhc-noqe. '" mikrott""" Pr.o.. ElJIW'. LEe!. Gjilhasbm duo. Ie fal.. don>j
.win c BRIIk<, SO Shqi~ri'" dh<: te ),1i"L,tri~ ~ Firum,a"e pC' pti,luniirina dhe
pCd.u,IUimin e Iyr' ne mb<shtetje t1l punimit (~ k~,"j !:erne, pa horru.a.r k!tu Jhe
(hle"derimin pCr t~ llii,h! ,"~,ue,it e ml 'I" "gil ,no,h, 1.;i,,,,,re don ne diUlt 0 ,olme.
Duke e mb}ilur. dua .. f.knJ,wj «' £.iiIi\~ OIar", • Uni,·..,i••• it " ALEKSAIWER
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;.. 1.l.1. BiLo.d I r'~"." dh••",bilitcti m.kr•• konumik
'" J.D. Pund"nl n,kal db. 'labiliMi m"kr".ko""mik.
'" 1.13. Si>t.ml nnand.c dh. ".biUl<li m.~co.k"nomik
, I.U. rori,i"", ",ok_lonomik. db. "dbil;l«, n'.1.....loooo01'1.
K\PITIII.I.I JL.._ •.j'OLITlKA llO:>;ETARE Dm: ':.H.ACIO>;r...._..... rdq. D
;.. 2.ln,trumenlot. poUlik". "'0""....

~ 1.1. [,uria, Innod.n'l n. Sh<lil'h1
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,hrJ<~i". I~ tll,i:'ht! per letc penlcnJrim; ".~11,",(, ",",n,d'''''Mt;k ~,Il~ nj" "",hi i
Jon",,,I~.hOn, r<' ",;ljo" 0 ~~dnJe<hme "l;onomiko '" nj~ "."Ji Jhc P'''' r<'Nnin'!<i",in e
mi.e,~n' .. <! lij r,! pcriudha a!"'W""'_ !.:) IX'him nul, ,,~.I<1 ,1,.,..1\1 "~ rr,f,hin e
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<~'P",ic'n". ,,-,hI" dl", I""";a b.~ tre:'illJ« '''n~""ja dh< ",oilj" ~ .~uili!",,,e [-.rend>.
~h< "~i<l ",k",I1."" 1< ckooom;se ;;,;lIIe nje ku,hl i ol.,""'.,J .....1o!m i nitj« ckooomik.
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""her.'i"" r<r "j! koh. M £jot!_ ,\'0 shr.~CITO",""tI oC I't~l"r. k"nt>tltic.u., «Ih. r~r
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lidhie L~" kli.e" ~I"b"l< aklu"k 'I" TIJ" "~d "")"' kIF,or" i,ht' ky llQj ,'"uhm,irni
n"~rtl\i<l ,ok,,,,,,,. ""nontik< duke < j>1'rq~lld"",, pjo>en m~ 10 m"dilo Ii! ",,"n",<1' r.1
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mo >hrj",~,i n~.\ SII11A o~,~ 8.iltha ,eodot c ti", ,e O"I~," ,!uk.
dl,en. m. 1"" ef,kt.
n«"ti, •• k"""",;'••cille j>1'r pio<!! e ~,ra" ",kl"!"C\'O ,·k~n"mik".
X,1.l)t'i<hl ~" I"",,-,hl,,,,,, 0 m~'ip1!""e nul. prOlmdon 1"; jJpil ",:.jtj., ~ ,,,,hili,,,,i,
,n.ll<'''''~OI\tI,nik """""n c nje qCilim; nC ,,~"e'e no! \1.",;",,,, Jlt. ,.t>.uimin. poli(ika,<
.konomiko. E>III(! • ~<ttW '" 7h"I1;",' dl," rri~> ekn""",;~c j ..'ll! Jh" J"h<l «' ",M<~
fihjeL';\o1 k~'o",rc af,tgjot< Ie cOO imlin..i un; "l'" ";o-.i. 1! ~rf'hjrc ne [<min ~
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dl1. 1""~,i,'n,,l. okonomik" Kjo n~a let.. iMrum,,"',. e<hLe raJ)"I,;", krijlm; dhe ""'ili11
"""bill,,,, it", ,.~""" ",n ttl ik__ N~ ,ij,m J.-. ,~ "aj"'j IU~ oj,;, .,pd.l" L" ".I r) .1."" t~ k!!ij
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t)" Jl~ ,y.~ ,,,hili'«
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l0,kojme ;.,; do til ishl< m< \elld [~ni,oim anali7~Il,toll~ duko dn~ll~ Ilj~ I''''q)''' til
pl~~lth>hm" 10 ,tnlktluc, '" ckoLlomj,;: Kjv pa>q)fO do " LlO IldLl1moJo me tq ne
"del'ti",in ""Jo ",<k.<,"i"ni k"TIlabd'l "iii Jo 1< flU >h""'cj< peT « id<illililu'l' IulhjOL.
nd'''jeilta je ",kt<l!'<'!;,e'~ <ko"omh~. N~ ,~t~ pik~ do t! j,hto e udn~"~ thcksonim '"
am,lim nu~ do 'e jOc'rqcllJrohet nO nnolizCTI m;krok"LloTIllicc te oje ,c~','n Le ,co.."e p''''
do til "T."j~ t~ ""r!' "d~", r"''''"' " '(1) " «kto.-i!' < ,"" cJ~n _lj etri ".
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knn,umit til mall,'",", ,1"" sh<',bino"'O ngo ~\"","o'''''L"' dll< q.'<~" ,,,,,,;,;m¢l dho
bLhncin c iloga",' korrente
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anlh""" to lriJ,m" LlgO Sblt,la 0 mal IT"''' ohe ,h,,'o;me,e. p.g~n 0 PUTIooJo" c_ !itimm e
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"letc, nicj""Nd,),hLmd' 'ogl' qc mUllo te ;-erlctoneLl ne pLoknke i det'roil""
Tc .rdhurnt c buxhetit to komoliduar per pel'iudhen 9_mujore te vi,i, 2UI2 atriten ne 245
IIlllwr,k!ek -{j,2 p<rqind me pal;: ,e parashikimi nc buxhctin per ,itin 2012 dhc 2,)
I"'rqind me 'hume S. oj< ,it m< pdI<,
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,",or ,okl,,«;
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"ktol'i. ate mund ta <I",him " oj" agrogim " ";i,,,, ,<',to"". to ,joe." ,k""",,,i,"
Z. S<k'." n_k.1 i "k"uorni« pcrmblcdh glilh" "kl;, H",in clunom!lc 10 q",e,;,e. 10

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3. &ktori i ia,htem i .konom;<e jlermil!edh ~)i'he tramak,;nnet e rdjer,te'·< '0 njc

YOLldl m" pjc>on 'I"'~ '" \>uk" Pw<c>; I lllt'gIUllH dh" globahzim;1 " lea mOLLr mpli
fi",ilell < kctij <ekt"", dh< rend",in" e ,,,Jdimi' Ie ,ij ,Ia",m" q" tregu global "he< L~<
kOLl,~'pt ; pmnLk1f J\~a to gjLthO nd"" ,cc'gi« mionale j'oo n,k ,oali"."t; prokshcm peL"
k".1}.l1<'titikat ma~,,,,,kn,,,,",ik< JuhOl '" dali" "~a l"",in" "gu,hte" tu!1j'< t< \endit .
."'kli,iloli ckonornik ,ihe llllk",' UK'net",,, 'I" pc,filiih..;n uc to pcmlbliJh", oc b,l'Ul,in"
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n< <l."",'m]. ['un!c>;om b""" 1 Iii <>hI' hdh,.L e k"",mc,o mo in",,'Un.;t, Rond",i.'" \'el;J
,,,,wi <,I,," < puJi>~u,u<,hmo p",i LLl. duk" knju"r mjd.j .; p.\~c"", no ckonomi.
mlmdesol\@jith"""'''"'io",,'''tieta, \k tjalo ,,, li<"'" ""I, ~" "' I",~"h<,~im ,hum< fl~"
e vertd" ne>.; do " ,h,llIl,m «ktorin tinallciar cn >,bI,II,n e ,i,lcmlt lirumclllr, c;e vend,j c zbvLllmm. >i
pa",j. < in'MLei""e",, rinondare.'7h,.illlmil I< T'o~'" '" Kap,,,,I,,,. <ill. p«,anl,",;t 10
'imtltlLCioLlC"" te LCJ" t,n,,"c;,,,, to ci I", jane gj i'hnj< " m" af", n" ojwe 'fi"ci fi ke 1< nj'
gmp; k C.,kWllT 'h,,,,o>;'. wKbi., ",i'em,t b"olcl, b"'nda ",.-ktori, t,nLUleHlI k.l "rJhm
"0 rellio M'gjJthal<, .oli i .';"""'t ",oka,' dlte i p",~,,,"de,"o,h,", I() "''''"' «Ilt"
pc~j,q''''LI''''' "pik , nle L\dermlctcsi t,umlClar; aL knjoLl ",ljo;ct 0 p.1ge,,, no okonomi dne
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zlwiil.m. ku mlID~ojll< ill<;!ilUcionet e ~"ra tillar.ciare n'C ku ak,;"i«ti i lyre d,te
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,,,he !< gj,l1e <I,~"i" te larta " 11"9",i" ,,,neme
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mlh 9.7 por~in<l. 0 ,11~ 0>11", P"''"4illlr oi rriU< mo < "101 '0"" n< Iro vil.\. mepOtS~m._
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'llPu:" ~ 'r.no-"ol' "IP ,"!",tuU
OIJr , I.U~"~""J ~ ""~'.""I ," Or" '1>{ " ,,,,,,,uti, >C" ..; "~"q."d "~U "''''p''>b "~""'I
"" "'!">Jl"N , "I""'" q ,un"'''' .'1 !"-'l""" ·"''',TII"' """'!~W'~ " <-,-:,,~"" 0, "'fI'
"'-"!r" ~ • ",",1""0'" "1,,' I,,J " ,,,,, >tuOJ"m 0, ""n"'rJ.,d , U!'" !>,,~ !1> ox 'OU"-' 1.1"
,oJ '"'!~"'I' "."~ 'qp "''"'1,,,'q , .,~""~ " ""1"'1' ,,,,,,,,:I 0 "!'"!I"'" 1!\lI!'I'"'~
OJ II"'''~ , u.,r,f,'~", '~P "1'''!I~"'''cI "I"r"''"'01 o;q""'1 ' "!"'r'rl':"'~ J:xi '''''P1n1
""'I>"U~t ,,'-'''"'ER 0, 'II"''''''' '!'U!O~"-I oqp on''''''''lli '"1!1!1"" 0, ,,-,,".'lU""'''1
""w:>J .. ",OUoJlU ""'"... ""'I,tu,W ,'r...· T"""'" ~",!'lIImll '~r '1rw,,,m,, ''''q'q,!f5J;d
~ ,,~'c'"' 0111 J"~r!l """"'" ~l !"'[l:.'!:!J:'<d ~"~lli oqp ,,!,~»d, 'UO!'"f!"'llJ.'i''1 "f"'""",
;'!>LTOIll! '1W.'I'!' "" <:U<l\~nJl' '1'u:uq w'"on'''l'''-'''''N , '">4''' >1o'J-"U,b "1""q I 11"1I
,hoq"i;o, PI'<I,n:"CIlt dhe pnon,,,,,_'t "e IiJI~" me ,",j"~\i,"1 m.uw...'~~""mik. _<hpe<h
l...:ho" f"fOr< ron"",,. oJ=i'~ .utQn;c"," m<'""",,, dh. 1;'~.Jk Co,hlj, c dor,o;,;t
b,,,h,'I'" dlw ",~"Ii",i I 'ij perkn< p",bl,m '0 '<0",," m.q. li~h<1 d"jlp"Jn.,I< mc
ill~"i"nin oi Ju~",i m,; ,t'ckl, "e~ati", ole .'""",,,L dh,' nlO ni\'Olin , ku"imi! Fe
p<>pull,i," i cili «I", i ,h'IH",duili<m p:r "we""110 Jle" ardhillon. "" ,II," \i,I'~, l",lLtLb
m,'nol,,," ,hl"'''~''''O m<~jithe,< " ,;n<nl,,,, ", rut,i',i'" , ,lal,il,l.l;' k l""!iJ"h,hom
nlO!."''''"""",ik, ~MlhoLl of,kto ,o"trad"~", 1< ella, renJuiLl" ,nbi I>olilik<n ,',kal.
""~< ,kbk,= rri'j, '" <1,1;,;';1 buUt,to, peLder;," ofelti ";oi~r"'r,'~'" .limrnohct 00
""'hi" 10 lill1,
It... ~ull.tl • "''''' r<'" ,"';"bl" 0 Zj«lhUCl .i ,'~j"kli'J b-."~.k,, rn" m~u1'ot f"r
""""""." 'I< mu,.,J"",jno &riti<TI , "no. ,hkatt• • [lNmhuWmi' 0"" elk,;, "
;n'~"",,,iv."'. " m:tm "go "eg.... ',,"wllimi db.: 1I"~lj. 0 ....,•• m"IIipl;"''''''' dh<
~<h;~'m<l < dn:ju j"",. 10k""" q< ne m"-,,, '< mJJh" lu>hle.wjllC ,=11.=,
I"'rfund;ml3'" "sarra,,,,,; ; ;;nrt,mcrttiml' t.:: p',I;til.,_, n""",'."" dl.. IHuk
~nn.1"" do,)"im; n• ..,;,j.n < "hjel.ti',,'e ,",moLare dhc !;'I..ol. '" m"-"" mO to ",.>.I!,"
lidl"" Ill. r,""bio, dhe IO~"tL,bm<ri"e e au""i",,,,," P'~ ."""Iinim, P""'O' ; ,iii
ru.'nkup"''' I\"h"f"",m ;n>lll!lc;uoat duke ndare dOl)'" 01'0 p"~k!>ic>;I< per
Uu)",.uIU,!':, ",,",di,,i",i <X-''''o ; po.'l"i~", mOL"lat< dh. 1'<Ili,ik., ri,k.t< ,i~"","
~et,J"LL<;hn"',i .tho <l1b";l,, ne pr""",i,, 0 i"'pt<""nlimil I, !Y" dlt.: ,bpio lne 1,I"e d<,i
"ohj<kli"'I. ",k'LI"". 'iic "nJc" to madh. ne !.e\< rn,,,", '" 1;"lio" "<'iC','cndo,1CS SO
bunl..,', ~"nclmro '" fu,h", ".on<""" dh" "neil; "pu,,,,,",,,, to ,11<",i, r<r k,,,,,po:"n«
dh~ Ji,iplin.: lill,"lcion:_ -'tb:tj~a < '''"td'''''< 10 ",,~"lIta lidhur me oo"j<" e
m(Mm:«:i""",". ~!WI;,,,,, tllio mb;~,~:-rjen «utile elo"'''ni~ ~h.: infu"'!Lmi ; ""gull,
dh.: rrnnsp"",n. i puhlil;ul Ii<lhur = ""'jure;" ~ poti,;ka\.. dll< ..,ui ...... c "rriu'r~ j,,""
1"~'l,,,I~o po:r ",;i,j, " suk",';r "< proo;c,;n ~ w..,nJinimi' konseku","" .. ""Ii,;;..,.
mOl""''''' dhe r"k.tle.
Pulili;',! ~ ..t:kdhum to po:rzier> "'.""""'~ ,I~< li,bl.:~' di.., msto mUl'.J " m,,, jor,.,
lon.,I.,"":: n,. 1"<1""",,,." , publilu, lidour me obj,lti'->1, !',an.!.lj. nj" ~1L,j, m< < .!n:j,"
1'1" 10 >il.~""Jf kon,i,,,,",, J!~o,,,,jeL "')'" po.>i;uk",,' "I". nd,lj. 0 ",ohio"i, Ie
~,d",~n,"" "," ru~l;l"" < ~Hhrnb=hcm_ K) pn'.; .. ".,,!.up"'" ,,,,,><n,u, lidh,,, m..:
pld,,,,n,'''1 nlbi l",ll,ib, ,!."""mik, cM" pe,l;hL'" op;niol\,·' , lid,,'",',. "ul"';"«'. dh"
~"'I""~ 10 li"~ to ot,u"I,LIOr. l",titu,ion.li'''t, \'«"., no keto torm<.l<> 1< 1.i<J"" ,"oJ
L"",,,,,,, ~ J'<"<iilb"'.mo sh.>.j.",,~ p.:r rri~<n < mi o,:q<n,,,,, '" !tii!hrrtt>ar:ihrn<.
Viti 200'1 u k.mtktcrizu> "sa nje!lwnjc e mi,;,.,i, ckonomik bot<ror.i nj.Jhoje c

mlles eka""""le ,. >oadcve '" zIt"ill""", dhe n;pd,lffimi! '" ndjO>ban ckonomil; Ie
>cndc,"C no zIt,;lIim. Kju ""uri c ckonomi<o ,h"""i _loren. Jl'l'" ne2.tiw ,,0 nj. pcriu<iho
rrej 20 ,i'""h, :'<." .'10 ~et.r. 'reg"""". trcll'i,. no "i ....1oot<:ror kane rcgji'trw.r vi.",
nitjeje £jare ke,ij viti, No ku,htet. oj< 1Jirru: mo pozitiv, ekonornik lreg;ot fino.nci."
illllO kaIRktcrizua, n~ •• tnbilil<t dhc pri~e 11e reMi. to "'Jlm''''o re inrere,i"
Rknnomi. 0 Eurozone, "In. thrrur ndJc,""n Ri'''' .iut 2009, Sipo< vl...,lm.,.
pamp,ake re Euro,I.I·il, nitj. ekonomik< • E=oooo per "i,in 200? Io.a qon~ -4,Oo/~
odcf,. ne vio" 2008 uiQ !bcoonre ~Ie"", 0.8%, OJ,,,, ';0' 2009. F1an1u1 Qndrolo
l,'rnpiom: odoqi nje poli';\': "'t",ctare lebte,.... .. """"""jet kombinimit ,e uljos ><
nonn.ve 10 inlCle>it dhc fumi71m;t 10 !regut me likuiditet me qellim pcrmircsimin e
bill!lldt te banb,'. te '''Iomit dhe "iyen e .11o,i", kroditueso te tyro, Ei"JJnomia 0

1':uromIle> dcri nO ftllim t. vi", 2013 Io.a qCLl' me rriU. nql.ti,'c, kjo dh" pet Po..\(Ijo SO
d,fjdreYe ,hume '" lurla.i Greqia,SJU"ja,Pu""~,~io.llwi. dhe 'd""cW, J"ko tkurrur no
hte m""YIo potcnol.lin lina",aar 1'" Ie injektu.>r likaidllct nc tt<gUn monOUl", I'"
shhktuar ;nflacion. Vctom no """in e ,itiI2~U Eurosw kollflrmnn nje lrilj<: po;zitivo te
~.uro",",:".
I'd« fakt(l,"IIu)<>Or~ q. ko.ne ndikuaJ"pozili,i;hl n;ljen ekonomilo kane q~n. '&ierim; I
cbl· ...". ne10 dbo i ;n"<SIim,,,,~ publike. ndc= ,hpen7;rnel Iwn:.umalo", dhe
in,,,,1iIru:! pri'_ k"". "",UllrmUc Ie ndj",hmo.
Po!"",","" DO Eurozon" \;0 "ij""r !e rritet • odlkuar pr<) dobcsirnil te hrk."" '"
brcndshme e te ja,hlmO. si dhe prej ",ni", se :.hfl)'lozimil to bpaoicete". pNdhuo••. :'>i.
,"u"iio dhjetm te "ilil20M, n"lIDa c papun«i,. i,hLO lO%. ndcr ,Iera! me to I""" Lo ,aj
n< iO vitol < lLlrnht.
I'QIIIIa 'jetore. inl1..:iunil DO E="e ka ,he1lu,,, "l<m> 03% P""';';" 2009•• odiku.v
<W' k<rll<sa ~ uk< sl edh.o nS" .fdlet baze to emil....,.I. lllI1a DC gjysmen • p3r< 1. vitil
200s. NOTIPa vjol""" C infbdon;' b ,hen.", "I... n.~y. ne r<riudhon qcrshoNeror.
por t'u rikth)-'er "" P"" no vlora pozi.i,·e ne d)' mU'.il 0 fundil te ,;tit.
• S.SIIHA
PBB-SE-ja per ,jim 2009 ;.m., 2.4% "'" e tdoL lrnh= "'" viti" JOOS. KontributiD
Iu)=r nc keto reni •• dh... shpcnzimel per Imn""", io.,,,,,limct agregate dh. o~,potI<l.
te eilat " "Ion m< perk",",;,hl 0.6, 235 dh. 9,9% ne I<rma ,jctorc, N••nen 'j<1er,
,hpen7im'" e qe,,,r;,c fcdorol' u rriten rrlo 1.9% no lerma "j"""o, ndonm impor1<I, 1< ell"
j.pin efekt me kah n'lI'ltiv"" perllogaritjen. Pl3B·,o. u zvogeluan me 14.3%. Gjalc viii!
2009 <Ih<: nc yazhdJm, R•• <rva Fodcral~ ndoql "j< poliliko mono!arc [eOtc,u.!" jo ><"'rn
ne""rmjel n:duktimil '" no",",,'. Ie imm:siL P<' dh. nerermjol b<:dhjCll sc lil:uidileUt ne
ltql duke ndihrn ..... b..nbl • ni~~Iir '" d)1< nc p:nnirI:iimin e bilancil Ie I}'" dhe ne
rriljon c peroneiali' .. krodilimiL Presion" inn.doni,l. burin 10 zb<hta ru"'" kOlij viti ,.;
pa<oje e omimo,'o to U\t.:IIO .""&ii", < I< I,nd",'o 1< por. dlte ,"ko,"", "" dol>:I .gregate.
Intlacioni mes"tur ",."1Ioi 10 L'hte negaliv ,no Ie kund,n, norma 0 pap"n.,h, ",""lioi ne
nitJe,
I~ rJ<ODomite e RaJ.nll
V<nd" e rajQnit u pcrbol\on me ef,1cret e kri,~, """"ore, 10 dlat ndilruaJ1 n. k""t",ktimin

• P[I[l·SE·yc pcrk"... &i.te vilil 2009. T"W'e,il 1.1)'0,or<: mo 10 ndJk= proj ke<ij
"
ko""~timi ishin in" ...;m<t "!9ogatc dhc <k'P<'rte~ No 'e nj'lICD kolle, pri,j' rri ..", e
"""""" '" pap"n<>i>o DO nljon ""hD'{}i "'likjm Ie bhUi """" mbi kerkcscn Y<nd3se dhc
""rmcn < intlac;",,;~ Prodhirni i ""'nol""'" bno,u no /Wi. n IknrT mo petlI!'=isht 4$"A.
&jot< ,itiI2009. Kert."". Job", e brcndshme ,j dho ..,.;. me rinne 'e p,,,,h,,,,j'u.ua e
inv,,,imeve agr<:goiC Ul,in dy prej fakUJr<YC kryoso,. q. rero.k(u"n ke,c ,euri. K... "e
It.li, ritmet me Ie p'"hp,,;(UlIro t< "nie, ekonomiko u pcrq,ndruan &jill. ~y.mo, "" poro
Ie "iti! 2009, no Oroqi .konomia ~ pcrkcq""'" sj,to Ili),m"" '0 dytc te tij. N. k.,. "n<!.
mUa e PBII-'Ie lomb;""", cdhc me pmbt""'<l ,lJ\Il:NrOlI' rmlcroekoo'lUlDik.: lontrib=
no thc:1limin e deficiti, buxho'or DC mvel kate. h"", "'" .. Jane 50 L-ufijte 0 petcnltuar ""
Tralrunin 0 1>1...,triohl·it3. t:k"""m;"c Turqi,e <h.nal nje n:nie prcj 5.8% gjot. vitit lOO9
Waru" me vilin 2008, 0 cila .rdh; ,j p"""je. rom"" k<rke>eS >0 b=J!I!tmc dhe.
"'TIio, ,e cksportev •. I,h Ropublika Ju~o,lb,'e e M"qoJum,e ka perjetuar nj. tkunjo I,
oktJvitetit elQIlutIlik Ii po."'j< e remo, "" >h~cnzim.v. knn,umulor< dhc to ok.<port,ve. Si
p=je < reoie, .I:.ott<>!lliko. """"a e pap,"""i"e ,he""i rilm< tTite« nO G",~i. llali 0 TUf'li
gj.I<: ,io, 200\1. :-Idikuar ng:> dobcsimi i ~ ",ttdU5C, Dorma """"""" e inJl",,\QDi,
n, Ie gjithc: ,000000t rezullOi me e uh:t bahasuar .. po.a.hiLimi do:ri _ fundi I vitit 1011.
n'. P"-' kjo norm< infI.don; folio; te rril<:j dht: s; p"-"'je e ioioUimit (0 likuiditotil ."
("'!'ie' monetare npll""""l Qcndrore te ,,",t.," to Rajonit dhe ngo. nan\.a Q""dro,"
Europi""o,
Tab. 3 Tngueukonomik". wmll!l't! 1< Tojnnltn. jlllimeU ~'IM'flJ!anc;G'"
;'i0im0\ ,
Ndryshimi i PBB·SF. lnO.doni vjemr papunesi...
,~" 2Q08 '000 2010 2008

'00' 2010 "00
,., ,.
]",li
G""I i
~l.'!
, .,
-4.B
•.,
1).7
4.2
., ••• '-'
"'
U ,.• "0.'
Moqcdooi
",., • ·2.9
U
n '-'
12,9
32.1
15.5
,
Semi
Krooci .j,g
" ,.• 14,9
Turq:i
"••• _5.8 ,"'.• W, "" '-' lU
K""". ,. •• -2.4
Shqlpori
.
• " " M n , 12,7
Bunmi, ]n"';<ut« .tali;liko,o p<,.atel:<, E"",SI:LI, ECDFin, FMN
J(~I'lnll.u2
1.1 rOLlTI!\..\ ~fO:-'I':T,\RE DHI: ['1Ft. Wln"l
In,lxiunj i ukl mur.d '" l"'" ~rd"c ,< dclc,hnl< no rriU,"(l don"",i •• "o""my"1 delli! q.
ka n. ~lr"h:"imin ~ ~Llrim.," re.rc dh" n. ,(ahili'e,ju li"""";>I". Ne p"'£ii,h<>i.
cwnumim! f,i." clok"," Lno pi'el'''"'j<n >< inllLldoLli «h'" ,,,;0 It'nome'n moLl,'tor ".
I",;"Jho .LIlLlg;"'" 1\; cd,,"!> ,j P,~oJo , kdj;m;L f'" n;e pcnudho of.l<iiJ"'" L< p.mo r.o njo
"""" 1< ,ill" ,'" ; 1.1]~n a~.'<ito • e,unt>mL« >"" to pmdhUlll" m..lIrJ dlto sherbi",. "'-Jlc.
t,r.-n:t. r== [,<r",~Iuh.."1"0' B:",b OcnJ",," "" r.je p<riudh<
GjilhashtIL p<lIloh.:>. ""
af'l~j"<, No '0," mrn)1~. n,,,,, Q"nJro<c ",·.lL\d to "nilo I, mb,,;o "j< ";\01 I< Ill",
i"ll.ci,'o;!no nlo poli(;l." p,'",I""1<hm< """wi",,, K' c,te mOil)'" Inuml t, dlC'n,;."
B""b ~,Jw", Immd '" k.",.i porg,i"g)e,i ,.~) "i~<n ulOl,;j,lc '"' p"J.<e"e perpuLhj.<
me oj, d. 10 uku" i"n.,domi1 d~o "q'" kj" t-.:h<1 < mender ,.nJ] <I., '" kol" p<ri"in>.: '"
mtdC>;~\Ll'< o,t>nomik
"
butrnm<nt., < pulltik.... on.....
l'etdtlrimi i imlndrlCrl!.~' Ilitik; iIlOIl<:bn: k.1 po. qdHm ....,. ••," .dministrimin <
libiid;!e!;t me .~nim "';cnWnin e norm.ve .fil1$hkurlnll0 imore," lTeth n;"H, ,~ "Onnell
~= "' ,miaIizuar nBJI. Illlllluo • Shqipcri,o, K",iw I"'rmbuilij., ,e ket;j objekt;"i,

i,,<1rumenle' p<r .batim;n , pol;ti'.> munelll", jOJ\O p.rdnrut .oho nc lunk,ion to
zhvillimit te tregut nd""nk,,, c para",_ "'e k.", twnt<:kst, oporadonel • tresu, jano
ori<nluar nc dr<:jtim t. krijimi' t. nje milll~ .,ruJcturo", te likuiJiletit no .istemi"
b:ulk.. d"~. ',,",""" trilj." e e11ciences '" lnn>IIlClimit Ie p<>IiIike< mo..'"",, n:<ititt> •
okti,-i,cri, ne ""Sun nd.,blOk" dhc Djek,*""i,h~ pl,,,,,>imio • "".-oj.,-. nOlO .. tiJ. Kri""
nd"l.ombctarc c bosimit • fund ,ilit 2008. nxiti torh"<ioo e d"P<'alllve ng3 bMkat •
"iwli,te dyte n< Sh'lipori,. pe, rrj<dhoj<, !hek,ui milll~csen • likuidi ..,,, no ,i>tcmin
bankar. KJo gje u refl.k'oa "" m~c tc nQrmave !< in!'''"" ,Ihe: ngodale,im te ok,iv;",,;, '"
~,"'I",v< no trc~un. p.va<e, Me q.Uim !cht",imin. ,;".m;, bankar. Bania. Shqiperi' •
•plikoi ndI}'shime nc di", prej in'ttum<:nto.~ t. >IIj. Keto m=t <!harte dek, q<l<SUC. dul::c
pacuar m<Sa7.hin .... bmub pcnnbushjes .. lri""""" p<:r kmdrollin • M1.ilUl 0.:
aplikulIIll ngo Ban... ~ Shqip<rioe. ajo cite • s ...,hme 'e injck.toj. likuiditetin e
n.v~j,hem pernmma1izimin 0 .';Iila"" no \[olliet C pIIl'OS"
I. Opor.cionet e ("",I ,. h.vu,
Opof3cionct e '''gut '" ""pur, Ie cila' kOIl.,;<lojn. n" op",,,,,ionin kryc""', opoflldone
IT<$ullue.e dhc ~pe",oiooe ,~. jane ope",d".., b:mo p<:r "'Im;n;;uimin e
libiiJiteti, ngo. banka qendro«:_ Dinamika e ngjOlj",,, tc ,-iii! 2008 kerlroi ""oloomin • Ie
gjitha ;""\rum",,"',,. '" "<S"' Ie rupur.
• Open,,;."1 k.,.,,", 1t"'!(lI(
).:torovoshja e ribl<rj .. m< mahrrirn njcjavor "ht. In"ru,n<nti Lryo;o.- P'" roo.lizlmin e
operadoneve '" "<gut 10 ",,"pur_ Per '" admini'trm~ toprie<D !i<zonale te likuiJi""i, t.
gjcoo:ruar 'W' klhiml1 para>.: DO sistcm dhe 08' fonde' • buxt-.:til. Banka c Sbqiporise
'otboqi lilmidi! .. n.-pormjct =""".51tj<" se ribklj.. me IJllIIUrim ojejavo•. Gj.,. pj""""
<je'''' Ie ,it;! u op= nep<rmj<l m=vcshjos SO ....<,i.III. \. n'blOIj.. mo maturim
"jejavor, duke inj.kl""' m"."';"ht ,_~ mili""'. 1,k< no .iave Per t< trin" ef.k!;vi!.!in •
p<>1itikos monewe dbo .Ui'lilcfin c tn:guI nd,rbank..., n""l• • Shqipcrisc opcroi
nop<mljct ~'o m. ,hum. 10: ,hpallur (me omim ""ri",,"I). Sbum4 • '~,",II"r i,hlc
","'ltIll i p,,,.,hikirnit Ie n.vojaw"e1t> Ie lik"idic<:til Ie ,;,temit blInkor. ~onna 0 in""",ir
Ie ankMd,ve" .,'ij tipi. no ",ntor, ,henoi devijim." p",,"d.,i,hmc n~. norm" haze c
'0",10'"' n~" Kc.tlilli Mbik.g)~es i IJonk", '0 Shqi1"'ri", 6,2S pcrqind, N. ,ijim.
"n,inni I kriju"r ne >i'temln ba"ka, "8" rrjedoj." J''Po.<ilaYO no f,lIim to tremujmit '"
fundil to vilil. U rellekl"" liliimisht ,i pre,ion mbl norm. . . inLoro,jI Ie kcrb:,"YC to
"""b,. P'~ likuidilO1 ngo. Baoka e Sh~ip<ri,o. P.yo",.i,hl "" .<hum>. • ,hl"llur n.
aJtkwot j","", i,h", mo "" c mjaftu""hme per Ie P<1"butlLIlIr korlr.oscn • ,is!emit per
liluiclilOl. Irysni>. mbl nnnn.' • ndj. pc:r rn:tb 1"''' ja<." """'1. Per to .1.biliz""," kc:lC
priljo. Bolllb • Sbqlperi.., ne mes Ie IIlIUIjil ncntor, adr)-.hoi form<n • aJtka"c[e.e lc
marrt••sllj.,. lc nn"'.iclllB to riblerjes me marurim njej.,OT duke: ;,ueknw likuiditet
nopcrmjOl onkandit m. cmim liks -!lUIIIlOIl bazete Banktt SO Shqir<ri"'.
• Opera,(noel .«gullues. t. tregllt
:-.:. nJl)'!him ngo. ~per:u:ioni kr}'o,or i Ircgut, i .ili p.rdoro, m. tfek",,",," i",'or<:,
ol",,,,dun.~ m:guliuO.lO 10 tregut perdoren mo Jroku"",. to papolUkluar. ne ,itlla(a Ie
vee,"," kur ",h", • nO'oj;bmc zbntja 0 luhatj."e 10 nolll1a,'e Ie inlc""il to ,hk:>ktuara nga
levi2';0 to popritura dhe ofH'>\iola 'e hktudltcnt I, ,i,t""i" ".• 1"''""jurin" pm" 1< "Int
,"am:ve!l\icl" riblo~" me .,,,,,,rim ni" dho In:mujO! u p"doren n. funhlM .. ,""",>imll
te 'hpejlO 1. lcp,,'"' "" bkuiditetit po, to mi"'miL,"" pn:,iomol por ronicn" """"ave <
inlor"';I. Po< to: nann.li'lIM ,hqolcsunin P'" mung..." • likuidi ..,;, '" ,hk"k'illII nga
ro.te u<mujorill0 fundit. Banh. Shqipert",. krahn., ""rdorimil '"
f,"'lori ",1kologjik
inruumon,i, '')'<=. ;,uektoi lilruirliret n<permjet mum:.O>!U.,. 10 =jdlu te rible~ ..
mo maNrim njomuj01' db. tn:ollijor. Rapmti i utet kerke«!of<tte no to dyja n1SlOl c
anhnJo.e Ie ~j,,-. '" ribTajc>. IIO:g<In pet "fcktivitelin m. '" utet "" kane
gpcraoionOl n. ku..h"", 0 lopriccs sc likuidi!<tit pa;; e<h.. n. ,.lInolin e banh,,,
I'j ....mllnj. n. w.
K. 10 kundel'l. n. ~"U.'hLoI 0 mlmge,,,, "" likuiditet;t. bank .. j..,. n. ,""",i 10 lil<uiditOlit to
inj•• lu", n~' [lonko 0 Shql""ri", dbe per rrjO<lhujo. upo,"cion,1 • bonk •• qendr~'" ""hen
rru: p,roalUo" no eeurin" e nomulY< to inter"it..
• (Jp....<I~n'L .Lrtlkl Uti", t. tcel(llt
Op.,40lnn,t ","kLuror<: poruor<n n< rast to noYoje, pe' ""suilim. ofoteJ.L:I" fMll<tuce,
.., tikuiditotit cllle roali,ohen nepermjet bt,~e, 0>< ,hili" mo 10 drojm to plul' te oonme
"lb."';I,:-';o filliIn to vitit 200S, ne nmk,jon to oci,mimiL 1< Op"",<iono,'o no dr<:Jum 10
~"Ijimir t. nj. ",uns•.., ,lruM"",,,, 'c tikuidil;;tit ne .istomin ""'1<01", Bonk>. SI'qiperi,.
uti punofolln C "'j to bonoY< to rh«.riL Danko, Shqipcri", no lUnd 10 viti, 2008,
~i 1""0 HU/IIldc pec ble~on me "drejta to plola " bo"o'~ t. \he,aril n~" bunka, e
"inlit .. dyt.,
L<h,.;il~. pctbrn.hnle _ <kpoziIa "jedi"'", db. kredi. njedil"'" _ j""" i""lrumen'" no

di,,,,,,,Jcion .. bo.nb,e Ie ni,'oti, I. dyte per te .dmini'tru3f li1cuiditetin Co parrillll') no
b.;z, clito"" Kc 1:u-<hT<t 0 oj. pram. I~ =~"111 I. bank"" qend",ro no troS (ncr"""j"
in'lrumOnlii kry"o, to '~il, to nje tregu nderbankar te ,hvili""r, p.rd(1Mmi i khl<:,;'o 10

l"'rh.",hon. "SO bonk", 'nivdil te dyto. duhct tc jot, minim.1. Knnkreti'ht, prania.
'«guilt' Banke, .. Shqil"''''. nelt'gun 0 1"',"'0 dho mund,,;', 0 pordorimit Ie rezerve,
,. dOly,u", j",," prnnbu,hur ne peso ,"i.., e rundit, "do",L, dLvillimi i It,sut ndt7bHIlkar
k. qenhto dcporilUM me afat njeditoc p"",e Hank.... Shqipori"" K< nds)>him mo
vitin 2007, kuc 11mh 0 Shqip<risc ka qrne e pmni.lnn. II! ..tbtqJen e likuidir<tit
nopamjCl instrurn.ntit 11)eso, '" sa) gjalc vitil 2008 dho me p"" <SIlle nderby'" no
.tr.j'im l<: injekrimil 'e likuiditcti<.. !(redia njeditore I"'-,i u p<Noc n~ lunkul e '-ogi4 to
."'omit. kane ha<lll' ,..,.htim; ~. l1ioljon, Iiluidilc61 no: trcguD nd~,
In"romente mb..htoto..
Kredia lombard «I"e i""tlm."",i j f"nuit hedirues i Bank", '" ~bqil"'ti", qe iu

okordohct banka,,, ne ve<hti,esi to pe,kohshme me likuiditetin, PO' go jane financiarisht
t< q<ndrue>hIn<. Ky in.>lrumcnt nuk gJeti "nle pcrdorim gJaLe vim 200g.
Rozen" e Detyru.r
R«crv. c Jd)ru., e>htc imtrumcnt 1 politikc, rnunc'= 'I" ;)'Il<Jn =~ulllIIllJl •

likuidi""i, ne ,i.<temin bafibr dbe stabili7;min e norma" '" inte""i,- Ni,-el;; t,,,~rve< ,e
dc-tyruar korre<pondon me 10 p<rqind '" depozita,"" '" bank","" '" "ivelitte dyte den DC 2
'"lei. flO 10 lr<Ja monedlwl-Id. curo, dollar am<:rilwn. P<:ma mo"lar<: 0 kumpon<nlill<
...
r'''~ 'e< ,e det)'ruar ne leke Ilia'" vi,i, lllll~ ka gene 56.35 l"'rqind. (,jate ';-itit 200g,
mundesia e mesaorizimi. te ,,,me. se detyrua, H£ leke "hte ,hfrytoZUOI nc mCD)E me
dicienlo n~" bonkol per to a<lrnim'''''llI luhalj<l < _ri!"ra l< hklU~ll~U(,' Melliililo' ••
l"'tOOrimi i r,,,~ ...'es se aetyruar per pj."," m. te modhe '" b.nkave eshI;" penlorimil
t. ,"zerves se de,yrwr "go 20 perqiod n. 40 p"rqind. ne perindheo afatlli:rte "it
mULlde.<ine e monaxhirnit .k,i,- te ",ervave duke mb"htetu, aktivitetin 0 trc~ut
ndc~bmwtr.
!.1, Eo",i•• inflacionir ne Shqiperi
Kal;mi nga nje eko"omi < cen","izu","Il< nJ< ekvLlOmJ "ogIL ndosh" me LlJ" ",,,
prublcmdl mkr L,' olh< pcr001lm11 i m1]"0ioLli< dh, >lgumm 1 TIl" rn<jc olonom,", 1<
qer.Jru«bme ~, Shgip"ri. P'" I"" ""<h,,n,ll ne "' e,la, ndndll<! ,,,,Ji )"0. fillimi i
proco,,' ,,, l;bc~"li.:im;niL to om~:1C'c ,olh '~I' mll' dnsnkc to lyre, SHU,,", U k oJtlc mo
e ,duire per ,h\(ok " ,hb·.«imil dh" '" mil; Ilj« '" <hum< ,,,,,ktlll""< prodhllC>O dl:c
ndcrp,,~(., ,c "bportc\ c,
"
l'rmJullil 61'tnlhMm bm,"
P",dukli i brond,Jmn brutn pati nje rritje reuk pr<j 7,9% no vitin 2001, dne n. vi,in 2002
po.\Oi nJ. renl.,. ,ilm"v" Lo rriljcs nc mo."," 4 2% rrije dh. kju nd.....Jhi" P"""jo' rritjes
"" cmimo", to produkteve mall",v" Ie konsumit. N. "itln 21~IJ pI:r"",i p<!Ii nJc
permir.$i m no ritlnin " rriljo' so PBB_", e eila isOI. 5.8%. dbo I:jo vozhdoi me kern ,;tme
cl,ri "" viti" 20117 I." nunna c mfl.cionit me ].1% col"¢ ojc rriyo 10 PBB·," realo me
6%. "0 dy vilot. fundlt, 200& dhe 2009 oshlC 'coc IO qe produktll brend'hem brulo ne
,emu tIbsoluto .;;hI. nitur dhe ht antur ,letal e 1ij m.d.:IimaI~ per koto <!hjm 'jecar. PO'
no viti" 200'1 rritja mll< e lij ht """" "tern 4.9% dhe kjo k. n:ludbur per shhk'~
Ddilinlillo ojo WboioJli II< rna"" 1.3%. Gj.h: vitit 2010 inAxianl Monon k'llOlal IDO I<:
I..... p<r l.,. 10 'J<car "'" ;.6%. PflH.-ja ht antbur lie rri\i~ me rilDle rri= deri ne ~itin
2008 dhe mo pas ka p.al"' rilm<: ni1i<j< ''''''50 deri no vitin 2012.
D,ftd,; 6JJXh,Mr, borxhi puhlik tlhe bo,...hi ij.,'''"m
I'i""n.imi i ddlcitit buxhetor per "ilin 201)4 ( -6, I % Ie PBB.,e) .,nto rooliruar ne m"""n
me to modh. to 'li n<p<rmjcl burimeve " Ilrendsilme. Rmh gi)',m. e financimit te
brond,hom ••11", 'iguruar n~" k ardhurat e pri,."i,imi, (k!')'.,i.h~ ai i i>h·B>nke, s<
K"",imo,o). 10 cil.t i,hin ..jaft ..e Ie lart" '" DC dy vitot p.to.lfdll...kja ko here qe 1<
poJc.,ohon presionci per Ie rntur stokun e ""IXhil publik. BOM i brendshom publik ht
;bon..,. oj! utj. no 56.5 perqind. oocrkob< qe borxhi i j",hrem..hl. ulur "" 172 pcrqiml
Nd""" lie >ilio. 2005 <ie11citi b<lXhelor >b:non vlcn:n prej (-3.51% te Pilil-so:) duke u
I=ll "" rriq... ~j<kol=is1tt Ie borxhi, publil dbe 10 boMI Ie j>Slnem. Se ,;rin l1Xl6
rriti•• defkitit bwthellll' (-J.3'~ Ie: PBB-5O) IIlC rite.. me to .1<1 .. rrilja dwnomilu:.
kontribuon no ulj"" C ir<:J!IIcsil 1< borxhi, publik nilioj PBD·,o. No >itin 2007 deficiri
btJ<bolUr .h<:non vIe,.., (.J " % Ie PBB-,e). Novitin 2Q08 rrifjoe d.r.eltit (.5.5% Ie PBB
SE) 1 .trib""h'" !<ry<,i>hl m~cs ,e huamatTje_, <0 j""hlmc per tinoncimin 0 ,hpenzim",'o
k.apilalc. , cillo "hlo pj«. me e IIUldhc pcrfaq",ohet "go lluam4rrj. no mon<dhen
""ro,Ke.btu. Ihk",i i pohlIkc, '" huamarrje., kn qeoe i 0''''tI1"", pod,"";,,, [Ii,,, ~jithe
'"
,;ti'drcjt emetim;t to ;mllrum",,'o," afatl!iala Ie bo.. h;t dhe do«, no malw1m PO' bonthin
" hrend","" Kc vitin 2009, krahasuar me J1ie viI me p:u'O ~erehet nj. ni~" no p<>ho:n c
"""'hit Ie j..,hI<nt ruI.j IOtal" '" bonchil pub1ik. lry",islu ,i I"""'je • kredi>o .jndi'ak ,.
okorduor "ga """." dh. "",i,ucionct jore:zid,"te no Sh~;p<ri. Pas vilil 201)9 Bo",h;
pabhk ka ardhur n. rriljo ""pefJi,;,hl nc vitin 2010 "hl< 5~5%. no ,itin 2011 ishte
59.4%,no ,ilin 2012 i,hlo 60.5% dhe n. ",,,,,in .. vilil 2013 borxhi puhlik arri" 'hif"'n mo
10 larte prej 62.6%, kju ,; I"',ojo < .hum. fok,,,,.,. « brondshom • to jllSlt..m "
p<rmcndur me 5;PO"
l'opunron
Papunosiae "itit 2003 (15% Ie PBB_so) ;.11", me. ",« ,.,," "l" e v;m 2002 (lS.8% '"
Plllho). Viti 2005 "'~i","i oj. mtj. to 10"',", '" .fte per pune. e ,bkaklua""!!11 nilja <
n"m,;t te t. P"""'"'II"'IO 110 ,ektor" pri,"ate I••I.uncmi:io. Nurmi i te paput\!v!. ,.ipas
info=ion~ Ie m..... n~" Mini,tria c Ccohtj'''' g""lol. dhe e SlulIl"""" Ie ~ !Ie
.itin 2005 u uI _ ]4.-1 n. 14_2P<"'lind~" i:.hto nc vitin 2004 1m norma" I"'PUnc>iolC
rnatel ,i tapO:ni i numril Ie .. p"p""""e ndaj ftXlleS 50 al\c per pune_Edhe iii"'" "jUt 2006
;ihct re .., migri,ni i krnhut I" pun"''; brenda ..:Inoj.. hlo >end;!. dho prani. e okonomi,.
julorrnale, kane vO,hlb..,,,,,, monilorirrun" eouri"" •• t:regur '" pun"_ hh,. ,I""",,", '0
S~ perqind " Ie I"'punovo jane '" vetepune,"", no ,ci<tQrin bujqcsm, "jo ,hpemdolje
t:r<gon per ""in dumin",", q" zc ,ektori I bujq.,ise ne p<m<:>i!IL No 'itin 2007
p<rljitbcsisbt. ,;het '" nj. I"''Putbje " PI",,"e,hmc midi. ecnri,e "" seklo,"' •• kouomilc
me £h';:llimct c In:gut I. JIIIIIO<. I'unesimi e>hl. mlUr .... rione '" lana n. kklOrin c
indumi", dhe no Ole ,. lIhttbim,,,,,,-- R""ia e nurnri, to WP'PUIl"'-" ka qcne me ritnte me
to shpcjta '" m*. nurnrit Ie to ptmO>uano•. Shf.qja. ke..j dukutie murul tojeto ,,:;,"11",
in"')""" ;nformal... momdi,.nieve to puno>. ; om;!ll"oeiottit dhe mo,perputhj .. midi'
ofe"'" dhe kerkese, por pune. No vitin 200& trego i runo, km,klcr:izoh;;1 ng. ~io ,hk.lIe
e lotte ;nlormahle';•• oilo ,... bti,ooon monitorimin c lij u"J-'Crrnje! te dhen"'.. "l'rtor. ~h<
~ga mung"'" e tlehibilito\it. e cira rrlIeklon edhe "rukt.Im:D " klclilikim<-vc q< ofton
u.:gu, Viti 2009 no kusluet e og.dalesirnil eLmouillt.. kotiesa • blmeseve ptr I. mtu<
numrin e punonj"". nuk !!,jykohOl '" jcte ne rriye duke "",..1= k",ht" no kuohte to
I<h"'"",a « Irc~t Ie pune,.Ky vleresint. \.r,luo. ncml'OS S< u]e! '" ,hfryte,.i,nit Ie
up:lchctove prodh ...... su!!.i<ron "" orona pot,,"ciale ne el... no,ni eshl. m•• larte s,
hrkosn dho.o j""" krij= bpad""" '" I;n>. Kjo 'Iopn,,' up.dlm.,1 u vl"",ua '"
""hlroj' pro,iuno IlC renic nc paga dhe ne infiacion Ne vilin 2010 norma 0 papune,i,e u
ul me 0,3 pike .",l1o.'uor me \lun 2009. duke ,hcnuar nje roni.lj.",,", vilin 2011 me 0,2
pike kruh."".,, mo viti!) 201 0 dhe n, ';Iin 2012 po,.; ojo rri\je me 0.2 pike dul;. omtur ne
~Iere" 1.1,5%,
K"a,,,,,i.,i •• p•.,. <h>,,,,mu:o ,hqip<t.lre L. q"n< inlt,,,uni i l.Lne LlO filiiLne, e

u,LR%idoni, J'<' ,h'll. 10 ro';'rma'~ >lrukluro'" dh<> lronJilj.". l< hr<nd>hm~. i ,iii b
..nlhu,.., ulj,,u,, ,;>hI< m""jnlr "" k,,,,,..IL IDIU''''r'; P:lf''''I<1 p",bl:m 1'" .~n""mi,. ''''
Ir","iei,'" dl", ~onl.rrti>.l:t S~"il'--ri, b bl,." oj. periud'" m" ,h\ltl1" I.""'io "0 "-"!Ill'" ~
im,,,,,,,,"o,l~flru:iMi "" ,-j"", l'l'JJ-.!OIl\ ,.,hle luhatur m~i'hL "" "i"li" IO.6~ ..
"'-= i ",rI<ct ~it;1 ~(jo!l Jul<l ";~ur Shqipcii, i <>hte kthY<r ,;,m.,. 10 ~o""",hmo Ie
,rili" .~,,,,,,n,ik". Pf"I)<!hlmi i 1"",ji1:h<hom b""" no: 10m" 1"<"1 ".hlO lTinu nl'l ~_2 ne
, ;t;" :01'12 dl,. ".III ,Ju, my"" d<n Il< ,-it;n ~(;()~ I.ll re~ ,i nie mlio \, t..n,· " mo po. I","oi
r,~",ri ,tilio por m. ,it.","" 1, uloL per >1:;"11. k .rltC' ~"",";",", f'O"'; "ri,h m'je "'.
,;,i" 201:! o.hte 4,9 "i', Viti !1I(j~ lar>llorj.."h« "';" nio "Iio 0 ,lIk,ll" .. l"l'""«;'••
clio """IId.,,, Ie "I" ~,~i no ",tin 20m III a,... in Ili,cli" 12,8 ':., I.:"il,i'o 0 \'cndo.<ur pel'
"knLl 0 iLltl,d,lL\;lj••" "l:-l d; Jon no k,,'"r l"'r~inJ_ 0..'1)-'0 k')-''''''', • ~"\<m"ll'n' ,1110 C
,,10 D.LnI.", O'ndroro .,lne hani,"i dho <""im; i rolil;ko", I"" ''''ilj.'' , inn,,;,)ni,
bronJ" ~") '" n""",,, c, Int1.\CIOnl sheo"i no,ma ,hun,. te "I<ia "" ,i,in ~OO~ n., (.7% q'
bhl. m, i "1.11 1'<' k«.: 10 'j"",,, <lhe nc "itin ~OOJ pe",j "i~~ n. "i,di" 3.3~' Jhe ,j~
" 1'J>t,,, s.:ri.!l "~l "j~ uIJ~,.:kri "" .i';D.!OIl5 1" ....,-;ci minim"min • ""01.... i~·oI. I'~rrn"
me. I.,n~ ~ inl1",;"",t "< kc,", dhp"'j=' I...>. ~""~ "'" i,in ~OIO "'" nj. no""" rrej 3_~'!-.
duke shcnltlr' nJ. "Ijo no ,it;" :!OIl .l!tc ~nt1_
Stimuli fi.kal. k.rlIIllIS lrusble\". te lehtesuara "","owe, mbe>hIC\; WlIOmiD.
no idcnorimin. "",",ave po;>iti.'. 10 rritie:s. rnogjith"", me riun. mc Ie ul''''''
'litel c kill..,... N~,d.ksimi i kcrkese< dh. i akt;yi,ou\ eWlIOmik sellen rriuon
o lohlo to popun..i,e, Veprim] i foklofC" te kc,kescs db. ofcrt" h ,",u1,,",,

ne .~~rirn;n 0 bondcl<ut nc~ativ to prodllimit. duke ",hi""" Pl"";OllC nc ",nio
mbi inJlacionin.
T. ~~en,'" dcTi,ani,hme ,injol"0j". "gdd"I"imlll e mctcjsh,m te krulldhenies po<
...ktorio pri'til. \Iljon c ritmit to t. ordhurave "2" tulim<:' mbi akti¥it'tin 'koMmik, dh<
<aU.,. • be.«imit ne '" gjilhc ",kton:t e ekonoml"'_ Ahuali>hl, baLw:. e k"",Unc''''
q<ndn.rn DC njc ni,£l me t. lane ~rnh"..",," me """"'""'" hisrorike I< 03j. Rrilj. ,
"""'till':>" I< kOJlSUIDllI"",,-. """,d I< inl<lJ'fI'lubol ,i njc >hcojc e shtimit 10 l:ujde<it no
wntWtin e ngarlalesimit ,wnomik., rritics so p..iguri<e per" anllvnon. dhc kosluO"c Ie
. .
'hl",n~"'Lra 1< kro:liso. itl\"e""m., rri,· ... ,I,,,,,..,hm te jcnc ndiJruor m ••hum. ns. ~ri""
flo.ad".. &e eku[l(muko botcrOfO. P"'Suri. lidhuf IIlO ,ilu,lon d",nomiko no ,,,nd dhe
jashtc, nivcli i ndr,.&ur i ker"''''' '" b",od.llunc e te j"htme ,i dhe <",b'.' , >hl",ng"'"
'" krcdltirnit kane rrruituar ne kontraklim 10 in,<,timc>e.
Ne kot" >1= nderkombo<ar, Triljn olO!!l)mike ,., wnd 0 ngOO,I.."" ,i I"""')" e

ngoduh:.irnillc kd<'SCS so brend<hm. dho te jd>htmc, nc p<ani Ie shtrengimillO I:u<h"'.
10 likuJd;tetit db. mj"\;limi, 10 ftuksc>" hy,,,,", ~aJumre. K<w zhvillilnc u sboqonIm nga
prcsiotw '" reduktuara in","",onh",::-Ie kcle .kclllll" ndeolrornh,tar, rrilj. ckol1l>Illikc no
vend u ng.dole,"a si pasoje • "sod"OSimil Ie Lc-rkc,,,, 50 brend,lm" dlo. to j ••h!JIIo. nc
~r""l Ie ,h""ngirnil "' 1mh''''0 to lilruiditotlt dhe re<i"klirni, 10 Jluk,.,vo hyfosc valumre.
L!.llnn,doni dbe m'l_ .~.n"",i'"
1..10", ":n","",, '" oloronoi", ,h,ill"h.-n m" mu" "" drojhm to! "';~«, p""",inoit dh.:
otl.nd.l.tdi, .. j<k,e>. I-.ur ir.fI"iMi ...10" ,uk~ """~..,,- ,nlillciomi qcro.:lron ,'uhd,mi<l>r
no ni"lo '0 1111.1. Stud;","I"< 1< dial ,·.Iu,· ""Jtw.r ';ohja miJi, ,.,;,jo, ,0 1"",lhimlt .. po
to produ"i, ,'<'" dh< in'ld<i~oit, boo ,,,~"or '" I"Ihj" n\i.li, d, ,,' PC""'" dho inrlocinni'
"hlo ",,~a'ho: Ilia <'"'" r'''' '''tr " '" n" i I.mo i"",,,,;oo, aq Ill< < ,,1<1 "iii., "ko,wmik"
0.0 ""1t~ ""I"
Pi,erbht ilJilJ~ neg"'" midi, i"lh''''''oil ,]j••~ ntlTIOYO [~rri~« <'o",,,,,,i,. '" b.:", qc
b"n~lt q<"J",,,, \.." pcrj,>htirnc tc \'n~b, to "'J"< ;nll""ionin " "I,"~ qdlim!n k",C"«""
I"'i'i~ ... '" t:-w nwfl<t.1[~. V<l'ri,no', lilt! I"-"""j"" rcro.:l",ine e m:oJh< .. ~«ij qdlimi.
"
0'" Oll ''','1ll!JIl~ ! '""I>W'I""J , "r !<ll!'r",p 0". !lU!,QIV "~"W" '''JL T'"'',''' )"1"'1
'!"'I'" 'm,'," "In,!,u, '''"'~"'''~'' ,ed ''''';p 'w'~"n'I':~F"! 0"1'" !UO!'"IIU! J")l
'I""'~"
'''"''!''''U~! I"''>I"! 'I 'I""'!'"OII <OU!10~ lI'nl'l' 00. "",xl/ ' ""'!'1P "N'lr"1 .~u l'I~Q[1
100 ""'"'' ! '"!"'" !' .'"L~'"? " ,~;U>'" ;r" ,,'<L,r ,nll • u,m'!I"" .. ," ">~'"lf'Wd
~I Up >h :>J,m r..,. :>;"'1"""'" '" "''''Irrm ! "'"1'" !UHW' - (UO""!'"l'U! >W IOIIO'~OJIC',!
odr q.~ l1."" .~ "!" r.Jdj '!"""""! , 'I"'" <lWO~ -Il"'''-''"! " ~I'"'' "'"u!>u
~ U!W!""I' ,><I W'IGOJd 'r·~~"<1 ~I roo'" !""!-"'llU! "Uq "'" P""""':.! nOlI,' I''''' ""''-'<l
',)<I""'''"II''! ' "~1"'!'oJ ""~ ",""q«l '" _"om!",!,,:.:! fepu u'"'I.'1 ["'" ., runw ~'1ll!,,'q
'11Uln7.,-, 'S 'w'''I'·'!l~' "I'u ~ "i Lle' !'""\"'! ow 'n~p'l ' 'l~" Oll"l t )U~)''''ll U) '" 1 ,,,,'" 'u
l~'lllovt ~f"Ir" 'r" .'jp
"1111 ! "~!;~\UO~ .,rN '>1"fl u"," ," >''''"1'' >'W)'U' 'u lUll'!'"!'''
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['cd """,.f ' "i""~"'" o~r ,'~!,n""o1' ,"r,ll' !~'" lll'f''''''''u 'f"11rt' '" ~r .'l.{'"l
t:lJh._ ',j;uje to till> 'jelli" l"'ll'-"rJ,mn <c buri,r.c'. pO" "J~ ""l<m lioar.da' q. ",""J
n "'ithe keto ~oo;lj" II" lej",,' q. ,,,-,, 'e .kmlojn.: ,.,i, il<uft .l..... mi>.. DJihm"" "" ..
luliruar mo."," dh. ~"""~;;j.*" • ",,",,"II;~,,"_ No ~,,<> ~'- ,.;~. ",,10 do to
,,4;1."~oj m; pok "!' ,'d" Ie nJliwh<j no klL,ht.,." ,okl<'n linan"ar d., '" 'm,\Jh""l<
dhc perharle "<:,Iel' _"dirj"
p,"," me 'OeOl", b t< "Iii'''' 'I" dekre' e ~oJi~e\. dho 'oa~imot 0 duh"", "je". nLo lebl' te
ij.nld;I.",~hme "0 nj" mjeJi> j<>-irulaelOnist,
l~l, P.'i.ika mODot..... "don itc
Poli,i" 010<10"",' no Shqipori rot hote t<: P"fC u zb.tu:I do. u ide"" n< me,in 0 vitit 1992,
Ku ,i pjese e m"fT"o'~i"" '" Poodi' Mon,,", Nd"kombera, (!'Ml'i) " m~"'" disa
,<OOimo, <c eil,t ')"l1o"io ~< Ie kontrollonin OIorl'n " p,,,,,,,e nc ,aje t, p.,dMimii 10
inmumenUl,< lc Jr,jlp<rdrojt< '" """""llit moncur, Nj. 11..,1.. Q<:ndron: • II"'""" duh<t
'~kct~ nje objektiv prim.,.!C p<=ktLw"qarte. LiJ:ji i B=l::es '" Sbqi~ .. i >iti, 1m
""hlc disi j zbehte po= i pcdu;t objclaivit pM""", n.>mudimi i hj Eht< "ruaj~4 ••1""" ..
b""dshmo dhc !Cjoslmno ,. moru:dhc, vend ...• q. "g' Om> < &nkcs "" Shqipori.<e U
ioterpretua 'i>j.>h, >i m'o:\itje 0 infiadonill. u1ol, 110 funk-.ioll te stabilil,tillo omime"",
Ne vilin 1992 dhe pOl" oi,n yite ne '"a7.hdi"" .i;lemi banka< ne Shqiperi l"'rb,"oj 'e'<m
n~" Il,nka IIlC kapitol .11101<"",
N. munge", lc mjclC\'. filWlCU= Uvcndo, q. fil\3l"lCimi i d.oliciti, bW<ho:lcr met burime
10 brendshrne Ie beh<j DC """" 100% me kmli ,e dr<jtpadrej1e"go &nkae Sbqi~,
Mqjithalc 1hemi q. >.bo,imi i politkcs mone""" "0 k.IQ to"'I. ishtc mjall i ,-.shtire,
I
1
Vi.ct
~ 2006 2007 '00' '''' 2010 2011 ! 2012 2013
% 0 infladooit ,., ,., '.' 3,4 ,., 3,6 I ),5 '., ,

No fillim 10 ,ihl 2000 &nko. Sru,ipmsc fillol to .Iimmonlo kontrollin direct mbi nomul
o inI'-"">il dhe lilloi Ie po:n!onto i""""_1 indjrekt" dhe ni"di i ialbcionit de" ... _ilin
20'H k, q<:tl" brenda in",,,ali! 2-4%: Ecuri,. in!wcionit gj". viti, 200J luo q<n. m••
qcndru •.,hme no kr.ha,im n,. vi"" 0 mopRIshm., AI '" mlikll", no ruajtjon e ek"itib ..,,,
mokrookonomike dhe ne ,I"biliwin e ,i,,<mil fUlaneiar. Infitl",oni i ukt ka mh3jtur
oonnen ",~Io Ie Intcrcsll no "i.<I< pozitive, duh ruajtur alks:lnc •• im",;' bunkar per Ie
llIithur mi",e! e <kooomi.. dI,e per ri kon3liwar am "" r"""",imln ~ n"",ja'. 10
eko""",i,", Inflacioni ; im1>"rluar nga vend" p"rlncrc ka "shtnllll" nj< pre,ion m. '" l.rI<:
mbi c",;,n.! , IIllillr3VC t. knn'omil DO Shqll"'rl.<epS<: I=kcsa no vend r<r m,"lml 0
komumit plote.'I<Ihet no njo = '" madhe 1ll!3o nullr:r! e imponll. E1wnnmia shqi""""• .ri
nje <Icon""" "" ni~e d.. Ill. Dje OOze te ''''Scl prod/IUesO. ",,,,,,et e oricntuar llfejt
importi!. PJUtn"rd krF,ore m~"1<:n Italia dh. (lroqi.. ,< oil.! niokch.,;,h, kan< ,henuar
Donna to 10"" Ie inlu,oionit. Luh"j.t. nu",,"' vjetore to inll.dunit [ljate vitit 2,~)4 dh,
21105 Uno ",Ookruar kr;'.,I"'1 bi:zjot e th.Iei",,,,," to crnime,·." m.lttr.vc ",hqimore •• i
pasoj•• p.:>h<s sc madhe ,. tyn: DC shporten • omim.,." to kOl'L<Ull\iL tnn.cinni \jcto<
pati nje ",ndcnco =0. N. viti" 2006 pre,iOtlO! inflacioru.,< bno ardhur ne ni'jo. ~i:'
OM Ijo!o., niv.lot e ullille iDtladonit gjat< .ilovo Ie fundit, j..,o ...11<ktuar no ollkorimln •
piitj'" inlbdQnisre to ekonollli><:, qe mlllld t. k,ll; kontribuar n, fr<nimin < di:kt"". to
sIokaktuolll nl?' ~ljCl e "fori<>. si cnwnet • I."" Ie naftc5 dhe rritjet e cmim..... to
..Jmioj.1IUara. ~i kooklwion. Nrnar ...th< no to <!he"", e laklcs mo I...., Il",,~. <
~hq;p,ri" arriti fa mbajo non kollttoll inflnclonin. m' r<~a-,Iltim to .i,i, 2010 dh. 2011
qo pati I<",",ooa per mtj •• I<Jn ,; 1""'"10 < ,nfl.elnnl, 1. imp<.muar ns' vendet e ..jonit.
~g. periu<lh" 2000-2012 poli'ik. moElCtlrc .sl"••>I1Iklerizuarns. hlo 1iJ"lfl':

No" oj. npjekli;- tinal I "'[fob'"", orne go ..ht. ''''bililetl j cmimeve: Sip¢; Fi",her
eiuistOD oj. odryshirn i I<'DIIcsishem midi. objdti,it to ;n,laoloni, <lhe st.billtoti, t.
cmime';... Nq' objdti,i cdo vi, ..lue inlIationi. Ilan~a ouk <>hoc e d = to ~om.....,~
mo,plo,<.imin e objekti'li t. meperp""hmo, ~q. objektivi ..hlo nivcti i omlm",'.
Ole,,"'e Ru!ka mund t. J.t•• dot)TU:I£ qc 1<: kornp<,ojo m"'-'IIiljot C objektivit n•• i"" <
",op=Iune. Nil" ~kr<simot • nrlr)--shme ..hi. orritur DC perfundimid ,., cult La iii. Udhje
'" forte midis rri~ .... ,., p!Illl<C dhe infladoniL )'1<Kii<h= no pjesen me ,. "",.n", '" '"
d~.n",e to ",,<i;. kohor., oi"li i programuar i rri~" "IIgr<:g.-Ile,'c monol3r< nuk .,"to
l"'ll'u.hur me nhol" 0 lhknwa. inflacioni ">bto mb.jt"" non kontroll.
Qbickti,i i ndon"ieWm.£ilbtq rritia • narase; N•• * to '" cili. Banb. Sn~il"'ri", ,ynan
J><rmbu.>hjcn e ob)oleti.i' nm~. Paraja ne f"~ r",oen t< ,etmin '''guo> q. mund t<
kollDol1obe[ pl"",>i>htlljl3 !lanka e Shqiperi>c. f'nklikWn ka """t""" <Ie mid;' rrilje. ..
f'IIIlI>C dhc intlacionil nuk k'njc lidbjeto furte£<hto ,I=ar Dg:> ~konomi""" q< kursi i
k"",himit ""hie oj" pet'C3ktui:' '"" i drcil"'rdroj" I *'Ije' "" pn::;ionc,,, inflaciMim ne
ckonomL
Akn",li,ht. pe,do,imi i MJ "PO se fundi i ).{1. po p,,,,dorcn .,i vari,"b ne m"oclin c
Jl'I"I'hiliIru' aiatshkurtet to infi""ioni, mujor.
Od><1lc db< Ft<eh.t, neukuplOIt bcqje •• delyrirtt••• te ~'" qendmre P'" to linluu:uar
der.citin buxhoto, "" m.n~ .. dlldlc """ indi.. ~, ).;q' nul kufizoh" plow:i'h~ Lredill
direkte dhe inJin:Lt, per q"'erine duhot te kuf1ZOhot d",; ne myelin qo nuk ",:<ikon
omtjc. e objehi""'" tc poHtikes mo"=, Kr<oi.l"" qeverine ""then nj. n~. piht ttlC
tc dolxta to pov"""i,•• ,. n"ukc, '" Shqiperi"',
l'nr "olumi i tmrumksion.", qe SSH->< mund '" k'l"jo «ow i Jwfuuar dh<: mwtd..i. e
»j per •• tbitb", likuiditoto'l e "'pen:a '" ""~ut nopem\iot ope"",;o..,. t. trc.:ul tc bo.pur
jane tc Irufizuarn p"..~,i"""mundc'iiae lru!\vimitl. kmIisc
PHaind;e., '0 ;nl-",,,i1 '0 renovo; \1""0,",hjot 0 'ibl'~., dhe am re """"jollta te ribl",j""
(repol dh<: report. o.o>joll',,), " instrum,,,.o t. pulililcc, monctar, jan. pr.,nnt"'"'
mJim,h. n" '1M 2000 dh. qe ,reh",o u bon t"I\i.ft mblul[O"",,,,. AyanlOzhi by,,", i
Icc'yre insturn,n'av, .,ht. '" .'e ,,,projne ne !'C'1'"'hjc me llogjik<n e treSu~ dulu: mo,
shl<akt>= deformimo: tIC te. Banb Qrndrun: ndlkon ot;tivi",cid e Uq[UL fi=i.. dul::e
q""e t1gcsht nje pjo<m4m:< ne Ie. Duke... pr.m=" n.nlur q",.hOIC cshte nj" pjesm.om:> i
privil"llioar duke u nisur "go ,hblla" infonn.doni, dh....,b e foodo>o no di'l'o:<icion.
Ajo perd~"'1 pC7 admini,trimin 0 nivol;( te likuidil<tit "0 sisl,m, Shorbo" si omntUCSO por
ni,din < tmnnol te in«""i! n" <I.ooomi
M=shjet e ribklja j.,.. Dp<nIcionc .. ''''gUi 10 hapur gj"te Ie eil"".., Il.1nb •
Shqil"'ri.. u!bet letra me ,1= banka," Ie nh'.HI '" dyte dhc i rihle" ",0 no dalon e
"""I"ar ,ipo.> I."shicvc Ie p",",ktuara Dir,,,,""" midi, cmimi~ 10 blerje, dh. alij 10
,hi~e, p,~t"1ot intere;m qc B""kB. Shqipcri,. lu l"S",n banka,.. t< ni"<lit tt dyte.
~ I'e men)", "" odort.~~a c.gc bank. q..... rurc Ie jete e .uk....hme., ojo dtlh.,lo
keto '" q1U'1C men),!"," 'e ,i pcrcill,t ". el:.onomi J'<'liti," e '"I monet.lr<:. Vole mowi7mi
i t""mi,i"nil p,.""bledh ,0",,1,( ncpe,mj'" t. dll",c i"",ru"'enl"l c polirike, muncl",o
oJIlwjne aktiv;l«in real ••o""..uk dbc p,"mbu,1un objd<livin ~ inllacioniL Studi""'l
empiril.e ""llOj"" qe """",I e politikes moru:we e japin odikimin e I}'R: nc ckonomi
brenda oj •• f.b kohO! q. ,hkou D~a dy n. lole Itmaj. Mehni..m L trnsmi.,i"";l die
k<:>htu njo In>tttmlcnt mj,ft I m1dcsi,hem n' hMtimin dhe n< .batunin e pnliLiko,
monel.cr" Ai O,Ie njcjl<n koll. rershkrum monyren Sl ,i funk.ion"" polilika lOon""".
duke ni,u, qC!Wi instrum""IUI e.,j <!he d<ri (ok ndikimi i I)'" no inflodon.
Duke 11 ni"'" nga mrodimi i ..jaft speciali".,... ~""das edt-.. I. hu.j """" atrilur no
per["ndimin q' "'ekanizmi I tr:I.'mi,ionil no Shqip<:ri nllk funk,iMM .,hlu sic dub'l dh.
efekti i polilikos mooot"" .benet nga l",nia " dL<a fal:",,,,yc "Iiaft 'pecifik qo j(ll1"
larakLeri,tik<: per ckoJ\<lmine ohqiptare ,i:
• Roli; Imtizuari In:ditit ne lek
• Dife"""" felali,hhl 0 m>dhe ndennjel paqindjevo '"' inlcro';1 Ie hedi,. mo.1<
Ie dopo"il"vc..
• Nic oklivi"" i kuJ.j.",~ i tr.gut nJ,,"""""'. i cHi <>hlo i pcrqe,tiruar kr)e,i,hl ""
i">trum<nlll shurne .r.i;hk!mo,.
• To ordhuro! nga omls"'ntd ,i dho zo'<rimo' c modh. n. cash ne lek<: dh. "0
"dlUIO 10 boaj te i"uivilovc shqip1at< <\i ...
Faktor<l < ",,,,,iperm bejlte qc >injal" e ban'<' <Icu<kore '" P"f"oilc"tl Inc shume ",htimi
dhe Ilgl> o~mi"", .,hle vloreouar. 5C YrodimtL • poliliks DIO!I<Ute bcl><n akom. me
U><= ,u l!S~" "'(1\
n lOOlln1" 'u "IP 100l ml" "" ""'1.11 n 'S'l! "'"..,," 011 u!'!'! oaat
n!,!~ ," fIlI!=tm""'tf' OJ ~['I.>I(I\I m=l 0IItIlL (OOi:-ooot •.,,.,!~ "",!lI ampwlW ,ow'l~V
t8"9 WL 89"(1 l("91 ,om n 6-61 HI

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., ijofw os>rd ,fu ",.b '1"""oJUI '!W"\I"~' ,f" '" '>O"""12~O 0 ""1l"\~'" Vl!l~''''' '"
5.L Duke rill"", q. Iljp v,ti Zoo3 Lrn~ 1"''''' lond<n"" , .. bih,jmi duko ,;~
likuiditct.Banka~ Shqipori;c kandjelrnr nje PO~lilc ~:zlrutes.o gjole ,-hlt 200-1.
)o<onn. 007.e ~ i"'~il I:a """lUI" minimum. I. ",ja hist<>riko, niljon ~ inler..imil '"
publikul pOI depo.ilimin 0 kUrsITnC'" Ie lyre n. Ie"". duke gjeneru>r edh. p""iuno
Inhicmu<>o mbi kur"n. kombimillo Idut, duko ,Isurna, pormbu,hlCII C ohjekr.ivi' 1'<'
inflac;on;n. dhe duk. ",:\ilur strukture" kohot. 10 "ferte' mon"'",,,.
OR"" m"""""" <Ih< 11jItO~.ti me , n~ i PUla.. 1)11) k.... pal..- ritmc m. 10 ""1'<j"
nitj<ie. nc ImIhasim m. ,ilin z003. Po kj<> ecuri h .o4>duar edhe Ili"'" ,-itil 2005 dho
2006 ku nilj. 'ojeloro e 1reS""';1 M3 mtl 1m. ruojtlll tend""""" nit=: to dy "iteve '"
fund;,_ Norma ",.do po;zitivr: • in",es" ka rn,jtur inler,,;" e qy"""""'< por do»Ozilimin 0
k"",lIIlCV" to lyre no ,;,t,mm bankar, duke .jell. ,..I"XIUn<: t< mctej"hme te ,,;',Iil ",;.tiv
1. p.= j"-lhtc bank.v. q. qarlullun DC donomi, 1'., trj<Jhojo, .jo nul: ..h", 'hoqeruor
"'" ",~je Ie p"",ionoYc infl.cioni,,,, Ritmct 0 rriij .. '0 ),-13 real b"o ",dim.. no ",oie sjale
dy "",,0 2007 db. 'Z008. duke sugj<ruar p<r loatrolliD me te mire Ie Pf"Si=
inOaciooisio. Ky n~o:sim ,bk!ll-tohct nga shlrtngimi gradual i I"'litik.. moo","", ~o
b aplil;u;o- rriljC1l. norm., b.,.~ to inler",;t. Gj.te "itit 200g e rn: vozhdim. politib
lnOIlCtare e Flank.. " Shq;pcri,e ka qene n<"ln<I., duko nd;hmuar no ~o",,"lidimil'l.
m<l<j>hcm t. n~odBl.'i'nit to ritmit te ek'p'n,iun;' mon"':rr. hltle ulu, numri ;

del"',ila,'e <lhc por pasoj. "ltte tritur p"r.ja nc q:rrJculllm. eolia b ndiku:rr no 'gj<rlmin
• b:l= moneta«. ~>htc kolU\O.n= nje pritje dJojt perb<",,,,,e me afatsM.unor. 0 llltitur
~jQ ngo. """,gwi'" e kriju:un "" ku:ldrin e kri,... financi>n: gIobale_ Xe te""" .r"'Ki.tc.
.<1nIhu.a .<I1olor<. p..-... ..hie odik..,- ng. 1m.., n. mtje p:r kn;di no mone<lho te
hUll,i_
~" ""-~Te q~ nJorlogi, " rJ~ ro.,~e ~""d~),,, t~ jot,· c suk"-=.':r", ajo dult« t,' l,~o t<
q3>10 m""~r<n ""i 1'-',<111« I',liti... < saj 010"''''''' no .~"'''"~;. Kc;~ ...",k (,-.moj'''' Ol<
~o Guh.."1 m<kani,",i i 1",,,,,mi,;ooiL i cili I"m,o\,·oh rru;", "'1'''M"jot to ,il"o

i,,,'n,m<'7\WL ~ rolHik' m"""'"" nJ,kojn" .',,\i,",i" <l,'""mi~ J!l>: rc,mbu!>hio
ubj<k'i\ LI' • Inlbc"'"'1.
Hhr"ril.i,ILI.• '~"'~""'L mue.Clare i'll(: pOL~orur per" liJlmr p<:"uJi,.n "n"'"'"T"'[ m<"'"
Jr'\I~h\I'. );j~ d" « 10,". ,. 1'"",,,, q.mlw", l.llnoO '}"""' .dm;llim;ll,in • 'g",go",v"
m"""~'N "C' po,iudhoo ,f,t<hku,""" .,i "j' '''<n)[c c liwurl PO' ,unl,ollin 0 pL·,,,onO'"
inll""inn;'I' n" f'<'nl1Jhcn ahl1gj"oO. \kgjLrIl"". Jok. ,111uat nS" rundi i ;i"'," '71) ,1110
[iltin,i ; ,';10'" ·~O oj. "ume, !lli'hoi< < me 1 "",dh b,",)W.o "''''' Oa.1Ur \o,htire,; oe
Ji,<njin,in " polltiko, '" 1)T< mo".""" Ju," " n,~<,Il"w, no .L\tl'O~.LI,·1 mOL:C'''''.
l.m,tli,nl J"~ ~,Ii,t,l,ml I""LIloO",r i oI.oooml,< < kJrlo< ,,,,I\u, liJhJ<n < "~"'~"'<'o
IllO"'''''''' m: ni,d;n e c",I"",,¢ J~< bo< n>J<m: rIC [l<Ih nio "'"1"~ I1Wkolni""""h '0 *'" t<
,Ik! 1'<I"'ol.lojnc <"<orin;: • eml","",,,_ E,hte e nj,.h •.~ tbo;nja ~ Guwm'''uril ,~ F,-d..T.l!
Pc, 1"", "')"e. N.'~" q<"~",,,, l»brn.: mrujno ""''''l,b nje ",-,i mj,ii","" ",>dlte
"r""".,duni db<.' PC"l<nciroh," n< oje ""m" n.< 'e ",.dh 10 b",,]c'o 10 ",,,,,inn,i"";t.
p<,~,ji~, .. i'h', to £iilho k,.., b,,-,lc boc Sl pLkenl,;. t. t~ .. n"nnm al;'",hk"nrn 1<
imo,',,;, no ",sun "~.ro""~"r.:.Io vllim do te pcrqcndrohon,i ,hkurtln,i,hl"< "",,I., ,n<
\J;c","'I'I: .
.\. K,""lIl norma' 0 I, jO(<r,~lt
Ncl,)~bimi I MntL"'. ""mlnal" Lo ;n'o[,";" r.e oi.;: pOLiudlto "[,,,htu,,,,, -J,11 oj" ndl)',I"Ht
LO rwrtnJ'''' ""Ie" in"",it doe kr nJ'1>him nJi~o" r.... oi,din c 1<..-,1."0' "~re~ato n<
e~"n"",i. ,~ \O<."~nLI. nmrn~t ,,__,l~ t< ;"""e,it "d"ojtl~ J) ''''''P''''OOIe '0 ~"'.<'"'>
L'lj, : "".fln,," Ie Inte"O'" L'"O~;clon lurulI".ct no c""noo,;' du~. ITi,ur ~""""";" ,n."
"'J~<l1'.,~ »;jo kan.l i d)to ~c1"'""j"''' ~illt "n"',.,' ~ I"".,.,.,il rorJikujno no lonsu", <shto
p:nno. d'~lil ,. 1'.''';'''' ~" "Ij" 0 norm". " into,o,i, ,,;, ,Ie,.., • a'""". I,"".,,,,,.. t<
in,li,;JiI ,1"'0 "iM 1'<"urino • t)'1" dh< delk< ,,,i1,,, '''"'''Lnin ,. I)"',
in""lim,1
,,"">lim"'''"e <k.""'Oli_ p", '" ",Ih" U) """< l< tje" toe .,," to te dla" ndl'),bimi
norm."c [0 ill,,,,,it ndikon no nLvolin e ill'/c<tJmo;'o
"on.l; ; "g",h« i k ... di«: ulja e JlMma,", te inter"i, <jell rrirje to liku;d"dil, c'ka do tc'
,bo" me ,hume ionJ" TI" di']lOmLOn '0 eke,nom,,,' dhc ",,,,,;ell,,,;.
"anal; ; ::jere; kred;••, W!, c no",,-,,", to mtc,,," "jell ';"Jo '0 ,lex> '-",1-'01,,',0
linancwIC d"k< m<ur moml"lllc r" I, m,m l.J,di,
B. Ka"ali ; kur,j, Ie kembimil
"dc)"himi i "orma;'e ro inter.<it ndil-:,1Jl nheli" e k'_",iE to kemb,mJt ku: moncdbot to «Iat
kernc norma in"",! '0 br" pn'c' I, mblCmohcn ,Ib, <l",-"jcii,", '-'dL~rnj', lUT>Ll Ie
'''''oi,"i! !. in n"i"ni I""nun 1,,,,,,,li,, e lUl>il « «",bi",i! q< "d.he' "' ", pje"'"
"ill"minr! k"Thll 'c kcmou1U' [l(h~on nc ni,din" mll.'"iunil 1<' j"'Pl'!l"'" _; ,iii vje" 00
ekoo"mi " r~",je, knn<unlit t" malhl-' £< importi!_ Nj' ","emim i !,kut dQ " m,'e
emimi" e t)'re dhe do te "i,,, dh. intlacio"in e import'.lal'_
KLb",i i '~mbimi' "dikol\ no <k_<port<l 0<10 te oj< 'endi dbe ne korke<;<n ab'IT~atc_
K,,,,, i ,,,nhi,",r ",h""" pc",i"" "e I"',""<[i",," < "il"li, t. cmim<" n, ,i;"nomi dllk"
*lIc "d"rm k"hlu nc p"tj,~ L"tlacjOL\i"o dbc nc mlt"LOLl'" rcal
~dl')<himi i <on'\lmiL,in\'~"i''''1< dllo bilalloi, ".~= Jldj,oJ'" '" "iHlin 0 kerke>.:,

,,~rc~,tc . ]lOr '"O cb "h'" dhc me , !c'Ilde",hmc pcr inlh,cwnm "h,o ",,,,,klUlli i
Ji!"""oe< mid;' J\I<'<iu,tir ,kllUll dhe "ij »,,"',,0,,1 Jh, "q" tjo dife""ce "Itt< pocitj,"
Tab 7 K'<rsi i kembimJl " Lcku, i:undrejf momdhav, kl,},e!lore ne
fund (e !,<,iydhc,
D<.>Il,ri .rnmlum M_
(lJSD) europ;ane (EIJR)
2004 \o2,S 127,S
2005 99,9 124.3
2006 98,1 m
2007 90,4 12H
21111~ ~J,9 122,~
2009
2010
"
10.l,9
131,6
117,7
lOll 100.9 1405
2012 109,8 139,2
201l 11}'J,5 139,9
OJ... vi,i, 2001 u orri, I. lin,nco""", ",,,,,;s~t ogo buxbet; ; <htet;, pmjekto te
rende,;,hme ne ujin e pijshem dbe ne shelldctesi_ si dhe u be c mundur rriU' c
bashL:luwncunil 1< prujckto,e to lIlfr.,trullu"" ITugoro, KUThlrn,l. hU"Ja vailtd""" to
plolesojne dLl'rencen n<goli,e Ie kursim,,'. dhe in,"timeve te bre"d,hm<, duke
mb«lttetur ;nvest;"'et pub like, kryes;<ht no rrojd,te to "rules;,h",e infrastrukturorc.
Scktori priv.! lum rolin kJc,osor no ccurin, C"'pom! k'Jr>imc-imc."lirno, Ed"" gjol<: ,ilil
2002, lorrru, Lrye;oI< < ri:t"<>umit l<: rruI"i<le," ish!" ",,<losj •• depo7i!a\'e ne ,;,rem;n
b""kar Sipas Ie dhe"ave paraprake, gjendja e depoz;''''"e ne fuJ\d te viti, orriri ne 2745
rruliOI<.l, kk
Ne __;tin 2003 kursimet e b"nj,bme private jalle buriLni kJc"",r ; KursimC\'c no ckonorni,
,Sip/\> ,l<:r<>irn<y<, k<lu kur;irn< am"'" n< 13,) p<rq\nU l<: PBB-se. Bila""i i ku"im_
imestimeve mate viri! 2004 nuk ka ,henuar ndry<himc to ruljcsluno nc krnhRSun mc n]O
,',I m< ,",re, KUr>im,1 nc ,ilin 2004 ,Ie",,,,,,,,,,, n< nivdin 20.4 p,rq;nd te PBll_><, nde"a
in,,,,,im" ...". ~o"" rroth 25-4 pcrqind. PBB...,,- NdJy.lhimi m. 1 modh ne bil..,cin
kunim·inv,,!imo v.",hoc !<L L.!<goru, c kursUne,'e tc brondshrn" Kursirnet priValO to
dla! porfaqo.,jno rTeth 9X" p<cqind!. ~w>iIn<"< t<: pergjilh>hmc: to br,ndohme, kane
"";IUI" "h'olin 20.1 porqind to PBB·so odorsa i""",,ime! pri,"'" P'''''''l0'")o< m:ili 80
porqin<l t. Inv• .tlmev. 1< p"rgjilh>hmc:, gje ~o trogon mb"'h!<~e" 0 ,konomi,. 'llqiptaro
no :!kumulimia. kapitllleve 0so "n" e ,elOOril prival, Gji!h:"luu. llio f:!k!or ~o vlorcsohot
'" ka ru)iI.LI'" no rritj.n c invostime>e ne pergjithe<i, «hI< odh. roni. < norm"'< ",,11< 1<
int... ,;1. [JI.bolo""3 e ku",un<,,< dhe m"e,ruIl<:vO to b",ndslune no viti" 2005 u "it per
ohl:3k .. normal • ulot. le i"t<ce,it kUll< ul", .tUnulin pOI" '"",im. duke D-<itur no to
nj.jl"" lwho rriY"" c in,'Cstim",'e. Ojatene .iteve no "ijim. "" t.rrn>. al:llmo><m. «uria e
d."",;",," ... lek. ko q""" no p<IpUt1!ic IOC kcrkC><n pc. lil:uidi.... ~a""" "",,,,ure
vjelOtC C rritj.... dopozi1a\'e n. I.fee n 1...... mlh 'Iores 9.4 P"fIliAd. kruhlIsullfmc rri~CD
prej 11 P"fIlind. Ojalc Ire viw.-~ te fundi.. kreditimi i ekonomi... ka shfaqur rri1j¢ to
q.ndrut<llm. du~o tn:gtJlI< per mbcshktjcn mo to rnadh. qe .imml b.lnlw I b dhene
zgicrimit to prodhimil dhe ni~ ... o akti,'il<lll ekanumik no vond. Krcdi. por ~konomino
pl,"~y",i nje rri1j. 10 ukt duke reflehuar problomet e ban,'" per sj,,*n' likuidiktil,
,iltronSimin. ku,hl". I< lrcdl""'; dhc njc kc,k"c me!O ul.t 1'"' !;redi. I'., bore '" pare
gj.te S vitove Ie fundi~". vi,in 2008. <~erirni vj,lor i krodi>o u ,rouk!"" dnk,h,m ne
lem1<. >Lb,"l"I". Njo faklo, tjeter qe ka ndikuar n, reduklimio" kon..,,,, p<llrcdl .>lI",
dh. pllsi~uri" pot 10 mtlhmcn c aktivitctit ekonomik no vend.i dh. p~"8uria per .curine e
t. ardh"",,'. to ~."Ie,," ekonmruke, Preli:rC"Ilo, PCT
"oJi"" no volute 1<0 ,-.zhduar Ie mbe,htetet nga iOlere" m. Ie ulot "' ~lrwlll"'r lm:dirn:
. . . .Iu",. nunj". ndj""bmo c rritj'" >jetore te p"rtofolil I. h.di.. n. ,·oluto. <k;hmoi
pet veshtiresite • bartka-.o per ,;gurimin c iikuidit<:lil "" volute. te ndiklW:ljn v<tem nga
mldlj,. ... c Iii 110 tregun ,.jen.orni><tar, poredho DI1" t<theqjot "'" 10 Luto to dq>ozita,,, no
,n1.....
I«:d= PO' luI:di ka ,-.zt,dLIM te j~", e 1""" gjalo ,itil2008. Kja dukot "" b \.i<lk: nlic Ie
nomt.". '" io",,,,,11 per !=dite. kIycsisht no ato no loke.
Pcrgii\h",isht. krodidh,nia no mO"edhen evwpi",," porlwi I!IO zh"iUilllot no lreJlict

f",..,dor. oderk"mix:we, duke u pe'lJUthur me nrlryshimi!! • !.Iho, dh, ~;u,;;,or <dhe p,e
jo mo to njcjtll m.,.,.ho..tija" 'im 2009 dho n< ,~im d,"'; no fond to vitit 2012,
",,,,,""mot pri'''''' vleresoh"" te j = ndikuar mo .humc ngo. krizo finaneiare dbe
'WII<!lIlike wtrn>l'O, p""iguri' lidhur me <irualO" ekonomik. no: "rnd db. j""hlo, ni.di i
ool)'dhu, i k""k",,,, '" brrndshmc C I. iashtme ,i dbe ku.,lnot •• htl'<nSUIl,a I< Lr<Jitimit
q. 1<011. re7.Ultu:lr no konttaktim I< IDV;,Llin",'" priv.to gjote kotyr< ,·itc"'.
C. " ....Ii I peitJ." in n.d.ni.t.
I'<Jr),hitlli i "onn,"< Ie m'cre>i, ooikon no pnl)ct e ","_",ne,... .'"n,,,,,i •• r<r jnll""""in,

KetO pritj, j:utO mj3~ " ren..k,U),,,,,, po< p"rmlimln ~ "mlm",,". NJI),himi i norm",. to
inM",il ,inj.oIilun publikilll 1"-"'( politik<n. bank., geod",.. n. lio"j. m< inll~.;onin.
t-;i.. h i ",""mi, It pul:>li~"' "" hanI."" q"""""" I>..-n GO oj ,~ <C3;.'<'jo Juke mooi,;b.",
fritict intkodonL". '" u 'hf.>qur<nde eH,,,, "nd,yshimit ,. 00l'!ll0l 0 ,,, inlet'... iL
5.>. me • h<""o;hm. ,< j"", rolit.il.> me""""'" dlli: sa m. kn.-.libd to jOte in<tirncion;
b<.nI..•• q.'IlJro", .q mo j f""" "h" fc}- ~..,al Jhe "'l "'< i k~'~ o,hl< kootrolli ,
M"~iilh,' .beiljon "!'llit te ag"'ga,,,,-e -"'ooetore. roli i I)", n" p,,,,,Lk'imin" nl\'cht to
c,"im". rLLJl "h'" <hJ\llLrr plote,,,bt. Uli. e nonna,. to inl,,~,il"" I. II,nl, «Iho nj"
ITirjo 0 I,k!lid,,,,,, ol'e 1"" t1]oclb"j" ol<tl" mo,,"'''''. Po< '" ko"" qc kjo lTilj •• of,,,,,,
nlO"""'" nu. i p<rgj':>j., ''''e,.. '" ""M,ni>" p•.,. n,j"l~ ""'n"'~". "i" ,-,.hte rrie
pr.'ItI;'" por l'u .1""klTu, no inllaoion_ Pe" '" ~etlj ",<lani/mi, "I."" "~,,,<'"ro n:lk~lon
e~he wpfilllin ~ fal"'«'" '" 'j,....

Ildl<i,i bu>h"ur. t-;q>o: nj< shl..-. h dorICi. bud.."". to anlhur.ll n~l ""illl tal"" "U~
mand t: mbul~jn. '''f'<'''imd ~ ""'orit.:b:;-.; P"~IiI<c. Kja clif."fct\CC do " pcrb:tIlob.--t
"'1"""'j'" hu.un'ni<>. Kq, ljo h", p<tballohc. n~' hu,i,net e ",""o.1<l,nl<" <kooom,,,,,
.j 0 d~ '" .j.lI. odh. ,rltj<. "01;',,,,, """'''',,'' o.l~" 'e pro,i"n", 0 in!1adnnislo. (Fin:m"mi
i d.li",,;' ""'\,<'0' "~" 0'10'" qcnJrorc' ",hte ,hkaku kL, <sN i .1=1:11'. hil'<rintl"";M;'"
t, p.:rjoru",. n~. d". ,Ille'". 'U 'h,mb"II, m< lipik c,h« oj j Gj,"tm,ni," '" (illim'>lte,e
')"') :-;. '"""~"O to b.m!..!,e dhc " troj", C tc b"'Lld,l1Ino ,I"oti "uk n,und 1. marce ilo,
Ie ""'nJ<hmo, p.. hu,utlU,ga nrnlmpton huamarrj< I< jJ..<h"n<. ~io. kern; ,u...I;= me
1""". !!iIi' • ~U3mo.nj¢< nl'l i",h," ""h« preHn« r-"" .nji",i" • o'b.i:\",im"" " 'jora
r,~<kro<.·~u"om;ko.
Bil"nd I p.~".v, '0 .0nJ;~ ~je "'pmc nc oil",ein 0 pa~o,",'o t, ,,,,dit k..koo 'ljo
"ri1k I" mO'li(i",'o likuiJ" kund,~j' pje"" rj"" to ""I", P" 'Ii" niwl m,' i l,iII,' i 1''"'1':1><:
wnd~,. n. ~nl'i,,,llilll,
...
~I.k,mim'i ; ,,,,,,,,n;,iQOl' '" polirikes "","""te "uk ",I<" i nj,jl< .i no ,.",Jo' ku tto£i<t
fin.. d .... "'r<' ~"'" Ii""., m< ":I'.Jc~ lu lr<:~~o' fi=i= jon. ,. ,h,ill""",- ,. ,.
PJr"' ""lI!lJ' • i..,'fI."" Imj"" nj~ ml me 'e ,,,~d oJ"""'' ' qe .hiM oj,· ",I m, j rnodh i
01""", m'-"'OWO. Konc'CJ'ti i duilibm: " portol;,lil nJ"""j'" !",ra..: ",,1< db.: okl;'~"
",,1...h,o nj. ~M«I" ~oc n< k"'" ~c'C&. ~o '" kWldon. no «n-l., ~ 7J"W",,-'3 ,,"""3[ 0
in<I'C>hlu:ojnc nj. ",I 10 rond",; <hem si pil.",,;,j. < mek:lnimlit ,.: l!'l!I>rn;,;onh.
K. ,hlUnO P"';gol'i rf<'<I, mo,,,,,iani, to I",mmi,ion;t'o rollti.." Lnono,""o"....ode, e

I,h"HI"", lih' nJo,h,'I .kon," edhe me leper n. """,I<L ". Ih,;lIim ,Ih" 1'., 'r.LIIL'cion.
\HJi, rnmki"r"," to b,u,k.<;, qCLldrorO dho ekonom""v<)" ,11"",. ,,,. "f'<'r ,n,,,Jo>l' "'"
ki""" lL'idllj... ,'jot 1""1''''' 110 hJhl" me j,lLin '" <f.r" nlund '" ."ij. " ro.li'''j< 1'"Ii!ib
me""",LL'" 11110 ""d, In\Ulje,i,.."o para,h;,imiL L< ~"J;lic'o pr_ ,'h",'k-.:v<, Pra. du\." qcne
"" "ali,L ,1110 ~uk" pnln"'" "'0 <k3 poli'ib m""rur. n"~ nL",,,1 W"rrij mLinJ '0 <k>'''Qjc
,I'pr<'o ~. ""lim,,, .1Iun<'"", WpcrJo"" me nl< kujd« dll••f.kr;"i"". :-;~l .". ~"'«' ror
'C"de, "" ",nzkion ko oS''''.''' top«~" "'l'" ,.,brno nul. ; uLlhc' me • ot,'fIlte dine ,j m
p..1'IIo.>rin II\) m<n.'T< "'-c 1< otae<h"", poli';l"" ",,,",,,"re pvr, "",ni,oJrim".; dobo... imil W
""""I.,. I~ ""m... '~'~ inlcrl... . it Welm I'.dikoj"" "" """-,nI;,;on;n < ,,'Iili~o> mo"o""",
.\1"k.n;tmi i Ir.n"n;>loo;, ",hie n.ic in5Irumcnl mjaft i '<I"k,"h.", ... h,,,urn," db.:
<bo,inl;n 0 politiko, mon,"""'.. \i I"'"hlnwn ,~en)f<:n >c>i l'o"",i"""n politi!..:J moo""""
"0'. si;~" droilim<l. ",j duk< fliluM r.~3 in,rrummtat. politiko' mooow. dori no
nliil:.hn ~ ')TO n,' io,1"doo. \\i,,1'" ".,,,,,,, < I,~~,. ;ole"',;L "" ""u)"" p""dobak
mund ,.Iuoj""d) ,..,10:
"
)'110 '" "IVU"l""ado ,B'U1,rQo ~O~O'U~".PI "ob .fOA'" lOP .,("'" .,o~ "d -"'"loIUC,,""
.. OIOld 01 nOl\UO~ u,u ,uof ., punw ~nu =[CW"l'" 0 ""!I~'r<t0 "" "''!l!llI'I''
'f!' llD"'I""! I """"'~"!' IS laIop1:xl .. p:mw 'I!~!

1,>nlIOll .[u "'!1l "'II"IUOP"IJII! >ll~'!Il'[q" 'IPIW uo[""n trOZlP'''' w>,.[IW'PU 1 ~""p[qO
'.1"0"""",1" ",'1l'I'[qo "'lI'm,pfuu_,pu
0, "'II~,'r~" !' "'~~r" ",rlilo;t) "IO~ ,I,', , "!l>ll-'!~,~l' '''11' "'"."U'" ,o~!1!I<>d
0, *(LIJOr" "d 11,,10,\"" Jt'"''''I,' " ,:-d '\1of) >, <O"~"l "!'<.op'."<J """lm,l, '"l''''A
'UO!'"L'llI ", omq<LuJ 'I """!Il~'l{2 f<r~ """",u >u[oS."" "" O"["rol '1 ,"
r.m"",,,ucl >lIP ,,",u.?Uml"'U! 'U~'m'~} " ",wpu,b IqlIT~ """"'r I "f:i 'I""~"f' ,,,,,,~'cIJUI
re", "r ·"lr ~1!.o.l~, '!U<l1""I.1U! !'1'" "fO>',,",.1 "'qnp "'~/{'tI.'~ "1"~ ~;= "''''I1.'d
''''''4Q~ '~l'"!,><l ~[1 '"~<> =llI'"'" ~ "!11I0UO~"1 [to) I!''''',,,, U~'I"'I'V'U1 ".<l
, "f~r!l .,.[ '" '''lop' om '" -'41' ","'I'"""L1 10[\1'" o,d 01 '''''''II! W' 0, 'fL" '111 'S 'OJ (I
fPp" "'!'""""~' "IP o,,,mOJ\! !m!~l'Ol I'~" "IP "",!,,"'u!l10~.'" 0" "'o.;>"om "",,]~d
" '·'O\"lru"' , "rIlOr",," "'" l>Llo"\4'"~ "I" 0 ·,""U, "ft) ,ru ow !11I''''''1' ,,~ ''''',]»
'"1"1'"0'" q~!I~d ',IClJllOlll "",!III,>II., l!W'lft"I/" ~1""'1W ':~j~ !WOlIO'!-' Oll ~\OW!W,
~ "'I'''!'' ". 'Uf"l!PU ~b "-'O>O''I'"J ! ""!11=>o1 'qp ~il<'!,,'ID<UI".;t) ~, II""!IIT~"'" llunpnlS
'''''UO!'~U"J ,'Le ,<:., ""'U'UI

"'" "f'IPII'" l>[o"'P ,,,,u4'q< "1 'fr"'!> ," W!q51 01 o~:m "'"1''' ,00"," Oill foq"If:uP
'" or "'1"1"'' "' "'I!"I..... '" ,,-..0 ;>II l<>«l "~<!'Ilnu ufe "" ;,,"""""
p" 'I ''I' n~ ""'OP!-'·' "fn r'""J 0" " 0]' lIIlOL'"ll"' '1 omu!",,,,,,,d 3 """''"'''bo/
';.'u 14'1'''''''1& r"'1wgm " "'Il' OI""!l"'~ "{U'LU 0" 1'4o,r",1' '1 "r """","om E~nllod
»b" :'''I'!' ,~op","d ,r" "~,, l"I"~!ld~'o, _""1>"""' "W!I~J , ""!P'"" ,"_~" 0, 'N
','!lV!q" U!l"!"'" ,,:no

",>ll''''['lI'' ! Ut[w \,[~, >fu ""'f "LV •
'''''''"!''-'>:n '!IO\!U , u,r,rmu,. -"='f'>P"'I ="""'.. ""l!1'IW

" "lLlI!""d "r,d Jll,Ul .,,,,,r Ulu"l"'II"! !q'" "f,ud '" ,"fol">I'I<> " ['lInm "''<' •
,..odn,in oie li.Jhj. I!ICO instrumen",,"'e '. ni~ bJ.nkc qcndrore dhe obi.k!iv.\'~ Ie
ndcnnjettne 1e <ai. Objoktiv., opcrlIciomle mund to o,ldenlohal njchcre Di! poriudha 1e

shkurtra si r'" dium opt> i''''''''''
• Objck'i'" 'l.,j,,,,,. <0 eil,,, ,,,nojLle kOLlti"llin. li,uidi,,,,;t I, ,i,(,'mil ",,,bl' niI< t.
,,':onie a~"elP'i tj<t<, "",""t.",. 1 ,iii e,h" L\e ,nbi'.qy,j. "' ""nk, <lel'l(I",,,,,
Obj<lw,,, c nJi:nnj<l..n Jh, .'.1 "p<r,cim"k cdr; <hoj"" n. ''''''; '" ",giimi, (0 politik..
In.1"et"~ 1r ,ph~""r ku dolloo.,,, '''' ","jim" '10 <lu " po"hkruh'" no klipiLulhn
p""udhes
KAPITlILUJ
RH;JI)lET E POLTTIK.:~ MO:"ETARE
Tf< jane rCgJlmet krl'."'''' "doj Ie ,';1<, droJrnhet politika mon<ta,<:, ~"l!elimi i k""'it 'e
kemoimit. <:rrgollini monet", ,i dhe tatge(imi i inflaciQnit 0'" _,ie nj;het ndry,h. inJlaL;on
Wgcting. fT.
.J.IT.'W'timi i IwniC .0 Itt",b;""l

Ky ">hte nJc nll" regiim.! 0 pollhlc", qe <,hte pcrcintu' k!}"i>hl nga ,c:ml" \0 ""gjot. per
te redukluar <IIlo per to mbajtur nen kontrull inll:ocionin, ne o;,ele te ult~, Inn,w.lD
Turgoling nuk "ht. oJ. ,,,£"11. pot" nJo struktur< politik •.
D"l< qcne 50 cshte nJ••trukture mj.ill c khtc db< • ~h", .. b palur Dje subos
",jillte rnaJh n" '" 1011= si per v<ndet e 7b,111_ cllu cdhc per ,·""dot ne ,J,.IIII",.
"
Tar~etimi i kurn' te kembimil lik,onnorrnen e Intlaciunit vcr "wl'at "'"");o!nbc..... dho

\ ,,",h. no men)"re "" dn:j... ,drejt ""ntriOOn oe t!tb:tj~en e infl.cj"";t no kontro!L
Ankoron prilj<t inJIacioniste ~uke nxjorro njo rresul! ""Iom,til< por dr.jIimi". I"'Htikc,
morn:I,~o dhe gjitl,agfu" ,hm:u1g pm!>lom.! • paq"odru"hmorh•. Ky "gjim ka ndihrnwIr
>.ooe te .iU" >i An.g!ia I"" t. mbaitur nen """Lrot! inl]aciomIL po. ok,peri"""" bo«roro
IIl:g01I q. ky regjimka potuf prohl""'" me «pOL" )'tn-endel ne zhviUim Kjo ""I"" n. ""'"
,·end<. ;dwlo""imi i m011o<1hcs ycm\ase 00" n. ke~csimin. bi!o",i! dho no zmadhimin.
pri'j"" inlhd"""tc, pcr ,~I<ok ,. lillionso to Eliot. se inl!.cionit.
{,,,,b!emO! q. tindin ngo "Il.erimi j Iru",i' '. kombimit jane:
T",gclimi i kur<it Ie l<mbimit ,hbktoo te~ v,ndct no zhvi!lim "j. bri;htesi finMel .....
Keto vendo .,~Rkten:rohen n~" nj~ moncdh. , .• ".Lo<:. Ie pasibOUl1 dh. nje mO'p<\t',.bikim
i zhv!.n!<lnli. Ie 1IW,..,jl>cs ,.tndas.>. :;hkalonon ... ri",.isln biluncct e f""""" apo baoka,~
qo >oprojn. a!)'. Veooet no zlwWim kar.kloriz;ohcn nga oj. pclu: 0 tarte e bo",hi,",
,nprehu, 110 Illonedhe "' hwoj. !lC krall"si", m•• ,,;tot qc ate "" ..oj no. l\jo kcqe.im i
bil"",i, ,h,""ton probl<met. "~edhJ<> se pork"!.._ dh< lC MOrolit te rre,ikut,!o oil.>!
cojn<: no nj~ l"'rI."'I""im Ie rrilj.. ekooomilu:.
Ky ",giim pcngon banken qCll~rnr<: Ie <!rej,"j. "" monyrc tV3f\ll" politihn 0 ,.j
monctare. KJo < b<n t, p..ft •• qe \·i POfllji!l.iot ,hokeve t. ndry,hme qe god..in
ekonomillO e nje ,·endL
:Io!o:gjithcsc. tar:;letimi i kurslt to ko:mbirni' fillimiW mun:! te jo", i ""I::scs/tcm no utj"" e

infI""ion;t, Mi>hkin. thote qe ""]0 ,"1m i sukswhem ,pokul.ti. mund to coje n. njo
rigjoll<rim 10 inilacionW·. Ko.btu nje keqe'im i thoUOI monedhe,. JIilS >ulrnit >-pcl<ul.tiv
...r shkak t. munge,,,, "" h.."",luru:ri;c ,e Bank., Qendrur<: mllnd to coje fie njo rriljo to
i..o""i<lnil okl\I.:lJ <the atij "' prituf. :-Ije mtj. e inJbcioni. te pri... C<ln DO: Il<IIID3 inI.""i
IDO te 1>114. 10, c"ilat dobesoJne 6uls<t e te ardItura te 'et< 1imuL"" dho shkaktoj"" nj<
koq<,im te bilandt e nj. thdlim to krizes fin.lIl.i,,,,,.
'iJOIJlD>i,) =pm(J >1 ~."'UO!OlU:ldo ~ ~lJU! """ ",r" op~ 1~ ~ "'"'II '" "I'
o!~ '''''''l'">O "~""f1 • "!11O'I1"fl'j U," ».f "I-'![IlP "'I'W'" 'lmr,,,",, Un1I'~'".L ,u"" oS
·N~'"'"I"""/.{P v~u J>""' !"'!fiJJJ (U"'I' !'''''In.I' ·...,."om lilUIll,3"" "!UOl"qz
'" """1I!l0;>a>.~ """"I" 'q><IO.\\-<roWJ'iI "lJU'!!'i'" '" 1!,d"lo:t ..d 01:61 u!l!-' 011 "JU'!!'i'"
~ :q ~"'1'''U1U' " If'"'f'l' "'d ."..r, ~ I-'P'=' ,.;ru ""''{>bpo '1 '!'bmns .fu qp.>1fuc
pu •.' "1" JIlI-'"om I)W!I,ffJ1]1 , m=!ll"-' .:-< '"""uom ~:q~OInD ~'ipu ,b ",wllI,b 'qp
~'~!1!J"""Lfl'W oIB1P""'! "l"iU!' 'd,r 'O!~"',\)I 'J"",uOUll"'!"~lll1 V' "''' oqpl'W"",
'I~" "1'11100 ~ "!'»IIb ow =:" •.1>""" ~!m!'l=~ :» '!'""'"' •lilUIllOil1m 'u OlVtjl'!lbI'i:
l!W!GlD>l "1 Illin~ '" ,,",!!>11m, ! JU'!!l'iJ Vl ""1"''< ~ -!lI .~~ ~"I(>.Ypu
'" ',"~01fS D,~,[l!~'>d 1,\ _[pu,!" po ~""r 1'",I!'OlM °ll:101l0W !Wi"fuoj .[U , iii"''''
oN "lW!q""'~ OJ l!,'.m~ , ,,!1IITI'~ "UI UI!""'P'l 0" o~"''' ..,,~ u"fm q !J!o ! 'Ill!'""'"
I!UI!"SlI:l I '" ',q<o _'"",UDIII =1'''100 =f"p 01 rod Jruop'od ,,~"" '0 ""'f' "'1[3'" olN
·'lllolq<l.ld ij1I[w I1I'I''''1I! ~ ,~ 1"""'1

.,:,"=, 'I1IIT1'ld. ,ud 'OJQrpu:>Q ""1""11 "om'lIIIj'''''''q' lIO~ilI 0" "0' 11",!qm"
~ "1"""1 ""''''I.ll OJ l><l w'q'i!mJ 1 <IIJ1I7I1~"" Or" =b< """I~'l"" 1 "",r", P""'" 1"""'1
1..,,,,,,, 1 f"'!l"""I3Ido:rw!1I!"'IZ'u ,pit" 0"['" "u. ,b ..... lU>Um\l.m ODqlnWn,l. "'!P
'!w:IpZQ 'nplOl1"'>I ·....1=<1"'1' .l:>d", .,",."OIIl 0>[11'100 .fu :r.pfp" '" ~'OIJlu'Cl "''[0\'9
l!"" • '~p ,s"",,,u*'I"Jtt~ "'1"rU]' ~.'.""d """ 'l"o l!W!qUl.~ .1 l"m~ 1 !"'11.ffJllI
-=oj,"",,",!" '[I'd
:nil ~ ""'~ ""'I • l!w!<=j.YjZ , rJ(!IJ "'"' >''1''''''''''I'.I.>d,.. ""I'" ~ow ""~'lod
.b '0!"O1'"""01"' "!Jof'l"'!QDl"'1 'Il!>mlf Ol ,1011P I'fp"n~'[ "W!Il'A\[,.U oplIOh ll1'iw 'u
00000 0f)l ·,,"""q~n!1od , '"!"fj'!ll'od 0fo"qop "I P""U11!W!q\U'~ '1''':J"~ [ I"'!I'M" I
.. m"'l""'-"'.fN OJ 1l{Odtll"! '!O q !l!' ! 'puow l1IlIfZ>.tI ! Inll""" " >:qm"l '" '!""'M
'I WI.,b'~ ,fIf'U "0' of~ 'Ilmlngw,J" l!'!"""l '" """OW OJ ;s'id oftt "'I .~p ",qop
, ON'" >Jo,p"OCl "'flIIIll m)l 'r""~ o)O""!"''''"! ,:xi 0'''1 ""w 'l"!' 0[" 0" "0' W!l1!'" .\')1
Se d)ti, 1)"h,1 te kcte nj. m.tmlhcnio to fuqi>tuno nd<rmj,t qoili[llit dho v".i"hli~ Ie
')n..'. Kq., "uk lea njc m",ednehi< 10 qcndrue,nme ndcrmj<1 "ivelil l< [c ardhur:1vt.
<mimit,lhe shpejte<i .. so po....... ...,""'" thcmi '1< to.rgetimi IllOIII:Ur nuk do l< jote; o.fte
'10'" jape .inj_Ie to qarta. Kjo do te beje. '10 Ilnnka Qcndrore '" mo. anije qollimi. ¢ ,,5
po:r[un"imlar, Ne fillim II: vltJt 1980 kur U po '1< marodhc:ni, ndi:rmj<1 .~. r "sotov.
mon"laCe. infl"donit dh. Ie tIldhurave nomi""lo u rri,h<n. mjoft v,ndi: ,j SHBA dhc
~ia hoq.n clore n~a tars.timi moncur_
No ndr),shim n~a obj.let;".1 finale. objekti,", e ndmnjot"", duk qeoe ,,,",,,,I.

mukruo~nomike 010 m\ll1d 1< konlrollohc:n no nLen}TC te d"'Jperdrejlo ng. b.nka
qendro... Ndcr objektivot 0 odcnnjetem pC'IIlIonllim per ,hombuU: hazen mQ""~"".
kursin e k.mbimit eoj_ ""«> ,'wbla mund t. lontroIlohen rKj'''''U<l pjesm:mj<> ."'i,~
De !reg (," p;ll3-<e. ko:mbirno\.. ,-.1_> ku <:mimi i \\!OOusur"", h3nh q~ ndikon
no r"nnimin • gjitho cmime'. to tje", ,i l< huodhc:nie, iL'htu "he !e .I!itblerje, >e ",luu",,,
te huajo. ~I!i,dhja e 1I0jit '" rc~imit Ie polilik" moneta," va,,[ n~a II)' fhk''''''
.l=bion,l.kanomik dhe b) n"yra 0 mcbnlzrnil te Inionll51Onil q. Jone mj.ill ,pocifi1<e
"'.-000 vond.
l-rclJiillli I LVgetunit monet.1'
N~ Shqip<ri ,kb,ali,ln p" ,J".toh<! regjimi i p"litil= <IlOIle1.1no i p<1'OIIktu3r si tart.tim

monclat. Ky tegiim koru;idorohot '" me i ",,,hUtshem Jho me i vler,hem lry",i>hl pa
ekonomi!o ne trao7ieian .No keto vend" k,,"klcrj'tike e,hle ,. konolct e finance, "uk
jane shume to zh"illuara dhe osllto piker"h! 'onJo'ja e obj,kt".'" monet"", q. do II
shcb<j. "'" mire ekspasionil" kn:Ji:s<: TIC pcrsjilhtsl. ~. kto ,end. k..al",.Ini>mOtiIni,
10 k=!isc: Dga kend~eshlrimi; politi.", mOllct>.l<: jan. nil" mO!e rtnd<-.<ishmi~ rut; qo
objcktivat. n~ormjotOIll monelilfe nJilunojno no ,·.ndQ,jcn dho "",jtjo•• oi;iplino...
hu,hetil bOD q. F)..ll\·_ja n. P"'llI"OItlet e ,aj '" mbo,,",""je., iml"'non ~",hte per ",rqindj.n
e m1j..... poz= dhe t. klndi... Adaptimi I 'elij r<:gjimi >:ion «iho '" ""uptimi i
"'1liim.", 10 1jera Ita< ne mjoft vcsbtir«i kt}=isht no ,",,"de ne ll'aIl<iciOD si SbIiperi;>.
2-... ~imi i \:tql<rimil '" kllnil to kembimit.
Rqiimi I targotimil Ie ~-ur<il Ie kmbimit ka rn:ill: '" prisho e1uilibrin e ja,b,,,,,," kur
intTaciooi i ,hkakruar n~" brenda wn~i' e,ll", ja,hte kon,wllit.
Rogiimi i torselimil mo"et.r ku" qd~m p,r[umlimlar intlacinnin. i cili nga njo," ono
<shte "jo inJikatDr qe vj<n ,i "",itat i Ye-primi, to te gjlll!< agrcg:lo:ve.po faktorov! '"
ticrc ~ oko"umi. nga on.. tjctcr Yete inJl,,,,iool ndikon rln:jpctdrejt ne <curine e
"grq:olC\'. te ~=. Nded<oh. q.: ky "'!tiim v""""'" si objektiv t~ ndcrmjrt<fJt ni~""
vje""" t. ofcnes monel." <illo njekoh""Mt lui por<>kIuar clho Ito objebi.. ,as;ore qe
jane te dolyru",llcrn per .",nun, 0dMui ,u,io,"jan<: l.1jelo1 v,lulo," neto '" Banko•.Ie
Shqipcri.., mjel"1 " brcnd.>hme ""to te Bank.... Shqlpcri"" <!he !..rodi. 0 brend.,h,ne nolo
p<r q<,<rirte. Ky re;tiim bozobet ... lm"'cplimin qe inllacioni. ... of31gjllc <S!IIc b)-esiw
nje t<-no""'" !llOIleIar dh, bIIzohet ne skonn:n c Fioch"';t, ku njo ni~e e I""" <wnomik.
do I, ,h"'l<N)ru:t me nje uljo Ie nonne, '" inlladonit. Ke,hl" [lm>ka qendmre Juk'
kulU:u.r "i~." e ofort,...o p=<e do Ie si~W'<Ijo nje mllacion te ulet. DukIdhc u:
""he., b orrinlr q. k mbaje "'" konlroll oferton. p,",",e, pOT "uk mund te thomi qo 'jo
e<;hl. pcrfokto, intl""ioni no Silqiperi nuk e,ilt<! "Je renomen kr;'e.i.ill mondat dbo no
situat. u: oai<lmlIa ai ..hi•• ,tuo ",joft i ndj ..h<m n;f.1 fukto", '" Urn: 51: <regue,i\ fi,luk
din: ate "' mil'" kmbimiLl.idbj. c paras< m. inUllciooio est.u:. <l.>bc:l dbo "'giimi i
targetimi' mo"""" nuk <>hle db, aq i "'if<: .. duket. AI:tu.;Iiohl po .!tikohet murulo,i. 0
uU,plimi, e oj. TegjiIIU 10 ri "'joft modern. i oill k. polu[ ,uhe. no mj>ln vcndc, qofto n.
,,,ndot n. thvillim apo Jh= ItO ato Ie ,h,ilIua",. i dH d~ I'i j.po me .hum. theb
inllacioniL SI ",gjimi m. J r=hletshem est... oil= by..i"" TCgjimi i ind"i""
Targ<rin~.
"
No lillim to ,'il"'" 1990, mj3ft v,n<le fillu"" '" odap",jno nJ" "'wim '" rio p<:r 1C dn:jluo.r
politik<ll e 1)'fC monet=. Kjo ,Jdhi si ",""Uot i ~je perfo"""",~ 1C dobet. qe IJsIUn
ariitur d.,l <ani n:gjimct. ,j.... pm iii i tarB'tim;, Ie kursit to lombimi' dh<: iii i target;m;1
morn:lor, Suk..,i qo P<'li implcm.ntimi 1 kecij toRilmi ,oe mjoft vondo I. ,hvillunra bo" q.
edhe mMI v"rulo Ie Ij.", ne o:hvillim Ie hiJtmin ,ytc <lrejt kesaj ,In<knu,, Jru p.~".rulim:
Brnzllin, Kilin. Rqlubliken Coke. Polooine <tj.
Poe .r.... p,ri"g'SOD n. Ie ",,<t. Inflation J.ruting?
Di," ,ip"" bo,. Ie k<tij "'Wimi 'I" perf<hin:

Njo~imin te publikn te nje I"""; """",,"". nomcrik Ie 'l'lluat p<r inlbcioniD.
Te pordorct no oruhjetin polilik i gjlllie informocloni i v1o];hom. jn ,"""'m per .grcll'l1C1

moneta" ulle pe' Jrursio • kombllni!.
Rriljen c tr:In.'p""''''''''" si rezult:ll i qie tomunikimi te ,amducsh.m m. publilum dho

"'Riel, "'th plan,,-., objeltil·."" dhe ,-.ndimevo Ie poJirike, munol=,
Sipos ekonomist""," "j. pll:c. rencie,i,1mtc e,hlo q', inlleti"" 1:LI'l,'cting truk ka '" ;,j.
,"dern me njollimio e oj. nulllri '" 'J'll"'" per in(1.t<ionin"_ Kjo pike c;hic c rendesi<hme
kI}osishl J><r v.,mel 0 z)willuarll, to politikbt,..iL rulonjch"'" '"po""jn. nje owner '"
synuUl' 1'0' inn""ionin. Ky reIDim ne Ie ,011"", korkno plok>imin odhc 1. (ipare". t, (icra
Ie rij. Ne te ,<rtol" ky "'i!iim I'Orfshin Ire tOrtJIII Uyc.me, Ie <il'll ",lr)"hojne nje,' nga
ljetta ng.> ""'"",bmcria dhe qoz!csia, q. Il3nk. Q.:ndrorc "'So>hoh<L per '" amrur
inlh.ioJLin 0 5)1\..,.. SIWL!Ia • qartesise pubc:rl nj. <!if"""",c vcndin".re ndennieL ~tij
rcgjirnl dh. "'gjun<"" to l4tlp=<ruI«ra, cil"u., kj<> ngo Car... dO.,S"'ne, Sip.. IYI"'.
qo"",iu ",hto keshm Nj. d,mom mjafl i rende'i'hem J><' implcmontimin e regjimi~ 10
inflation I"'Boling..
Aklualt,hl IT< iane rOm,,! krv..ore !< «gillnl' I, lnn.tion !"te<!lng!
3.3.' FuU-F!.dg"" Inn.!iQm urg<!;ng (FTIn: Ve."", qc c "n~ adoptuaI kct< relOiim
karnheri/Oba> nlP'
>lje dOIl-'W'" t< q..... por ."itjen • inll.donit t< 'ynuur.q" ,on "e oje mckMilOm
tIlISmislan' mj"lIlnmsparen' .n.:,rut pe'l!iegj.,it>;: < Banke. Qoodrol<:
Nq. keto '"""< nuk k"". ojo ,ynim 0""' oj. ""~;zhj,,, " percoktuor qorro P"'" inlloodonht •
>yn"",. at.".r. "1" nuk do t. j<ne to .fle q. I. mbaine intlooionin nc ni;..,le " "II•.
•\<ilplimi i kosoj fo""e 10 rolOihnil ka CuaI no p."ni,.,imin 0 probl.,ne,< me to oil ..
ndcshn IIOlik. Qcndrme, kur in!Iacioni bral"~ "ll' ni..", 10 ""'" Ie ~j. VrnJi i
pm: '1~ ~ lu adaplu:d:or~ fG/ln~ '" rl'gjimil ~U! Zih",d, • Re m~ 1989. Fondi MM<lor
Nderk='octar (FM>I). b "'portuar q. jane gjith,.j i g ,ondo qo • k"". UU"ptuar k'to
form. . . rclliimit. duk. porfiliire 7 "nJo te 7h'Hluura dhe 11 '<""0 no
;ili,illim.S.n..chICI dh••umr... !jere tho .. q.:::' Data e adaptimit I, kcsaj form. t.
"'~imil Ie it per 0.10 '""'" do Ie j<l<: do13 I:ur Ie plolcsobcn pj.... me c madh••
elemen,.,. q~ perf.,}jin Fr-tT".
3~l.2 Ed<tlk inflation IlIr~t"'g (1':IT), Kjo forme «ote adap!u'"Ir "sa "end. qc kane oj.
besue.hmori Ie mjaituestun. P<f te mbajtur oje W1acion te ulel. Po, ne ndry.!Um tIj;>
,=de! m. nje regjim FFIT, I:ano njc trnnsparen"" dbe ojo pergj.tli"'ij~ lillume te pi"",.
K,,,, ,·endo !ron,ide",".,. mjaft Ie ,ukse,hcm no .mtj'" • ni"cnt 10 uiet te inOocioni!, por
keto "'''~" jone hcteMgjen" petsa i perk'l "",klUr<s se tyre Ie pulilikos moneta,., AI" i
ku>h!oj"" v'm""dje ,i peroaktimit to stabili,«it t. omirne>..., ,j dho opcrac,on .... I.
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• Komunikimi i B3Jlk .. Q,ndro.. me publiirun i dli sa vion e po permire""het

!;jhlmj•• m. 1"1>"'. Kju I:.a ordhur,; ""nltat < shtirnit tc pubblirncvc tc Bank",
Q/!nd"' .... "onf.... n".v. to ,humli< me pnllllru: e g"""We>O < Ie publikol 10 gjm.
r.p<>rt"v" trcmujorc • vjetO". 00 .'I.j. 10 faq" "" imenl.,i, <tj.
Pa,"""ine. Bonk"' Q"ndm,,,Aktuoli,ht ligjl ,hqiptar i ofron Bank", ,< Shqip<ri.. nj.
p"'",,,i 10 lone ligjoro. po. fa<k<qe,i,hl "uk tram[olTllohet plot""i'ht "" pavare,; reale••
,;!a ,ip.. """li,u." okonomi.lo "'''''"''' mcndohct to jete me c wet. BSH.j, pctjliqet 10
ruaje p,..,...in. e "'j ngo. q<v<ri.. <dh. P'" rnun~esa. j""lnJmorn..v< ~he p."iguria.
rnebnizmi, Ie =isloni•• ben lC ve<htire .m'je" gjirhmone '" objelc!iva\"e. \Catl~
&Ict. dho Loci) Pa,,,,,,,i" 0 85H·.., d<>"tc pcrmiresohet nq. do Ie elirnieoh<:t lin"""imi i
qe>erue n8' .jo•• oil. ul••a)",hl <>h.¢ S%¢ II: ",dhurm"e Ie ttc .i""..., Ie fimdi•.
T~ e Bank.. Q<ndr=: Si"" Conit transparenca e BSH.... esht~ code larg
standarte••• kjo !o<i"" ojo nul e-,bl. """'""""",Ie n • ...:t. Ibclbin e ,.j. h)..,.,i>hl DO
silpj"1!.imin " prou<L' ,,,ndim[[\••res.Nivdi i 01« i ttanspareD= sherben si nj.
mbcshlctie 0 ~obc:t per pIL'"1LfCSine ,ul. Ie Bank"" q,ndrore si dhe ridil:on no mossul=sln
e plote 10 poli.ik.. moo,Ill",. K..,h", '" me tnm'llarrnte qe Ie jete nj. politike mone"",", •
• q mo toper rr1lot dicollO' 0 soj .i dho ndildmi n, ekonomi. Nje nde, kushte•• infl.,ion
tars"ins ..,10 pi'"i,hl nj< nivel i 1011< i (m"'p",en«, ,< Bunk", Q<ndro",. No kete
kuacior BSH·"" ko vondg.ur qo:.brond. vitit 2005 to siguroje pcrrnbushjm c ptoto '"
<tandartev. I, "Kodit t. Trun'pm"«, per Pr...tiku l< ).lira l< Poliliboy< M,,"owo".
l{o.Juu ';Pl" "P1ani1 to Zlwillimit flfutm"sem te Banke, Sf Shqip<rise " ITi~a e
~~ ~~ In ~",je ,emendje" "" Ire _ b)'c"",,, "" iVUpin e I"'pullsisc..
bitno,i' dn. m.dia,.
B",u,~hmoriu <lh, l"''Biesje,;, e Bankes Q<ndrOl'l:' Th",,"1 ,. h.""",hm.,i3 0 Bankes ,e

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Gu,"rnotorl Pullanl ka Ihcksuar qc c>hl" rrilu, dhe ,jn I'" b.:n me top"" P"'Ilj,kj. no
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Ddori[iogj ",;m; t <!h. '" eduktim it Ie publilrut

Kookluzwn.
r,,-< trajtimit teorik dhe analitik Ie ,tablhtctit rnakrockonornik ~he pOlilike, mnnotare ne
vendin tone nlund t< lhemi" pOTlumlim S. Shqiperia ka here nje progrcs to dukshcrn
1li.1<: ,,1<:;. " fundit duke here qe ,"-<bmo st,biliteti makrodwnomik to IIID> i"" me ojo
"rri~e e ",Iltire me giithe p'n~esatjo te pakta qo ka patm :';dOIIlO' pos vi';1 JOtltl~, pOr te
j.pe rul!hrr!=n c nj no njo mLl" 10 ~""~ru.sh",,, dhe te lart< ekoHornike.
MirepO, pervec progr<,it aj" ka cd"" mjail problem< ,,,,jo'~ "" di",- fu,ha te ruJr;.shmc.
to oil" muruJ '" ",dukw"en ne prohleme te q"Yorisjes dhe knjunit 10 kapacil<:leYe Ie
nevnj<hme per reduktimin e kC!;.Te probleme;'c. Probkm'l no qendrue<hme,ine f<Skale

varen n~a tc ardhur"t dhc rriua < lyre \0 eil'" j1l1e rerultat i lufte, ndaj"komLp';onit.
prubl<rni 'nergjitik ,'aret "ga prog"'<;' i luft"" kunder vjedhjc, '0 <IlOTgJl>' dh. olga
dory';mi; pagimit te futuro,-, Ie cncrgjisc.
p<"," i per~", inflacionit karakteri",iko per ckonomlllc ,h'lipellire k" qen. iofiac;o";
larre "e fillimet e tranztcioIiIt. kJo per ,hlwl 1< ,,,form","" slt"Ukturore dh< trondL~''''c, i'
elh ka ardhur nc "lje duke "mbaj'lI! nen ko"troll ne ditet e SDtmc me pcria>hlJJn, t,
Yogi" pos krl"" globale
Regiime >i .i i uill,"iQnil k shini"'tn=( intlation targeting) mcndohct "" mund "" jeo.
m, ofikas n. ,,",j~en ""hilitetit te crn;mew dhc >i pa>oje dho I, inn.don;t p,,-,i regiimi i
koottollit monetar nuk i ~iguron pohnl.:c, mono'",,, t. Danke, '" Shqiperise gjithe
informacionin c mjaftuclem per k mbajM inflacio"i" "en ko"O'oIi.
Nga a"alin e ,hkurter qe i <,We bero IlC hie l<m, munJ "" !h.mi"", megi;the problemci
qe Bank" c ShqipC"Il'" m"n~ " ho;i per plnte<imi" e korl.:csave per rcgjimm IT. "e
poriu<lba at'",n,.,mo perdnrim; i tij rnbet'" i mund,hcrn. m< lushun qe to bebet nje pun,
me inteshe per plotcsimin 0 nc"oj",o "' uphk,,,,,t te ketij repjimL
Mogjithate megjithc ,"cshh",;,l< < mund>"""', progre<; i ,,,"imar qe n~a VIti 1997lr<gon
,e 0" Shqiperi "dr;~llirnet PQzitive mo hap. te ,hpej'" j.n< t< munOs~mo.
"
R.r..."ncaL
alltlb c Shqil"'ri" hup:!iMo.w .bankofalboni..urg
H.wm 5., H. P,papanago,. P_ Sanfey dllo M. Talu "Inl1,"om ond Slllbizotion in
Alhani.··. J)isou"i01l Pap"'" )10. %/13, Ulllyersity of Kent, 19</6.
IM~, "Alh.ni. _ 11'",nl [cunomit.. D.,..lopmn'Dts~ Wa,hln&lnn
Kurt"i"", I"",,, p., -The Albanian Economy in "I",.."i\ioo, Tho Rul. uJ" fu;mlla""" RIld
I'yromld In"",li",en' ~chomd', Po,t--Communist Economl ... Vnl. 11. No.3, 19'J~.
autro, Rabon 1., (1995) "Intlation and '",,"omic Gruwlh" NBER Workin~ Pap", 5326.
Gbo>h. Atish. !l!ld S.,,"" Philip"- 1998_ "Jnfiat;on. [);.inllat;on. and Growth" L\1F
Working Pop.., M.y.
Oill=n. ),fox, and :I.\ic/Llel lCej<!k, lOOOb. ~A llIlo-lin=ily iD lbo lrt11atioo-(lwwth

ElTect~. Contrul Iiunop<:m lini.-crsity Dcpanmcnt of Econo","" Working ~r 14l1OOO;
rivisa!.
OIt"",lm·Peler, A ..hie <hume i ntet inn""i"ni ne $hqiP<ri. Sludim 1 pr=IDtuar DO

konf.",notn "Uonh Qrndrorc o. K<lhrn c Inlcgrimit-. orgonizu;tr ng. Bank:!. e
Shqlpcri"" !nor> 2009
Ilcnutko, S. B. dho :l.li!.hkm, F.(1997) _Inflation Tnr£",in~: A new framework for

Mon't.ry PoliOl'?, Journal of Econmllle P<Dp"CUVO
LttOl. E. "Cent,.1 BOHk in",pen",no< oj" the irOn,iLion "'0"'''''"0''', d;;":rllition MA

Eoonom;",. Swill. Uni. UK..
Roth". Philipp, 2000. "InlMion in AlbllIlia", (WashingtOn: 10to,,",tloo.1 Monetary
fund).
Akcrlof. Goor~•• W~li"", Diok,ns.. and C",mge pm)". 19~6, ·'I"h. Mae",.oon~mics ~f
Low In~otioo". IIr""king Pape' on Eoonomic Activil)' 1 (W",hin¥lOn: Brooking,
l.. ti\Ul;o"~
AIId,..., 1~';cr, Arld Ignacio Hcrn:mdo. "Doe, Inlblion H3ntt F.con<>nti<: (lrr.-• .-"'?
Evidence ror the OECO, -"lIER Wooing Paper ~o_ 606l.
Dum.c. 1Ikot:. """ Carl<>< Dbirt, I99&, """The :l.lain Determin;>nts oflnllOli<l" in Albarlh",
Poticy R=h Wor;ng I'ape' No-- 1930 (W""bing"""W"dJ Dank).
"

Drejtimi Financiar I Organizatave Publike - Hysen Zyberaj

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CIKLII STUOIMEVETE NIVELIT TE OYTE

F AKULTETII SHKENCAVE POLITIKE a JURIDIKE

PROFILI: MASTER SHKENCOR·AOMINISTfliM FINANCIAR

TEMA: DREJTIMI FINANCIAR I ORGANTZATAVE

BANKA E SHQIPERISE DHE DHE ROL.l I SAJ Nt

18.405 ..JALE (WOROS)

HYSEN ZYBERAJ PR.DR. ELMAZ LEGI

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