Annual Report 2010 03 August 2011 - Banka Qendrore e ...

Annual Report 2010
CBK
countries, through the measures taken to consolidate the fiscal sector, have successfully
decreased the budget deficit. During 2010, countries such as Kosovo, Bosnia and
Herzegovina, Serbia and Romania signed agreements with the IMF to obtain financial
support. In addition, in 2010, Albania and Serbia emitted securities to finance the budget
with an amount of euro 300 million and euro 199 million, respectively. Public debt of SEE
countries further increased in 2010, reaching at 43 percent of GDP, compared to 41 percent
of GDP in 2009. Albania marked the highest rate of public debt to GDP ratio in 2010, which
reached at 61.9 percent (60.6 percent in 2009), followed by Montenegro with 49.4 percent
(43.5 percent in 2009) and Bosnia and Herzegovina with 43 percent of GDP (39.1 percent in
2009).
The relatively high unemployment rates continued to characterize the economies of the
SEE countries also during 2010. The countries with the highest unemployment rate in the
region include Kosovo (around 45 percent), Bosnia and Herzegovina (around 43.2 percent)
and Macedonia (around 31.7 percent).
Regarding the currencies of SEE countries, in 2010, the Albanian Lek depreciated against
Euro by 1.2 percent, reaching at 138.8 ALL/EUR, whereas the Serbian Dinar depreciated
against Euro by 10.6 percent, reaching at 106.7 RSD/EUR. Croatian Kuna (7.39 HKR/EUR)
and Macedonian Denar (61.5 MKD/EUR) were more stable against Euro during this period.
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