The World Bank has started negotiations with Albania on a credit package of more than $100 million to minimize the possible spillover effects from the European debt crisis.

The Central Bank on Thursday cut the interest rate on the lek from 5 to 4.75 per cent in an attempt to stimulate economic growth.

An increase in excise duties for tobacco in Albania has increased cigarette smuggling in the first nine months of 2011.

Albania's central bank kept its key interest rate unchanged on Wednesday, following last month's cut of half a percentage point. 

An explosion at the Bulqiza chromium mine in northeastern Albania this morning has resulted in one fatality and seven injuries among mine workers, a company official has told Balkan Insight

Data published on Tuesday by Albania’s Association of Banks say bad loans reached 18 per cent of the total credit portfolio in August, the highest level to date. 

A report by real estate agent Colliers international published on Wednesday highlights poor demand for commercial space in the Albanian capital.