In 1934, the price of the grain reached the lowest level, at about 7.5 gold francs. A strong decline in prices, mainly in the agricultural and livestock industry, affected the monetary and credit policies of the National Commercial Bank. During the years of the crisis, the bank reduced the amount of currency in circulation, which worsened the deflation. The artificially increased value of the franc lowered the prices of products. In mid-1935, Albania entered a recovery phase. Industry recovered, and Zogu created tax incentives, especially for cement factories, which were made exempt from taxes for three years.