Loans are released, the basic interest rate is reduced by 0.25% - Easing of monetary policy, Sejko: Goes to 2.75%, control for shocks on inflation
For the second time in a few months, the Supervisory Council of the Bank of Albania decided to lower the base interest rate to 2.75%, from the 3% it was until now. The decision was announced by the governor Gent Sejko, while this change directly affects the loan rates, which will now be lower. In parallel, the one-day deposit and one-day loan interest rates at the Bank of Albania were also reduced by 0.25%, going to the levels of 1.75% and 3.75%.
"The Supervisory Council considers that this move will create more appropriate monetary conditions to control the impact that short-term supply shocks may have on inflation in the future. It illustrates the willingness of the Supervisory Board to react in a timely and symmetrical manner to inflation movements above and below the target, and is consistent with our previous communications to pursue an information-led monetary policy young", said Sejko.
According to Sejko, the Albanian economy and the main indicators of its economic, monetary and financial stability are in a positive development trend, while the easing of monetary policy has influenced this direction.
"Economic activity has had a solid growth during the first three quarters of the year, inflation is at low levels, public debt and foreign debt have decreased, balance sheets of the banking sector remain healthy, while lending is showing a progressive increase. The Supervisory Council assessed that the monetary policy followed by the Bank of Albania had a significant positive contribution to this progress. The gradual and careful normalization of the stance of the monetary policy made it possible to control and reduce inflation, after the impact of prices coming from the international market during 2022, without compromising - at the same time - the positive development trend of the country and the financial stability of his", said Sejko.
From February 2022, the Bank of Albania began to increase the basic interest rate, as the last increase was decided in November 2023, which also marked the highest interest rate, at least since 2013, at the level of 3.25% . Meanwhile, in July of this year, the first decrease since 2022 was decided, by 0.25%.
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