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The basic interest rate increases/ Sejko: Cause of high inflation

2023-11-01 16:30:00, Ekonomi CNA
The basic interest rate increases/ Sejko: Cause of high inflation
Governor of the Bank of Albania, Gent Sejko

The Bank of Albania has increased by 0.25% the base interest rate for the lek.

The news was announced by the Governor of the Bank of Albania, Gent Sejko, during a press conference.

Sejko said that with the increase the interest rate has gone to 3.25%. According to him, the reason for this decision is the high inflation of basket products.

Also, the Supervisory Council of the Bank of Albania increased by 0.25% the overnight loan interest rate, bringing it to 4.25%, as well as the overnight deposit interest rate, bringing it to 2.25%.

"The Supervisory Council of the Bank of Albania decided:

- increase the basic interest rate by 0.25 percentage points, bringing it to the level of 3.25%;

- to increase the one-day loan interest rate by 0.25 percentage points, bringing it to the level of 4.25%;

- to increase the one-day deposit interest rate by 0.25 percentage points, bringing it to the level of 2.25%.

The Supervisory Council judged that the reduction of the monetary stimulus, through the further normalization of the stance of the monetary policy, is a necessary measure to guarantee the return of inflation to the target within the next year. It factors in the need for a more active role of the monetary policy in terms of balancing the demand and supply for goods and services, against the expectations for a more stabilized course of the exchange rate and a more neutral fiscal policy in the medium term horizon. In this context, it serves to preserve the purchasing power of Albanian families, guarantee the monetary and financial stability of the economy, as well as the sustainable and long-term development of the country," emphasized Sejko./ CNA





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