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Currency market/ Sejko: The pressures for the appreciation of the lek have reappeared

2024-07-03 18:30:00, Ekonomi CNA
Currency market/ Sejko: The pressures for the appreciation of the lek have
Governor of the Bank of Albania, Gent Sejko

The governor of the Bank of Albania, Gent Sejko, informed this Wednesday that the basic interest rate has been reduced by 0.25 percentage points for the first time since March 2022.

Sjeko said that the appreciative pressures of the lek have reappeared in the currency market.

However, he stated in an appearance for the media that the rate of growth of bank credit has accelerated during the months of April-May, with an average growth level of 14%.

"Although weaker than a year ago, the appreciative pressures of the lek have reappeared in the foreign exchange market, driven by the increase in the foreign exchange supply that comes as a result of the further expansion of tourism flows.

The growth rate of bank credit continues to accelerate during the months of April-May, marking an average growth level of 14%. The expansion of credit largely reflects the rapid growth of loans in Lek, whose portfolio recorded an annual growth of 22% in May.

This performance has reflected both the low loan interest rates in lek, which have increased the demand for this segment, as well as a greater caution of Albanian family businesses in terms of unnecessary exchange rate exposure.

This market has brought further growth in the share of the loan portfolio in lek, increasing the effectiveness of our monetary policy and strengthening the country's financial stability", emphasized Sejko./ CNA





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