Albania’s interest rates have risen for the fourth time in a row! The base rate is now 2.25%. The one-day loan “jumps” to 3.25%.

For the fourth time in a year, the Supervisory Council of the Bank of Albania has increased the basic interest rate, bringing it to 2.25%. stated a 0.5% increase in the base rate. The Council also approved the decision to increase the one-day loan interest rate by 0.5 percentage points, bringing it to a level of 1.25%. They also approved increasing the one-day deposit interest rate by 0.5 percentage points, bringing it to a level of 3.25%.

While announcing the decisions, Governor Gent Sejko confirmed that the updated forecasts will make sure the Albanian economy continues to grow in the medium term, although the pace of growth will be somewhat lower.

The deterioration of the economic outlook in Europe, the negative impact that high prices have on the purchasing power of families, and the reduction of fiscal stimulus are expected to slow down family consumption and business investment in the future. On the other hand, the high level of deposits, the increase in employment and wages, the increase in bank credit, and the social security packages are expected to provide support for the balances of the private sector, “said Sejko.

The governor evaluated the progress of the banking system in the country while describing as surprising the positive effect of the involvement of local factors in the Albanian banking system after the withdrawal of some foreign banks.

The Supervisory Council decided:

to increase the base interest rate to 2.25% from 1.75%.

to increase the one-day deposit interest rate at the Bank of Albania to 1.25% from 0.75%.

The move will increase the one-day loan interest rate at the Bank of Albania to 3.25% from 2.75%.

Translated by: Xhenisa Xhangoli/SCAN

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