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Albania cuts key rate to historic low

Xinhua, April 7, 2016 Adjust font size:

The Bank of Albania cut the key interest rate by 25 basis points to a historic low of 1.50 percent, the bank said on Wednesday.

The Supervisory Council of the bank reviewed the most recent economic and monetary developments and outlook, and decided to lower the interest rate, according to Gent Sejko, Governor of the Bank of Albania.

Additionally, the Supervisory Council decided to set the interest rate for the overnight deposit facility at 0.25 percent, and that for the overnight lending facility at 2.75 percent, Sejko told a press conference.

He noted that the further easing of the monetary policy aims to give an additional impetus to economic activity.

The central bank of the Balkan country also narrowed the interest rate corridor in the inter-bank market by one percentage point, from 3.50 percent to 2.50 percent.

The new interest rate for deposits would be 0.25 percent and the one-day lending rate would be 2.75 percent, added Sejko. Endi