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Albania's average deposit interest rate hits record low in March

Xinhua, May 4, 2016 Adjust font size:

The Bank of Albania, the country's central bank, said Wednesday that the average deposit interest rate hit a record low of 0.94 percent in March.

The fall in the average interest rate, which was 1.17 percent in February, has led to a drop in the interest of Albanians to invest in a savings account.

According to the Bank of Albania, the total amount of individual saving accounts in March fell by 10 percent from a year ago, to 1.7 billion Albanian leks (about 14.1 million U.S. dollars).

In the past six years, the central bank has cut its benchmark interest rate 14 times to the current 1.5 percent, according to Albanian Daily News.

The central bank said the decision will create conditions for encouraging domestic demand and bringing inflation to target in the medium term. Endi