The Bank of Albania Governor, Gent Sejko, announced that the Bank of Albania will enter the market by purchasing foreign currency to avoid further Euro devaluation.
Sejko said that the Supervisory Council will reduce the basic interest rate by 0.25%, taking it to 1%.
“The number of Euros as increased in the market, since 2015, changing the interest rate beyond the normal parameters, forcing us to intervene in the market. We will buy foreign currency to avoid a further devaluation of the Euro. The Bank of Albania has several criteria that allow interventions”, Sejko said.
On the same day, the Central European Bank announced that they will stop injecting Euros in the market, to stop the currency’s devaluation.
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