Bank of Albania keeps interest rate low

04/03/2015 00:00

Although they expect a slight improvement, the Bank of Albania evaluates
that the loan pace for the economy will remain weak even for this year.

“We had a raise of loans in the economy with 4% even during the past year. We think that the growth of loans will be constant and banks will keep crediting in 2015 with a more optimist pace than before”, declared Governor Gent Sejko.

After the meeting of the Supervisory Councill, Governor Sejko said that the bank will continue to keep the interest low, to support the growth of economy.

“The monetary policy will be stimulating in the next period. The monetary stimulus will support the recovery of the internal demand and will put inflation to the needed objectives. The economic growth for 2015 will be higher than in 2014. The enlargement of the economic activity will be supported by the growth of the private secetor. The foreign demand will have a small positive role and the fiscal consolidation speed will keep dropping”, Sejko declared.

The Bank kept the interest rate at 2%, without changing it. The Governor says that this policy, besides growing the potential of the economy, is also imposed by the weak progress of prices. This is expected to keep inflation low even for this year.

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