Bank of Albania lowers the interest rate for the ninth time, bringing it down to the historic minimum of 2.5%.
The Governor explained the reasons why the Supervisory Council decided to change the monetary policy once again.
“This move aims to push consumption and private investments by creating premises for lower crediting costs in the bank system”, declared Governor Ardian Fullani.
The Head of the Central Bank declared that the economy has preserved the positive pace in the first three months, but with a slower pace.
“Recent data support our previous evaluations for a positive growth in the first months of this year. Consumption and private investments had a growth in the first three months of the year, although this growth was lower than the fourth trimester of the past year. The progress remains, however, very slow, and reflects the insecurity of the economic agents and the tightened financing conditions”, Fullani declared.
Bank of Albania judges that the progress of consumption and investments will be decisive for the economic growth of this year. For this reason, Fullani reiterated his appeal to Banks to give more credit to the economy.
“The licensed financial institutions should facilitate the movement of funds in economy. The banking system should be more active in this direction, since the stable growth of our country is a precondition for raising the stability of the banking system itself. The economic and financial reality, the constant facilitation with the monetary policy, our operations for injecting liquidity and the constant adoption of our regulations in the market’s conditions, create more premises for a quicker crediting of the economy”, declared the Governor of Bank of Albania.
Ardian Fullani declared that the inflation danger is minimal, since predictions are that the price increase will be low.
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