Bank of Albania has cut base interest rates from 1% to 0.5%. This was declared by the head of the Albanian central bank, Gent Sejko.
In a statement, the head of BoA said that the Albanian economy is healthy. According to him the decision to cut interest rates aims at reducing the cost of borrowing and to minimise the effects of the pandemic.
“The banking system is healthy and reserves in the banking system are high. In this context, the bank’s oversight committee notes that in order to minimise the long-term effects of the pandemic there must be serious efforts which all public and private authorities in the country must coordinate”, Sejko said. TemA