Coronavirus Forces BA to Cut Key Interest Rate
Albanian Daily News
Published March 25, 2020
Governor of the Bank of Albania (BA), Gent Sejko informed this Wednesday that Supervisory Council decided to kut near zero the key interest rate from 1.0% to 0.5%, so as to lower Covid-19 pandemics effects.
Identifying Coronavirus pandemic as a challenge to Albania's economy, Sejko said that payday loan interest rate will be lowered from 1.9% to 0.9% and the payday deposit interest rate will be kept unchanged at 0.1%.
Besides, Bank of Albania's Governor said that measures by private and public authorities to contain Coronavirus will have a doubled influence on the economic activity of the country.
"The Supervisory Council of the Bank of Albania decided during today's meeting to further facilitate the monetary policy stance and the monetary and financial conditions in the country. More specifically, the Supervisory Council decided:
-To lower the key interest rate from 1.0% to 0.5%;
-To lower the payday loan interest rate from 1.9% to 0.9%;
-To keep the payday deposit interest rate unchanged at 0.1%", elaborated Sejko.