Albanian central bank keeps base rate unchanged at 3.0%

By bne IntelliNews July 5, 2023

The Bank of Albania’s supervisory council decided on July 5 to keep the base interest rate unchanged at 3.0%, the bank said in a statement. 

The central bank also kept the one-day deposit interest rate at the Bank of Albania and the one-day loan interest rate unchanged at 2.0% and 4.0% respectively. 

Inflation has been declining in recent months after peaking in late 2022, which the central bank said mostly reflects the fall in imported inflation. 

“[T]he Supervisory Council assessed that the current stance of the monetary policy remains appropriate. However, the Council noted that domestic inflationary pressures remain high and meeting our price stability objective may require a further normalisation of the monetary policy stance in the future,” central bank Governor Gent Sejko told a press conference on July 5. 

Meanwhile, the Albanian economy continued to rise in the first half of the year, although at slower rates than previously. Inflation recording an average value of 4.7% in the months of April-May.

“This dynamic has been dictated by the fall in the inflation of the prices of processed food, oil and related products, while the inflation of other basket items has appeared relatively stable,” according to Sejko. 

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