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This index is a reference taken by commercial banks to determine the interest rate in short-term loan contracts in lek.
In the response to Top Channel, the monetary institution states that the decision to discontinue the publication of this indicator was made in 2020. For unpaid loans that are affected by the ban on the publication of TRIBOR in August of this year, the Bank of Albania says that the calculation of the new interest rate will be based on the 12-month treasury bond rate from that period onwards. Experts believe that the index should not stop working as it may have negative consequences in the long run by bringing artificial interest rates higher than the market
" Normally, another institution should be charged to do this, different examples can be taken, where in the case of Euribor in the European market, it is done by the European Institute for the money market. A special structure has been created that takes the average rate of the 50 main banks in the market and makes the periodic publication of the Euribor rate" - said economic expert Igli Tola.
Out of 11 banks in the system, only five of them have portfolios exposed to TRIBOR, according to the Bank of Albania. Experts think that individuals and businesses that will be affected by the change in this rate should be protected in case of abuses
"A unilateral termination of the contract or change of conditions can lead to abuses and it is definitely this regulator that should think or offer solutions that are beneficial to consumers" - said Tola.
The Bank of Albania, in its response to Top Channel, says that the 12-month treasury bill rate actually benefits consumers more because it has been and continues to be lower than the 12-month TRIBOR rate. From an observation of the data, it can be observed that the TRIBOR determined on January 10 is at the level of 4.2%, while the rate that comes from the last auctions held for 12-month treasury bonds varies between 3.2 and 3.4%.
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