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The decision of the Bank of Albania to reduce the basic interest rate for the lek from 3.25% to 3% for experts was expected, taking into consideration the data of inflation, economic growth and the calming of foreign markets.
This decision is expected to be followed by a reduction in lek loan rates, both for existing and new loans.
"The reduction of the base interest rate means a reduction in the cost or price of the lek. Greater facilitating opportunities are created for money to enter circulation more abundantly and more easily. The main impact is on the interest rate of loans in Lek because the reduction of the basic interest rate must be accompanied by the reduction of the loan interest. The loan in lek becomes more accessible, cheaper to get and goes within the trend that we have today for the increase of loan in lek ", says Adrian Civici, banking market expert for "Vizion Plus".
"For existing loans that have a variable rate in the contract, it is good news because it is a reduction in the interest rate and a reduction in loan installment payments. It is also good news for those who will get new loans, they will get them at a lower rate, a little more convenient. It is also a norm that favors investments, favors consumption" , said Mateo Spaho, banking market expert.
Experts explain that by lowering the basic interest rate, there will be more lek in circulation and as a result, this is expected to affect the exchange rate, slightly devaluing the local currency in relation to the euro.
"In a broader perspective, the decision also has an impact on the depreciation of the exchange rate. This expansion of the money supply in lek has a positive effect on the balance of the lek with the euro, calming the exchange rate somehow" , said Civici.
"The fact that BSH makes such a decision in the tourist summer season means that that liquidity is not that great or that BSH estimates that there should be a larger amount of money in the market. The lack of his presence has caused the euro to depreciate in relation to the lek. This can also be seen as an attempt to weaken the lek a little, because this way the manufacturing businesses become competitive again in the market", said Spaho.
Experts in the field estimate that we have already entered a new downward phase of the base interest rate and expect that in the future there will be several other similar decisions by the Bank of Albania.
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