Oct 2, 2024 – The Bank of Albania held its main interest rate steady at 3% on Wednesday, with governor Gent Sejko signaling optimism for stronger economic growth in the months ahead.
Following a meeting of the central bank’s Supervisory Council, Sejko said the exchange rate has remained stable, helped by increased currency purchases. The bank also kept the one-day deposit rate at 2% and the one-day loan rate at 4%.
Sejko highlighted a 6.9% jump in private sector wages during the second quarter, calling the central bank’s monetary policy over the past two years a success. “Lower interest rates on deposits, loans, and securities have supported favorable credit conditions,” he noted.
The central bank expects economic activity to pick up, fueled by both domestic and foreign demand. Albania’s cautious monetary policy has aimed to stimulate growth while keeping inflation in check.
