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Will the loans be cheaper? Lowering the interest rate can make it easier for Albanians to borrow from banks

2024-11-13 11:47:39Biznes SHKRUAR NGA REDAKSIA VOX

Will the loans be cheaper? Lowering the interest rate can make it easier for

Loans will become cheaper in the future. After the reduction to 2.75 percent from 3 percent which was the basic interest rate for the lek, the Bank of Albania estimates that Albanians will pay less for the loans they will receive or for those they have to repay.

"The Albanian economy will have at its disposal an offer of bank credit that serves to meet its needs for consumption and investment and what should be emphasized is with low financing costs", said the director of Monetary Policy Erald Themeli.

The Director of Monetary Policy at the Bank of Albania, Erald Themeli, explains that the reduction in the base rate was due to the rapid fall in inflation, which if it continues to fall, also affects economic growth.

"The analysis and forecasts concluded that the balance of risks in the short term is on the downside, which means that the supply shocks that have brought about the fall in inflation during 2024 will continue to be present during the 4th quarter and even risk shifting this indicator even below our central projection of 1.percent. monetary", stated Themeli.

On the other hand, the rapid decrease in inflation has had a positive impact on citizens and businesses.

"The disposable income of families provided by employment, salaries, the increase in remittances are expanding and guarantee an increase in their consumption and well-being. The balances of the businesses are also positive", said Themeli.

The Bank of Albania estimates that keeping inflation under control, reducing public debt and simultaneously increasing wages and employment guarantee a stable growth of the country's economy.


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