Albanian bankers want lower interest rates from central bank

TIRANA, Jan 13 – Bankers in Albania say they have warned authorities about “negative effects from the global financial crisis” and also asked the central Bank of Albania for lower basic interest rates.
“We have seen reductions in industrial production, job looses and lower remittances,” Oliver Whittle, CEO of Raiffeisen Bank said. “I would welcome a reduction on interest rates,” he added.
“Seeing low inflation rates in Albania, we can say that rate reduction is possible,” said Elvin Meka, head of Albanian Association of Banks.
In December, the Central Bank of Albania kept its base rate unchanged at 6.25 per cent. Albania’s current account deficit was the main reason against lowering interest rates. Meanwhile, its monetary policy has remained neutral since November 2007.