Lending remains at negative growth rates for third month in row

TIRANA, Dec. 2 – Lending to the economy slightly recovered last October but continued remaining at negative growth rates for the third month in a row, according to data published by the country’s central bank. Data shows lending contracted by 1.5 percent year-on-year in October 2015 due to poor demand for new loans and tight lending standards as non-performing loans stand at 20 percent. Interest rates on both lek and euro-denominated loans at historical lows are also proving inefficient to fuel demand on new loans. Average interest rates on lek-denominated loans dropped to 7.95 percent in October 2015, down from…