Interest rates for new loans in lek dropped by 1.1 percent compared to the first half of 2010 but remained at the same rates for loans in the European currency
TIRANA, Feb. 15 – Interest rates for new deposits in the national currency, lek, and euro during the second half of 2010 continued their declining trend, according to a central bank report on the monetary policy for the fourth quarter of 2010. The report said the average interest rates for deposits in lek during July-November 2010 were at 5.13 percent or 0.13 percentage points down compared to the first half of 2010.
The report said interest rates dropped by 0.31 percent for 12-month deposits and up to 0.45 percent for 24-month deposits. The situation was a result of the stabilization of liquidity in the banking system and the drop in risk premiums which was not followed by the usual year-end promotional campaigns.
Interest rates for time deposits in Euro during July-November 2010 dropped to 2.16 percent, 0.17 percentage point below the first half of 2010.
Meanwhile, interest rates for new loans in lek dropped by 1.1 percent compared to the first half of 2010 but remained at the same rates for loans in the European currency. Data show the interest rates for loans in lek was at 12.25 percent last November, slightly lower compared to the previous year.
Average interest rates for loans in euro were characterized by big fluctuations registering 7.53 percent, only 0.02 percentage points less compared to the first half of the year. Commercial banks continued hesitating giving new loans on investments or immovable properties maturing in more than 5 year. Their interest rates increased by another 0.34 percentage points compared to the first six months of 2010.
Meanwhile, the exchange rate for the national currency lek appeared stable in the last quarter of 2010, depreciating by only 0.54 against the main foreign currencies compared to 3.57 percent and 2.54 percent in the last quarters of 2008 and 2009. Lek lost more ground against the US dollar at 9.73 percent compared to 1 percent for the Euro in the last quarter of 2010 year-on-year.
