Top Bankers: Global Crisis has arrived in Albania

Leading bankers in Albania warned authorities about “negative effects from Global Financial Crisis”, and urged for lower basic interest rates, according to Top Channel TV.

“We have seen reduction 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 rate in Albania, we can say that rate reduction is possible”, Elvin Meka, head of Albanian Association of Banks said.

In December, the Central Bank of Albania kept the base rate unchanged at 6.25 per cent. Albania’s current account deficit was the main reason against the lowering interest rates. Meanwhile, its monetary policy has remained neutral since November 2007.

Short URL: http://www.albanianeconomy.com/news/?p=1600

Posted by Gjergj Erebara on Jan 13 2009. Filed under Banking & Finance, Top News. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry