April 6 (SeeNews) - Albania's central bank cut on Wednesday its key interest rate by 25 basis points to a new record low of 1.5%.
The Bank of Albania's supervisory council also set the interest rate for the overnight deposit facility at 0.25% and the interest rate for the overnight lending facility at 2.75%, it said in a brief statement, providing no further details.
The rate cut is in line with the central bank's policy to stimulate the economy amid low inflation. The bank last revised the rate in November, lowering it to 1.75% from 2%.
Last month, the International Monetary Fund (IMF) advised the Bank of Albania to "continue to keep an accommodative monetary policy stance by lowering the policy rate, consistent with its price stability objective".
According to the latest available statistics office data, Albania's annual inflation cooled to a 14-month low of 0.2% in February from 1.1% in January, well below the central bank's 3% target.