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Feb 08, 2024 10:39 EEST
February 8 (SeeNews) - The central bank of Albania said it has decided to maintain the key rate at 3.25% amid persisting internal inflation pressures, fuelled by strong demand for goods and services along with rising wages.
Inflation averaged at 3.9% during the fourth quarter of 2023, slowing down as compared to the previous quarter, central bank governor Gent Sejko said in a statement on Wednesday.
Inflation is thus easing towards the 3% target rate that the bank aims to achieve by mid-2024.
Gross domestic product (GDP) grew by 3.5% in the third quarter of 2023 and early data suggests a similar trend in the fourth quarter, too. Economic growth was backed by a boost in the tourism sector and increased private investment, especially in the services and construction sectors.
The central bank also maintained the interest rate on the overnight lending facility at 4.25% and the rate on the overnight deposit facility at 2.25%.
Albania's EU-harmonised index of consumer prices (HICP) rose 4.5% year-on-year in December, same as the annual growth in November, the statistical office said last month.
The Bank of Albania increased its key rate six times in 2022 - in March, July, August, October and in November.
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