TIRANA, November 23/ATA/The interest rates of the time deposits in the second-tier banks are back to growing trend in recent months and have actually hit the highest levels since the start of the monetary normalization cycle.
According to data from the Bank of Albania, the average interest rate for new time deposits in Lek reached 1.73% in September, close in value to the level of 1.74% in August.
These are the highest levels reached since the Bank of Albania started raising interest rates in March 2022.
Meanwhile, during the current year the loan in the local currency Lek increased by more than 9%, thanks to relatively low interest rates. Some of the borrowers have even converted their existing loans from foreign currency to local currency, encouraged by both interest rates and the favorable exchange rate, the Bank of Albania said./p.s./
