TIRANA, Jan 9 /ATA/ – The Bank of Albania decided last August to call off the calculation of TRIBID and TRIBOR fixed rates in local currency calculated by the central bank based on the quotations of the panel banks to purchase and to sell deposits in the interbank Albanian money market. The decision is scheduled to enter on August 1, 2024.
Similarly, central bank called on borrowers with the interest rate of their bank loans calculated based on the TRIBOR rate to pay attention to the notifications they may receive from the banks.
According to BoA, the adopted change will affect the current lending contracts that have been signed after having been calculated according to the TRIBOR fixed rate.
The interest rate set on the loan contract is one of the contract’s essential conditions agreed upon in the contractual relationship, and in case of its change, the approval of both parties is required.
“We encourage borrowers to carefully read the loan contract to figure out whether they are affected by this change or contact their commercial bank for more information, if it is necessary to implement changes to their loan contract based on the rate used,” the Bank of Albania said in an official release.
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