TIRANA, Jan 10 /ATA/ – The interest rate ceiling on small consumer loans significantly fell in the second half of 2023, data from the Bank of Albania showed.
According to central bank data, the maximum net interest income rate (NEI) on Lek-denominated consumer loans amounting over 200,000 lek has fallen to 100% from 118.96% by end of 2022.
Applying a ceiling net interest income rate on consumer loans began in 2022.
According to the central bank, the decision to impose a ceiling rate is designed to protect consumer from potential abusive interest rates, mostly applied by nonbank financial institutions.
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