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Beyond the intervention in the activities of microfinance institutions, the Bank of Albania has decided to review bank lending regulations. The Central Bank has decided to reduce interest rates on consumer loans up to 200 thousand lekë.
Until now, interest rates on consumer loans were reviewed every 6 months, while the new regulation has decided to make an exception for consumer loan categories, in the range of disbursed amounts of 0-200,000 lek or the equivalent in foreign currencies, for which the Bank of Albania determines the maximum effective interest rate as the simple average of the rate, reports "AbcNews".
Also, other facilities provided for in the amended regulation are that the commissions related to the loan application, processing, administration, approval and disbursement of the loan will be paid by the consumer at the time of loan disbursement and are not distributed over the duration of the loan. Credit to the economy has had a slight slowdown during November.
Bank of Albania data shows that new credit has reached the value of 24.3 billion lek, or a decrease of 3 billion lek less during November 2024. But if we look at the performance throughout the year, the increase is considerable. In total, credit to the economy has reached 824.3 billion lek.
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