Albania orders first rate hike in 11 years

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The Bank of Albania’s supervisory council doubled its policy rate from 0.5% to 1% on March 23, the first time it has raised rates since March 2011.

The 50bp hike returned the policy rate to its March 2020 level. In a press conference, governor Gent Sejko said that the central bank expected inflation to remain above its target for most of the coming two years.

Sejko cited a 3.9% year-on-year inflation figure for February, up from 3.7% in January. The Bank of Albania has a 3% inflation target.

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