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Reduction in Bank of Greece interest rates

12/12/2000 - Press Releases

The Monetary Policy Council of the Bank of Greece, after taking into consideration:

  • the required full convergence of Bank of Greece interest rates with the corresponding rates of the European Central Bank, in view of Greece's entry into the euro area on 1 January 2001,

has decided the following:

  • the intervention rate on the 14-day main refinancing operations of the Bank of Greece is reduced to 5.75 per cent from 6.5 per cent;
  • the interest rate on the marginal lending facility against collateral of government securities (Lombard rate) is reduced to 6.50 per cent from 7.25 per cent;
  • the interest rate on the overnight deposit facility is reduced to 4.75 per cent from 5.5 per cent.

The new interest rates shall be effective from Wednesday, 13 December 2000.

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