Reduction in Bank of Greece interest rates
14/11/2000 - Press Releases
The Monetary Policy Council of the Bank of Greece, after taking into
consideration:
- Greece's forthcoming entry into the euro area, which requires the full convergence of
Bank of Greece interest rates with the corresponding rates of the European Central Bank by
the end of 2000; and
- the desirability of a gradual interest rate adjustment;
has decided the following:
- the interest rate on the 14-day main refinancing operations of the Bank of Greece is
reduced to 7 per cent from 7.50 per cent;
- the interest rate on the marginal lending facility against collateral of government
securities (Lombard rate) is reduced to 7.75 per cent from 8.25 per cent;
- the interest rate on the overnight deposit facility is reduced to 6 per cent from 6.50
per cent.
The new interest rates shall be effective from Wednesday, 15 November
2000.