Press Releases

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.

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