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Reduction in key interest rates of the Bank of Greece

05/09/2000 - Press Releases

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

  • The prospects for consumer price inflation and, in particular, the favourable evolution of core inflation,
  • the objective of securing a smooth transition to the euro area, as well as the required convergence of Bank of Greece interest rates to the corresponding European Central Bank rates by 1 January 2001, in view of Greece’s full participation in EMU,
  • the prevailing conditions in money and credit markets,

has decided the following:

  • the intervention rate on the 14-day main refinancing operations of the Bank of Greece is reduced to 7.50 per cent from 8.25 per cent,
  • the interest rate on the marginal lending facility against collateral of government securities (Lombard rate) is reduced to 8.25 per cent from 9.00 per cent,
  • the interest rate on the overnight deposit facility is reduced to 6.50 per cent from 7.25 per cent.

The new interest rates shall be effective from Wednesday, 6 September 2000.

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