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.