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Reduction in key interest rates of the Bank of Greece

28/06/2000 - Press Releases

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

  • the decision of the Council of the European Union for the full participation of Greece in EMU as of 1 January 2001 and the consequent convergence of money market interest rates to the corresponding euro area interest rates,
  • the latest developments and forecasts regarding the Consumer Price Index and, in particular, the positive prospects for core inflation,
  • the need to harmonise the standing deposit facility for credit institutions with the corresponding facility offered by the Eurosystem,

has decided the following:

  • the interest rate on the main 14-day refinancing operations of the Bank of Greece is reduced to 8.25 per cent, from 8.75 per cent,
  • the interest rate on the marginal lending facility for credit institutions against collateral of government securities (Lombard rate) is reduced to 9.00 per cent, from 9.50 per cent,
  • the second tier of the standing deposit facility is abolished, and
  • the interest rate on the single account of banks’ overnight deposits with the Bank of Greece is set at 7.25 per cent, compared with 8.00 per cent which was the interest rate for the first tier of the deposit facility.

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