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Adjustment of key interest rates of the Bank of Greece

26/01/2000 - Press Releases

The Monetary Policy Council of the Bank of Greece, having regard to:

  • the anticipated development of average annual inflation on the basis of the harmonised consumer price index,
  • the estimated positive effect on inflation of the recent revaluation of the central rate of the greek drachma against the euro in the exchange rate mechanism (ERM II),
  • the containment of the annual growth rate of the broader liquidity indicator M4N close to the lower end of the reference range (7-9 per cent) for 1999,

has decided the following:

  • to reduce the interest rate of the first tranche of the overnight deposit facility to 9.50 per cent from 10.25 per cent and the interest rate of the second tranche to 8.50 per cent from 9 per cent.
  • to reduce the Bank of Greece intervention rate in the interbank money market for the acceptance of 14-day deposits to 9.75 per cent from 10.75 per cent.
  • to reduce the interest rate of the Lombard facility to 11 per cent from 11.50 per cent.

The above adjustment of key interest rates of the Bank of Greece is consistent with the maintenance of monetary stability in the economy.

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