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Reduction in Bank of Greece interest rates

28/11/2000 - Press Releases

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

  • the desirability of a gradual interest rate adjustment, in view of Greece's entry into the euro area by 1 January 2001, which requires the full convergence of Bank of Greece interest rates with the corresponding rates of the European Central Bank,

has decided the following:

  • the intervention rate on the 14-day main refinancing operations of the Bank of Greece is reduced to 6.5 per cent from 7 per cent;
  • the interest rate on the marginal lending facility against collateral of government securities (Lombard rate) is reduced to 7.25 per cent from 7.75 per cent;
  • the interest rate on the overnight deposit facility is reduced to 5.5 per cent from 6 per cent.

The new interest rates shall be effective from Wednesday, 29 November 2000.

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