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.