Albania cuts interest rates to 4.75%

TIRANA, Jan. 28 (Chinese media) -- Albania's central bank cut on Wednesday its interest rates by half a point for the first time in two years, local media reported.

The cut, from 6.25 percent to 5.75 percent, came amid the global financial crisis and was meant to stimulate the country's economy, central bank governor Adrian Fullani told reporters.

Albanian Prime Minister Sali Berisha has said on the sidelines of the World Economic Forum in Davos, Switzerland, that his country's exports would be "severely affected" by the crisis, appealing other countries not to implement protectionism.

The European Bank for Reconstruction and Development cuts Albania's GDP growth to 4 percent from 5 percent in 2009, while it sees the country's economic growth at 6.1 percent in 2008.