Consumer lending in Albania has been witnessing a satisfactory growth in 2017 as data from the Bank of Albania showed Thursday that it increased by 9 percent year-on-year at the end of August.

The Albanian banking system granted approximately 51 billion leks (nearly 450 million U.S. dollars) in consumer credit, according to central bank figures.

The bank said in its latest report that the growth of consumer lending was supported by significant interest rate cutbacks and an easing of lending conditions.

According to the bank, the average interest rate of lending for consumer purchases in national currency, lek, was 7.8 percent, while for the purchase of durable goods, the interest rate was 7.5 percent.

These values are in decline compared to the end of last year, while the drop is even greater compared to previous years when the consumer lending interest rates had double-digit levels.