This adjustment is also temporary as the CBK plans to liberalize the market of compulsory thirdparty liability insurance in the coming year. *** Another important sector of the financial system is the sector of microfinance institutions and nonbank institutions, which is continuing to accelerate the pace of lending.
In this way, this sector is increasingly contributing to increasing competition in the credit market and improving access to finance. The total value of loans of this sector in October, 2019 amounted to euro 217.1 million, marking an annual growth of 22.2%. During this year, effective interest rates decreased from 23.1% to 20.3%.