Deposits decline

Deposits decline

The Bank of Albania has noted that bank deposits have declined over the last several months. According to data, from April of 2011, 4.6 billion lekë has been withdrawn from second-tier banks, mainly from individuals.

The fall of deposits continues for the second consecutive month of this year, while the total deposits in country, according to the Bank of Albania, are 998.5 billion lekë, down from 1 trillion lekë a month earlier.

The savings among Albanian citizens has decreased in both the Albanian currency and in foreign currencies.

According to experts, the main impact on this situation are the low interest rates for Albanian deposits, while deposits in euros continue to hold the main weight in the Albanian banking system.

Furthermore, loans granted to the Albanian economy have also decreased for the first time this year.

The Bank of Albania notes that loans have fallen by 1.5 billion lekë.

Loans are reduced both in lekë and in Euros despite all the initiatives undertaken by the Central Bank.

Just a few days ago, the Governor, Gent Sejko, appealed that the banking sector should undertake additional steps to broaden the range of credit products for businesses that have the highest return opportunities.

During 2018, the banking sector issued 1.1 billion Euros of credit to finance the economy.

EMISIONET