1.38 trillion lek deposits in broad money - BoA: The decline continues in March. Those in foreign currency had the greatest impact
Deposits included in broad money continued to decline in March. The latest data from the Bank of Albania show that the amount of deposits included in broad money decreased by 0.6% compared to February and 1.1% compared to January. Specifically, at the end of last month, total deposits were 1.38 trillion lek.
Deposits included in broad money refer to all money that citizens and businesses hold in banks, i.e. money in bank accounts, savings accounts, short-term or long-term deposits, and others.
In terms of currency, deposits in foreign currency reach higher values than those in lek, however, in March, both deposits in lek and those in foreign currency result in a decrease. Deposits in lek are calculated at 645 billion lek, 0.3% less than in February. Meanwhile, deposits in foreign currency reach a figure of 735 billion lek, also a value about 0.9% lower than in the previous month. Thus, from this we understand that the greatest impact on the decrease in total deposits included in broad money has been provided by deposits in foreign currency.
According to Central Bank statistics, transferable deposits, which refer to the money we keep in our bank accounts, result in the highest amounts, followed by highly liquid (i.e., demand deposits) and other types of deposits.
Transferable deposits in lek decreased to 375 billion lek in March, while those in foreign currency decreased to 357 billion lek. On the other hand, highly liquid deposits (demand deposits) and other deposits in lek resulted in a slight increase of 1.9% and 0.1%, respectively.
Meanwhile, as for foreign currency deposits included in broad money, the figures show a decline in highly liquid deposits (demand deposits) and only an increase of almost 1.7% in other types of deposits.
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