434 billion lek cash circulates outside banks - BoA: End of five-month period marks new record, increasing by 1.1%
Around 434 billion lekë currently circulates outside the banking system in Albania. According to newly published data from the Bank of Albania, money outside banks has set a new record at the end of the five-month period, increasing by 1.1% or 4.9 billion lekë compared to April.
We recall that at the end of 2024, money outside depository corporations was 4.2 billion euros from 3.9 billion in 2023. Meanwhile, compared to May of last year, where money circulating outside banks was only 389 billion lek, this year we see a deeper increase of 11.7%. This is evidence of the rapid upward trend.
These figures show that we continue to be a highly cash-dependent economy.
Our culture of making payments in cash, not very favorable interest rates on deposits, failure to install POS terminals at all retail points of sale due to high commissions applied by banks, the level of the informal economy, money from illegal sources, are just some of the factors that contribute to this large amount of physical money found outside the banking system.
Meanwhile, low trust in the banking system, preference for cash, low level of financial education, or resistance to change are also considered other driving elements.
However, the government and the central bank have taken several measures to encourage the use of electronic payments, such as reducing bank fees, promoting financial education, setting a limit on cash payments between individuals, reducing informality, etc. This is expected to gradually reduce the dependence on physical cash in the coming years.
"White Roads", works are accelerated in Breg Lumi-Theth - Investment in Lot II, increases access for residents and visitors
Local and foreign tourists visiting Theth can now experience the natural beauties of this area via the Breg Lumi-Theth road. This segment is part of the......
Vineyard map/ Which regions produce the most? - Fier leads with 39.2 thousand tons, Kukës in last place
Nearly 183 thousand tons of grapes were produced in 2024 in Albania, with an increase of only 3 tons compared to 2023, a decrease compared to previous......
Update on the list of expropriations for the New Port of Durres - 121 owners off the list, compensations over 815 million lek
The implementation of the "New Integrated Port of Durrës in Porto Romano" project has now entered another stage. The Official Gazette has published a list of......
Greece, European leader in 5G coverage - The country marks major advances in digital infrastructure
Greece has made progress in digital infrastructure, emerging as one of the best performers in the European Union for 5G network coverage. The European......
France bans smoking in public spaces - The decision includes beaches, parks and areas near schools
France plans to ban smoking on beaches, in parks, outside schools and other public spaces from July 1, to reduce the risk of cancer and discourage people......
Invoice for stolen energy - Economic damage, 90 consumers have been penalized in 4 months
90 consumers were billed by the Electricity Distribution Operator for economic damage during the first 4 months of the year. The bills include damages caused......
Tourism in a surge of investments/ Credit for accommodation and food service sets a historic record
In May 2025, new loans granted to private non-financial corporations were estimated at 22.96 billion lekë, with an annual decrease of 2.9%, compared to the......
Apple "submits" to the EU - Changes App Store rules to adapt to the bloc's laws
Apple has changed rules and fees on its App Store in the European Union, after the bloc's regulators ordered the company to remove trade barriers. Apple......
