Euro dominates in broad money deposits - Total, 1.46 trillion lek in October. Savings in local currency also increase
The Euro is the dominant currency in Albanian banks when it comes to the money that citizens, businesses or other institutions hold in their deposits and other accounts. Most of our money in the bank turns out to be in foreign currency. According to data from the Bank of Albania, total deposits included in broad money reached almost 1.46 trillion lek in October, thus increasing by 0.6% compared to September.
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.
Foreign currency savings continue to grow for several consecutive months. Low interest rates or the depreciation of the euro are not influencing citizens' behavior to move away from holding savings in the European currency and opt for deposits in lek.
Savings in lek have increased more, while the increase in those in foreign currency appears to be very small. Specifically, deposits in the national currency are estimated at 687 billion lek, about 1% more than in September. Meanwhile, deposits in foreign currency reach a figure of 771 billion lek, a value about 0.3% higher than in the previous month.
On the other hand, Bank of Albania statistics show that transferable deposits in lek, which refer to the money we hold in our bank accounts, reached 403 billion lek in October, while those in foreign currency reached 387 billion lek.
Demand deposits and other types of deposits come with a smaller amount and a lighter increase compared to July.
Regarding foreign currency deposits included in broad money, the figures also show an increase in highly liquid deposits (demand deposits) and other types of deposits.
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