Who is getting the most loans in Albania? - BoA: Businesses hold the main weight. Lek dominates citizens' loans
Around 925 billion lek are the liabilities that citizens, businesses and other stakeholders have to commercial banks in the form of loans. According to the latest data from the Bank of Albania, active loans increased by 2.1% in November, reflecting an expansion in demand for loans from both households and businesses.
The largest share of loans in the economy continues to be held by other non-financial corporations, which include businesses, with a record value of 505 billion lek. Non-financial corporations are followed by other non-resident sectors, which include citizens, with about 381 billion lek of loans.
In terms of the currency in which loans are usually taken, the majority turn out to be in lek. With the exception of businesses where the majority of credit is in foreign currency, mainly euros, credit to local government and public administration, to public non-financial corporations, to other financial corporations and to other resident sectors (including individuals), is in the national currency.
In the case of citizens, this indicates confidence in the national currency and avoidance of exchange rate risk by taking out loans in the same currency as their income. In contrast, businesses continue to maintain their main loan portfolio in foreign currency because they are oriented towards trade and imports, where payments and income are often made in foreign currency.
If we compare credit from October to November, we notice that the largest increase was for individuals, while businesses saw the least. Official statistics show that credit for Albanian citizens and families increased by 10.7 billion lek, while that for businesses by 8.2 billion lek.
On the other hand, in the case of individuals, loans in lek have experienced the highest growth, while for businesses it has been in foreign currency. Only in the case of financial corporations has there been a decrease in loans.
Overall, the increase in lending signals that the economy continues to remain active and the demand for financing remains vibrant.
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