In lek or in euros, how do Albanians store their money? BoS: Foreign currency deposits, with a decrease in June. Factor, the depreciation of the European currency
After three months of decline, it seems that deposits included in broad money have returned to growth. According to newly published data from the Bank of Albania, the value of deposits included in broad money increased slightly by 0.3% compared to May. Specifically, at the end of last month, total deposits were almost 1.39 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.
If we refer to the currency, deposits in foreign currency reach higher values than those in lek. So, most of our money in the bank turns out to be in foreign currency. However, compared to May, savings in foreign currency have decreased. The depreciation of the euro has pushed many citizens to move away from keeping savings in the European currency and to choose more deposits in lek. Also, interest rates on deposits in euro have been very low.
Deposits in the national currency are estimated at 655 billion lek, 1.5% more than in May. Meanwhile, deposits in foreign currency reach a figure of 733 billion lek, a value about 0.7% lower than in the previous month.
Meanwhile, the latest data from the Bank of Albania shows that transferable deposits, which refer to the money we hold in our bank accounts, continue to be in higher amounts, followed by demand deposits and other types of deposits.
Transferable deposits in lek reached 381 billion lek in May, while those in foreign currency decreased to 360 billion lek. On the other hand, demand deposits and other deposits in lek resulted in a slight increase.
Meanwhile, as regards foreign currency deposits included in broad money, the figures show an increase in highly liquid deposits (demand deposits) and a decrease in other types of deposits.
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