Currency in circulation reaches record in August - BoA: Around 4.7 billion euros are outside banks, an increase of 11.8%
The money circulating in Albania reached a record figure of 930.9 billion lek in August, while in a span of 3 years it has increased by about 16.5%.
Currency in circulation includes the total amount of banknotes and coins issued by the Bank of Albania, which are used by citizens to make various payments in person, as well as a portion of the money held in commercial banks, excluding deposits.
According to the M1 aggregate, this money has increased by 13.7% compared to August last year.
If we make a comparison between the M1 aggregate (930.9 billion lek) and money outside banks (463.8 billion lek), we understand that about 49.8% of money in circulation is outside the banking system.
Official statistics show that in August, 463.8 billion lek, or in other words about 4.7 billion euros, were circulating in Albania outside banks, an increase of 11.8% compared to August 2024.
Despite the fact that this calculation does not include the savings that citizens hold in deposits, it cannot be denied that we continue to be a highly cash-dependent economy.
Meanwhile, the M3 aggregate, which is the broadest indicator of money in circulation and includes the physical money we use in everyday life, current accounts, deposits and negotiable instruments, results in 1.87 trillion lek, or about 18.5 billion euros.
Money outside banks accounts for 24.7% of this total.
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