How much money is circulating in Albania? BoA: The amount has increased by 15% since 2022
The money circulating in Albania reached a record figure of 903 billion lek in July, while in a span of 3 years it has increased by 15%.
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 physically, while it also includes a portion of the money held in commercial banks, with the exception of hard currency, i.e. that which is in deposits.
According to the M1 aggregate, this money has increased by 13.8% compared to July of last year.
If we compare the M1 aggregate, which is taken as the value of total money in circulation and money outside banks, then we understand that 50% of the money in circulation is outside the banking system. Official statistics show that in July, 451 billion lek or 4.6 billion euros were circulating in Albania outside banks, an increase of 12% estimated by July 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, is 1.8 trillion lek or 18.4 billion euros. Money outside banks accounts for 24.3% of this total.
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