How favorable are interest rates? - BoA: In February, with a decrease in deposits in lek. Those in euro increased to 1.22%
After a significant increase at the beginning of the year, interest rates on deposits were not very favorable in February. According to the monthly report of the Bank of Albania, the average interest rate on household deposits in lek fell to 1.64% during February.
Since July of last year, the interest rates on deposits in lek have remained below 2% for individuals. Despite the fact that citizens' savings in banks are coming in and growing, interest rates remain not very favorable for their multiplication. This means that individuals' profits from interests will be less compared to the profits from interests that were at the beginning of last year.
On the other hand, interest rates on euro savings have been higher than those in lek. Bank of Albania figures show that the average interest rate on all types of euro deposits was 1.22% in February for individuals, with interest rates on deposits of 1-2 years and those over 2 years reaching 2.29% and 2.57% respectively.
Although interest rates on business deposits are higher than those on individuals, these rates have decreased compared to January. The Bank of Albania reports that the average interest rate on business lek savings was 2.34% in February, with deposit rates for up to 1 year and over 2 years falling to 2.35% and 2.16% respectively. Meanwhile, interest rates on savings held in banks for 1-2 years increased to 3%.
Unlike individuals, for businesses, interest rates on euro deposits are lower than those in lek. However, the average interest rate on euro savings for businesses increased to 1.66% in February.
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