Albanians do not "share" the euro even in savings - BoA: Deposits in broad money, 1.43 trillion lekë. Those in foreign currency, the largest increase
Albanians are not separated from the euro even when it comes to savings, as most of our money in the bank turns out to be in foreign currency. According to data from the Bank of Albania, total deposits included in broad money reached 1.43 trillion lek in August, increasing by 2% compared to July.
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.
Foreign currency savings have returned to growth for the second consecutive month, after a decline in June. Low interest rates or the depreciation of the euro are not influencing citizens' behavior to move away from holding savings in the European currency and opt for deposits in lek.
Savings in foreign currency have increased more, while the increase in those in lek appears to be very small. Specifically, deposits in the national currency are estimated at 671 billion lek, about 0.9% more than in July. Meanwhile, deposits in foreign currency reach a figure of 765 billion lek, a value almost 3.3% higher than in the previous month.
On the other hand, Bank of Albania statistics show that transferable deposits in lek, which refer to the money we hold in our bank accounts, reached 394 billion lek in July, while those in foreign currency reached 383 billion lek.
Demand deposits and other types of deposits come with a smaller amount and a lighter increase compared to July.
Regarding foreign currency deposits included in broad money, the figures also show an increase in highly liquid deposits (demand deposits) and other types of deposits.
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