Albanians "tied" to home loan - BoA: It for purchasing durable and non-durable goods, drastic decline
The myth that Albanians only take out loans to buy a house seems to be true, as Central Bank figures show that less and less credit is being taken out for consumption.
The latest data from the Bank of Albania shows that new credit in lek for the purchase of non-durable goods was 2.6 billion lek at the end of July. This credit, taken out by citizens to cover expenses for food, cigarettes, beverages, fuel, cosmetics, cleaning products, clothing or shoes, has decreased by almost 5.5% compared to the previous month.
On the other hand, the loan in lek for the purchase of durable goods, which unlike the goods mentioned above, are not consumed in one use and have a longer lifespan, was recorded at 1.3 billion lek at the end of July. The purchase of cars, household appliances, furniture, toys and others was covered through this loan, which, compared to June, has suffered a drastic decrease of 13%.
From these figures, the total of this new loan results in 4 billion lek, with a decrease of 5.9% compared to June. Of the 9.8 billion lek, which is all the new loans taken out by individuals at the end of July, 4.6 billion is only for home purchases.
In other words, 47.5% of the loan was used for housing purchases by individuals, 41.3% of the total value was for the purchase of durable and non-durable goods, 6.3% for overdrafts and 3.8% for other purposes.
Credit for the purchase of durable and non-durable goods continues to be obtained mainly from non-bank financial institutions rather than from banks themselves, due to simpler approval procedures. Microfinance institutions are often linked to certain businesses, especially those that offer electronic equipment, offering the citizen the opportunity to purchase the equipment through immediate credit.
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