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Traditionally, in August and December, foreign currency deposits, especially in euros, show a significant increase, as a result of the increased flow of immigrants who come to be with their families.
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But in December 2023, euro deposits recorded a minimal increase, the lowest, at least since 2016, when the Bank of Albania reports data on euro deposits.
According to Bank of Albania statistics, in December, the stock of euro deposits reached 7.3 billion euros, the highest level ever recorded.
But compared to November, the addition of savings was only 16 million euros, a minimal increase compared to the Decembers of previous years.
For example, in December 2022, savings in euros increased by a record of 112 million euros. Market operators claim that one of the reasons is related to the weakening of the euro, which has caused many immigrants not to come to the country, bringing as a result less currency.
On an annual basis, deposits in euros have increased by 15.5% in 2023, or about 920 million euros more.
The most positive months were July and August, where savings in euros in banks increased by 130 and 286 million euros, respectively. The annual allowance in 2023 is almost the same as the allowance in 2022.
Unlike the euro, the performance of deposits in Lek in December was much more positive for the second month in a row.
The data of the Bank of Albania reveal that the stock of savings in the local currency in December reached 579 billion ALL, with an increase of 2.5% compared to the previous month, or 14 billion ALL more (about 125 million euros).
Also in November, savings in lek expanded significantly, by about 17 billion lek, the highest since December 2021. The positive performance of savings in lek was influenced by individuals, who increased their savings without a term in banks, which brought 75% of growth. The second highest impact came from public non-financial corporations.
On an annual basis, deposits in ALL increased by 5%, or 27 billion ALL more.
The rates of growth of deposits in lek in 2023 were significantly accelerated compared to previous years, when they experienced a slowdown due to the tendency to lower interest rates (in 2022, deposits in lek on an annual basis fell by 0.1%).
The tightening monetary policy, which has been accompanied by an increase in the base rate from the Bank of Albania and interest on deposits from banks, has had a positive effect on the performance of savings in Lek.
"Monitor" reports the data of deposits separately in Lek and Euro, according to the Bank of Albania's reporting in the respective currency, while their reporting only in Lek is affected by the devaluation of the euro. /MONITOR
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