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In July 2023, the broad money in circulation in Albania has decreased, touching the lowest level in a year, but its aggregates have increased.
According to the figures of the Bank of Albania, aggregate M1 (money outside of depository corporations plus current accounts and open-term deposits in non-bank residents' lek, without the government) has increased by about 3 billion lek in one month, reaching 738 billion lek in total.
Aggregate M2 (M1 together with non-bank residents' time deposits in Lek, excluding the government) has increased by Lek 2 billion, reaching Lek 938 billion.
Aggregate M3 (broad money includes M2 plus foreign currency deposits of non-bank residents, excluding the government) has suffered a decrease of 11 billion ALL, decreasing to 1,622 billion ALL in June. The fall of M3 is related to the devaluation of currencies and their reporting is done in Lek. This indicator is 10 billion ALL higher than a year ago, but compared to January 2023, about 50 billion ALL are "missing". Deposits for the same month fell by 1.2% from June, affecting the fall of M3, but as an effect of the exchange rate.
On the other hand, money outside the system has increased, for the month of July. The indicator touched the value of 409.3 billion ALL, about 0.6 billion ALL added in one month. This is the highest figure ever reported on money flowing outside the banking system. This is related to the strong use of cash in Albania as the preferred form of payment by consumers, but also to the limitation of businesses themselves./Gazeta Si
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