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“Fear of spending and investment has led to increased deposits in January, albeit at a slower pace. The data of the Bank of Albania show that at the end of last month, the savings of Albanians reached 1.11 trillion lek or about 9 billion euros. “
The largest increase in deposits came mainly from those in foreign currency that amounted to 597.6 billion or about euros, as they saw a decrease in savings in lek compared to December 2019.
What can be noticed from the statistics is the increase of demand deposits that reached ALL 121.5 billion at the end of January, a phenomenon encountered a year ago, which means that citizens can easily withdraw them from the banking system at any time. .
However, such a trend may also be related to the informal economy, as this may also lead to an increase in money circulation outside the banking channels.
Bank deposits have seen a strong upward trend since the start of the pandemic in the country last March when the total deposit stock reached ALL 1 trillion, to continue growing this year from businesses that seem to have curbed investment, as well by citizens.
This tendency of Albanians to lock their money in banks is mainly related to the high uncertainties of the pandemic as well as the imposition of blocking measures by foreign countries. Travel restrictions have made them save more during this period, thus following last year’s trend.
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