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Banks increase the interest on deposits in Lek, due to the stagnation of savings in the local currency

2023-11-23 12:29:41Biznes SHKRUAR NGA REDAKSIA VOX

Banks increase the interest on deposits in Lek, due to the stagnation of savings

Deposit interest rates have returned to growth in recent months and have reached the highest levels since the start of the monetary normalization cycle.

According to data from the Bank of Albania, the average interest rate for new time deposits in Lek reached 1.73% in September, in values ​​close to the level of 1.74% in August.

These are the highest levels reached since the Bank of Albania started raising interest rates in March 2022.

The return of the increase in the interest rates of deposits in Lek can be explained by the stagnation of deposits in the local currency and the narrowing of the liquidity surpluses of the banking sector. At the end of September, deposits in Lek had a very low annual growth rate of 0.3%.

Meanwhile, during this year the loan in Lek increased by more than 9%, thanks to relatively low interest rates. Some of the borrowers have even converted their existing loans from foreign currency to local currency, encouraged by both interest rates and the favorable exchange rate, BSH announces.


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