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Domestic debt financed by individuals has reached historic highs

2023-05-01 21:25:50Biznes SHKRUAR NGA REDAKSIA VOX
Domestic debt financed by individuals has reached historic highs
debt

The share of domestic debt financed by individuals increased again in the first quarter of this year.

According to data from the Ministry of Finance and Economy, at the end of March individuals owned about 20.74% of the internal debt instruments issued by the Albanian government.

The share of debt held by individuals has increased by 1.13 percentage points compared to the end of last year and is currently estimated to have reached the highest historical levels. In absolute value, the amount of debt financed by individuals is estimated to have reached about 150 billion ALL, increasing by 10 billion ALL or 7.2% more compared to the end of 2022.

Investments by individuals in bonds and bonds received a strong boost during 2022, mainly due to the strong rise in yields. In March 2022, the Bank of Albania started the monetary normalization cycle, increasing the interest rate five times within the year and taking it from 0.5% to 2.75%.

This increase was reflected very quickly, and was even exceeded in the yields of government debt securities, especially those with short-term maturity. Uncertainty from the rapid increase in interest rates and expectations for further increases in them drove yields close to the highest levels of the last decade.

Rising yields made government bonds much more attractive to individual investors as well. Some of the depositors preferred to withdraw the money kept in bank deposits and invest in bonds and bonds, in search of higher returns.

Bank deposits in lek marked a significantly slower growth during 2022. Another part decided to sell shares in investment funds, which last year suffered a strong blow from the increase in yields. This led to a decline in the value of the funds' net assets by around 47% last year.

The data of the Financial Supervision Authority show that for 2022 the purchases of individuals in the primary market of bonds and bonds reached ALL 49.6 billion, with a record increase of 216% compared to the previous year. The increase at similar levels in the number of transactions, which reached 16,630, with an annual increase of 222%.

Sipas llojit të instrumenteve financiare, kontributin kryesor e dha rritja shumë e lartë e investimit në bono thesari. Shifrat e AMF-së tregojnë se vlera e blerjeve të bonove në tregun primar arriti në 39.8 miliardë lekë, me një rritje vjetore prej pothuajse 462%. Ndërkohë, investimi në obligacione arriti në 9.7 miliardë lekë, 73% më shumë krahasuar me vitin 2021.

Në tetor të vitit të kaluar, Këshilli Mbikëqyrës i Bankës së Shqipërisë vendosi anulimin e vendimit të mëparshëm, për mbylljen e aktivitetit të ndërmjetësimit të investimit të personave fizikë në bonot e thesarit nëpërmjet Bankës së Shqipërisë. Kjo e lehtësoi edhe më shumë pjesëmarrjen e individëve në ankandet e bonove të thesarit.

Although starting from the end of 2022 the yields of bonds and bonds began a downward correction cycle, this has not diminished the interest of individuals to invest in these instruments even in the first quarter of this year./Monitor


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