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BSH: The lack of liquidity in the market reached record levels in the third quarter

2023-12-27 11:02:54Biznes SHKRUAR NGA REDAKSIA VOX

BSH: The lack of liquidity in the market reached record levels in the third

The Bank of Albania has increased the average amount of liquidity injected into the market during the third quarter of the year.

According to the official announcement, the average daily injection through liquidity injection operations with a maturity of 1-13 weeks has further increased to 54.20 billion ALL against 44.65 billion ALL on average in the first six months of 2023.

The shortage is at the maximum observed levels and above the upper tolerance limit of the Bank of Albania. The shortage has been stable at high levels above ALL 45 billion, marking the value of ALL 56.3 billion at the beginning of the period and ALL 61.20 billion at its end.

According to the Bank of Albania, the main factor in stabilizing the deficit at high levels and less in its growth was the accumulation of liquidity in the government account. This accumulation is estimated to have come mainly due to the high budget surplus.

During the third quarter, the total balance in the government's account decreased by ALL 1.1 billion, but SËAP agreements for ALL 4.47 billion were paid to the Bank of Albania on September 18.

Aiming to reduce the shortfall by reaching the middle of the target band for the size of the portfolio, the Bank of Albania has continued to organize auctions for the purchase of securities, but the participation of banks has been low due to the downward trend of yields in the auctions of the primary market and the reclassification of securities in the "held to maturity" category during 2022 by second-level banks.

Money in circulation has increased by 4.07 billion ALL, where an increase of 5.56 billion ALL was recorded in July alone. In the June-July period, the increase in money in circulation was ALL 10.63 billion, making the previous signs of a more positive development of this factor in the conditions of higher interest rates, undone during this quarter.

Factors with a positive impact on banks' liquidity have been purchases of foreign currency from second-level banks for a total of 9.73 billion ALL.

In function of operations for the administration of the liquidity of the banking system, the Bank of Albania has used its main instrument, the reverse repurchase agreement with a one-week maturity for an average of 35.56 billion ALL or 65.60% against respectively 68% and 64% in the previous quarter .

The cases of using the one-day loan decreased during quarter III to 9, from 13 in the second quarter and 20 in the first quarter, while the use of the one-day deposit instrument decreased to an average of 400 million ALL.


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