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Less lending to the economy in November. Business is moving away from credit in euros

2023-12-28 12:52:35Biznes SHKRUAR NGA REDAKSIA VOX

Less lending to the economy in November. Business is moving away from credit in

The month of November further deepened the downward trend of lending to the economy that accompanied the progress of private sector financing by the banking system throughout the year. The Bank of Albania has published the Credit indicators for the economy for the month of November, where there is a noticeable decrease in the indicators.

From ALL 730.3 billion in October, the loan to the economy fell to 722.2 billion at the end of November. More sensitive is the drop in credit for business, or credit for other non-financial corporations.

From ALL 412 billion in October, the credit for the private sector is ALL 405.8 billion in November, or 1.7%. The decrease is very strong compared to the same month of last year, by about 3.2%. The decline has clearly come about due to the strong inhibition that has marked lending in the common European currency.

From the equivalent of 220.6 billion ALL in October, the loan in foreign currency has shrunk to 211.1 billion ALL in November. It was the increase in loans in lek for business that somewhat amortized this strong decline. The loan in Lek, from 191.3 billion in October, has increased to 194.7 billion in November.

Credit for businesses has followed a slowing trend since the beginning of 2023, a trend which accelerated in the third and fourth quarters. Annual growth in the third quarter was 3%, about half of that recorded in the first half of the year, but in an even stronger decline in the third quarter. The main reason behind this performance is the improvement of the liquidity of businesses reflecting the continued growth of domestic demand and the strong growth of foreign demand, mainly for tourism. The data shows that businesses have repaid a good portion of their working capital loan portfolio.

In September, the loan for this purpose decreased by 1.7%. Another trend observed during 2023 was the shift of the loan portfolio for businesses from loans in foreign currency - mainly euros - to loans in Lek. This shift is motivated by the decreasing difference between interest in Lek and those in Euro, but also by the appreciation of the exchange rate. At the end of September, credit in foreign currency was 1.3% less than a year ago, a trend that has deepened significantly in the penultimate month of the year.


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