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Voxpress:

What do Albanians get more loans for?

2024-02-07 13:51:38Biznes SHKRUAR NGA REDAKSIA VOX

What do Albanians get more loans for?

Despite the challenges that inflation brought during 2023, the increase in the base interest rate, or economic uncertainties, banks have shown a high willingness to finance the credit needs of individuals. But for what purposes did individuals go to banks the most during the past year, to buy new homes, durable or consumer goods, or short-term expenses.

From the official data, it results that the credit for individuals has increased by 9% in annual terms, reaching the value of 271.7 billion lek in December 2023, from 249.2 billion in the same month of the previous year.

It is noticeable that the growth is largely dedicated to loans in Lek, which has amortized the strong contraction of loans in Euros. While it was the loan for the purchase of housing that dominates the borrowing indicators, with a lot of interest for both parties, both individuals and banks. The total loan in lek for the purchase of apartments in December has reached 110.2 billion lek, with an increase of 17% compared to December of the previous year, the total amount was 94.1 billion.

Meanwhile, the last months of the year, the overdraft in Lek, the loan to cover immediate needs, decreased. The total of this short-term loan is 7.2 billion ALL at the end of December, from the average of about 7.4 billion ALL in which it has fluctuated throughout the last year.

But the main developments in loans in lek for individuals are noted abroad for the purchase of non-durable goods, for quick consumption and durable ones, such as cars. Lek borrowing for the purchase of non-durable goods has increased by a full 38% on an annual basis. From 34.6 billion ALL at the end of December 2022, this loan results in 47.1 billion in December 2023.

On the other hand, the decrease in loans for durable goods is evident. From ALL 19.3 billion at the end of December 2022, the loan for durable goods has fallen to 16.3 billion in December 2023, with a contraction of -15%.

As for loans in euros for individuals, it is decreasing in its entire range, due to successive increases in the basic interest rate by the European Central Bank, which has made loans for individuals in the country significantly more expensive.

 

 


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