
Savings that individuals and businesses have in the banking system have shown a positive trend during the month of October, in both currencies, both in Lek and Euro.
According to the Bank of Albania, at the end of October, the stock of ALL deposits reached 547.5 billion ALL, with an increase of 0.75% compared to the same period a year ago, or 4 billion ALL more.
This is the second strongest growth this year, after June. During the 9 months of this year, savings in lek have shown a weak performance, increasing only in three months. Compared to a year ago, the savings in ALL have expanded by only 0.47%, or 2.5 billion ALL more.
In October, the increase in savings in lek was influenced by non-financial corporations as well as by individuals, mainly in non-term savings accounts.
Unlike the savings in Lek, those in foreign currency have recorded steady growth in recent years.
At the end of October, the stock of savings in euros reached 7.26 billion euros, with an increase of 1% compared to the previous month, or 75 million euros more, influenced by both businesses and individuals.
Although at a slower pace, growth continued in September and October, while in August foreign currency savings saw the largest historical expansion of 286 million euros, influenced by seasonal effects, but also positive flows in tourism.
The extension of the tourist season beyond the traditional summer months seems to be affecting the good performance of deposits in September and October as well.
Tourism is bringing more foreign currency to the country both through consumption, hotels, and individuals who rent houses for the day, a trend that is getting stronger and stronger, especially in the summer months.
On an annual basis (October 2023/October 2022), deposits in euros have increased by 17%, or 1.05 billion euros more.