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Albanians are saving, or drug money? The paradox of numbers, deposits increase, consumption falls

2023-10-06 10:47:50Biznes SHKRUAR NGA REDAKSIA VOX
Albanians are saving, or drug money? The paradox of numbers, deposits increase,
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The data of the financial reports of the Bank of Albania and the periodic data of INSTAT regarding two main indicators of the economy show a great paradox, registered at least in the last three years.

On the one hand, the Bank of Albania shows an increase in deposits and savings of citizens and businesses, while INSTAT reports for the third year in a row a decrease in consumption in real terms. The paradox suggests two phenomena.

The first or the Albanians have become more frugal and have reduced expenses and the second or there is an entry of money into the banking system with dubious sources.

According to the historical data of the Bank of Albania, deposits in euros in 2021 were about 5 billion. This year they jumped to 7.1 billion euros, with an increase of almost 50 percent in two years.

However, the same thing did not happen with deposits in Lek. From 2021 to 2023, savings in the national currency have stagnated at around 550 billion, or just over 5 billion euros.

Consumption, on the other hand, according to INSTAT data, has fallen if inflation is excluded. Instat reported that last year consumption increased by 4.5 percent compared to 2021. But, for the same year, inflation was 6.7 percent. This means that in real terms consumption has fallen by 2.2 percent.

The figure is 50 percent higher than the decline in consumption in 2020 and 2021.


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