
The expectations of citizens and businesses that the euro would regain ground against the lek after the end of the tourist season was reflected in their bank deposits. Until the end of October, deposits in the local currency had a modest growth and almost the same as the same periods of the previous years.
But the data of the Bank of Albania suggest that in November, citizens lost faith that the Euro would return to the levels it was before February of this year faded. The data show that Albanians preferred saving in Lek rather than in Euro.
In November, deposits in Lek increased by 17 billion, reaching 564 billion in total, with an increase of 3 percent more compared to October, while deposits in Euros increased by only 22 million. The increase in Lek deposits is the highest, at least since December 2021.
The highest savings in lek are from companies, as well as from individuals, driven by the increase in interest rates for deposits from second-tier banks, as a reflection of the monetary policies of the Bank of Albania.