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Bank deposits of Albanian businesses and households shrank significantly in November, for the first time since April last year.
According to the Bank of Albania, their total stock at the end of last month dropped to ALL 1.18 trillion or about EUR 9.6 billion, about EUR 70 million less than in October.
However, compared to the same period a year ago when bank deposits amounted to over 1 trillion ALL, the savings of Albanians have increased significantly by almost 9.4%.
Since the start of the pandemic, the money locked in the banks by Albanians has followed an increasing trend due to great uncertainties, the imposition of quarantine for about three months in the country but also the blocking of movement to other countries. has brought impossibility to incur expenses.
The euro continues to be the preferred currency to keep savings as even during November dominates the total bank deposits against the local currency. however, compared to October, it has shown a significant decrease.
The same downward trend this period was followed by savings in lek, decreasing at the end of November to 529 billion lek, from 532 billion lek in October.
Despite the contraction, the total new bank deposits of individuals and businesses during November reached about 2.4 billion euros.
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